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Deepfakes and AI: The Existential Threat Reshaping Finance and Payments
Is it live or Memorex? AI and Deep Fakes are just getting started. The $25.6 million Arup heist in early 2024 marked a watershed moment. A finance staffer in Hong Kong joined a video call with what appeared to be the CFO and several colleagues. All were synthetic deepfakes. Instructions led to 15 wire transfers totaling HK$200 million (~$25.6M USD). No systems were hacked—pure social engineering amplified by AI. This wasn't isolated. Deepfake-augmented Business Email Compromi
Drew Sullivan
Jul 203 min read
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