Deepfake Scams Nearly Drain $499K from Business

Scammers armed with deepfake technology came dangerously close to siphoning US$499,000 (S$670,000) from a multinational company, prompting a fresh police warning on April 7, 2025. The finance director of the firm was tricked by fraudsters posing as top executives in a scheme that blended digital trickery with old-school deception.

It all started on March 24 when the director got a WhatsApp message from someone pretending to be the chief financial officer. The scammer pitched a video conference about a regional business overhaul, set for March 26, and told him to liaise with a “lawyer” from a supposed partner firm. A man claiming to be that lawyer soon called, emphasizing the projects sensitivity and pushing him to sign a non-disclosure agreement.

The next twist came on March 25 when the conference was bumped up to that day. Joining the Zoom call, the director saw what he believed was the CEO and other key players—except they were deepfake impostors.

After the meeting, the fake lawyer instructed him to wire US$499,000 from the companys HSBC account to a local corporate account on March 26. He complied, unaware it was a mule account run by the scammers.

The money didn‘t stay put long. Over US$494,000 zipped off to Hong Kong accounts. The scam only came to light on March 27 when the fraudster demanded another US$1.4 million. Alarmed, the director contacted HSBC, which alerted Singapore’s Anti-Scam Centre (ASC).

Teaming up with Hong Kongs Anti-Deception Coordination Centre (ADCC), the ASC tracked the funds. By March 28, the ADCC had locked down the full sum in Hong Kong, while the ASC nabbed the leftover US$5,000 in the local account.

This near-miss highlights a grim trend. In 2024, scam losses in Singapore skyrocketed to $1.1 billion—the highest ever—with cryptocurrency fraud jumping to nearly 25% of the total, up from 6.8% in 2023. Police say deepfake scams like this one are a wake-up call for businesses everywhere.

To counter the threat, authorities are urging companies to tighten up. They suggest creating clear rules to authenticate video calls or messages, especially from senior leaders or partners. Employees should treat sudden transfer demands with skepticism and confirm them directly through known channels. The message is clear: dont take anything at face value.

The finance director dodged a bullet, but the incident shows how scammers are weaponizing deepfakes to mimic real people with eerie precision. For this company, quick action saved the day, but the next victim might not be so fortunate. Police are still digging into the case, hunting for the masterminds behind this bold ploy.

With deepfake technology in the wrong hands, the line between real and fake is blurring fast. Businesses need to wise up and stay vigilant—or they could be the next to lose big in this high-tech con game.