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go through Dr. Liu Jinxing July 11, 2024
This articleauthorDr. Liu JinxingHonorary President of the Hong Kong Young Industrialists Council, and a columnist for the Hong Kong Economic Times“The Words of God“.
When mobile payments become mainstream, cloud services expand, virtual and digital currencies become popular, and smart technology replaces traditional consumption patterns, our future will be handed over to data owners. In recent years, artificial intelligence (AI) technology has developed rapidly, providing convenience for users in travel, consumption, services and other industries, but with it, risks such as personal privacy and fraud have gradually emerged. In the past, fraud against individuals was carried out through emails and phone calls, but today’s technology fraud methods are more complex and sophisticated.
According to a report by the Cyber Security and Technology Crime Bureau of the Police, last year there were39824 casesMost fraud cases involved technology crimes, accounting for nearly 40% of the total crimes, up 53% from 2022, with losses exceeding 5 billion yuan. Among them, the largest loss was caused by telephone fraud, involving 78.2 million yuan.Website InformationIt shows that there were 3,434 cases of online account theft last year, a nearly 20-fold increase year-on-year.
Earlier this year, a technology fraud broke records. The case showed that the financial staff of the Hong Kong branch of an international engineering consulting company headquartered in the UK received a video produced using deepfake technology. The content was that the financial director of the headquarters issued an order to handle a secret transaction and asked the Hong Kong staff to remit money. In the end, he transferred 195 million yuan to 5 local bank accounts in 15 times, and a huge amount of money was defrauded. In addition to the high level of AI deep fake technology that is hard to guard against, this technology fraud also exposed the loopholes in corporate management, that is, the failure to properly manage employee permissions. The loophole was discovered by the scammers after they invaded the computer system, so they carried out deep fake fraud.
Instant AI deepfake technology is highly realistic and easy to gain trust. Fraudsters will first hack into the victim’s mobile phone or computer to understand the recent movements before committing fraud. There have been many cases at the beginning of this year. AI deepfake fraud is raging around the world. According to Sumsub, an international verification service company,ReportIn the first quarter of 2024, three regions with the fastest growth in deepfake fraud cases were Turkey, Singapore and Hong Kong. Online shopping and financial fraud cases have increased significantly, and Hong Kong’s financial technology industry fraud has increased by 216%. In AI deepfake fraud, financial technology is a high-risk industry, blockchain research company Chainalysisdata shows thatIn 2023, there were 231 thefts on virtual currency platforms, with a total amount of US$1.7 billion.
The development of smart technology has made our real life seamlessly connected with the online world. To open an account at a retail store, you only need to take a selfie at home and verify your identity through an app, which is both convenient and dangerous. People like to upload personal life photos and videos on social platforms, which makes it easier for facial information to be collected. AI identity fraud will become the main fraud method in the future. When individuals or companies have highly centralized internal decision-making and insufficient security measures for storing data, they will become the target of AI deep fake fraud. On the other hand, consumers’ greed and overconfidence in their own protection also provide opportunities for artificial intelligence fraud.
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