Chinese scammer uses AI to defraud 'fiend' of USD 622,000

A legal advisor at a technology company in Fuzhou, China, was defrauded of RMB 4.3 million (USD 622,000) after receiving a video call from a 'friend' who turned out to be a fraudster using AI face-swapping technology. 

According to local police, the fraudster stole an individual’s WeChat account and used AI to create a deepfake of the person's face. 

The fraudster made a video call to a businessman who was an existing contact on the individual’s WeChat app and told the businessman they needed to make a deposit during a bidding process. 

The businessman subsequently transferred RMB 4.3 million to the fake friend’s bank account without verifying their true identity. 

The police later intercepted some of the stolen funds, though reports suggested approximately RMB 1 million was yet to be recovered. The scam was reckoned to have been be largest of its kind.