Singapore warns of AI-driven scams targeting businesses
Singapore's authorities have issued a warning about scams involving artificial intelligence (AI)-powered digital manipulation, where fraudsters use synthetic media to impersonate high-ranking executives and deceive employees into transferring company funds.
A tourist wearing face mask visits Merlion Park in Singapore. Photo courtesy of capitalfm.co.ke.
In a joint statement on Wednesday, the Singapore Police Force, the Monetary Authority of Singapore, and the Cyber Security Agency of Singapore urged businesses to implement verification protocols for video calls and messages, especially those claiming to be from senior executives or key stakeholders.
According to the statement, victims typically receive messages from fraudsters posing as executives and are then invited to live-streamed video calls, where AI-driven technology alters the scammers' appearances to resemble actual company leaders.
In some cases, these video calls also feature scammers impersonating government officials or potential investors. Some victims have been tricked into disclosing sensitive personal information, such as passport details.
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