Deepfake scams have robbed companies of millions. Experts warn it could get worse

A growing wave of deepfake scams has looted millions of dollars from companies worldwide, and cybersecurity experts warn it could get worse as criminals exploit generative AI for fraud.

A deep fake is a video, sound, or image of a real person that has been digitally altered and manipulated, often through artificial intelligence, to convincingly misrepresent them.

In one of the largest known case this year, a Hong Kong finance worker was duped into transferring more than $25 million to fraudsters using deepfake technology who disguised themselves as colleagues on a video call, authorities told local media in February.   

Last week, UK engineering firm Arup confirmed to CNBC that it was the company involved in that case, but it could not go into details on the matter due to the ongoing investigation. 

Such threats have been growing as a result of the popularization of Open AI's Chat GPT — launched in 2022 — which quickly shot generative AI technology into the mainstream, said David Fairman, chief information officer and chief security officer of APAC at Netskope. 

"The public accessibility of these services has lowered the barrier of entry for cyber criminals — they no longer need to have special technological skill sets," Fairman said.

The volume and sophistication of the scams have expanded as AI technology continues to evolve, he added.

Various generative AI services can be used to generate human-like text, image and video content, and thus can act as powerful tools for illicit actors trying to digitally manipulate and recreate certain individuals. 

A spokesperson from Arup told CNBC: "Like many other businesses around the globe, our operations are subject to regular attacks, including invoice fraud, phishing scams, WhatsApp