Bank victim of fraud worth hundreds of millions. Fraud showed CEO and employees created by AI in a video call – Executive Digest

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A Singapore bank was the target of a fraud worth hundreds of millions by cybercriminals who used avatars of the CEO and other employees to carry out the scam.

The story began when a bank employee in Singapore received an email from the CEO, requesting the transfer of hundreds of millions of company funds to an offshore bank account. Given the strangeness of the request, the employee requested a video call to clarify the instructions, says ‘elEconomista’.

The CEO agreed to the video call and explained the necessary procedures in detail. The employee, after more than 20 minutes of conversation, transferred the funds as instructed.

However, hours later, the bank was alerted to the fraud. The CEO who participated in the video call was not real, but an avatar created by AI. Additionally, all the colleagues who appeared on the video call were also AI-powered bots.

The employee, who personally knew all these people, could not distinguish the fraud.

This situation raises concerns about how technology can be used to create increasingly convincing virtual realities.