A recent case of fraud in northern China has raised concerns about the potential misuse of advanced “deepfake” technology for financial crimes. The incident involved the use of AI-generated voice and facial data to deceive a man into transferring 4.3 million yuan ($622,000) to a fictitious acquaintance.
According to a local report, the incident occurred on April 20 when Guo, the legal representative of a technology company in Fuzhou, Fujian province, received a video call on WeChat from an individual claiming to be his friend. The imposter requested to use Guo’s company account to submit a bid of 4.3 million yuan for a project in another city, assuring Guo of prompt repayment.
To convince Guo, the fraudster provided a screenshot showing the purported transfer of funds to Guo’s company account, giving the appearance of a legitimate transaction. Believing the transactions to be genuine, Guo transferred 4.3 million yuan in two separate payments to a bank account provided by the scammer.
Upon contacting his real friend to verify the transactions, Guo realized that his friend had not made the video call or requested any money transfers. Recognizing that he had fallen victim to a scam, Guo immediately contacted the Fuzhou police. The authorities discovered that the fraudulent friend’s account was held at Mengshang Bank in Baotou and swiftly coordinated with Baotou police to halt the payment.
On May 20, 2023, the police announced that, with the cooperation of the bank, they were able to prevent the transfer of 3.37 million yuan, but efforts are ongoing to recover the remaining 931,600 yuan that had already been sent.
In response to the increasing instances of AI-driven fraud, particularly those exploiting voice and facial manipulation, China has intensified its scrutiny of these technologies and their applications. Meanwhile, in January 2023, the country had implemented new guidelines aimed at providing legal protection to victims of such crimes.
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