Luno, a licensed financial services provider in South Africa and a major crypto investment app, is on high alert after a recent deepfake scam targeted one of its employees. The incident exemplifies the growing threat of AI-powered impersonation fraud in the country, particularly within the bubbly cryptocurrency sector, as Luno positions itself on the frontlines of the battle.
The company recently averted a major crisis when a staff member was targeted with a deepfake audio message on WhatsApp, purportedly from a senior executive, information it shared with WT revealed. While the authenticity of the realistic but mimicked voice and the instruction was enough to raise suspicion and it was ultimately flagged, the incident serves as a reminder of the sophistication of these attacks.
Deepfakes, highly convincing synthetic media generated by artificial intelligence, are becoming increasingly sophisticated and are being exploited by criminals to defraud individuals and businesses. The potential financial losses are staggering. A recent case in Hong Kong saw an employee transfer UD 26 M after being duped by deepfakes of colleagues on a video call, including the companys chief financial officer.
Notably, the allure of tech billionaire Elon Musk as a public figure has made him a favourite anchor for fraudsters. In the wake of SpaceXs Starship launch, YouTube was flooded with deepfake videos of the tech billionaire promising exorbitant returns on fake crypto investments. This highlights the speed and scale at which these scams can proliferate.
Luno, which offers a platform for buying, storing, and learning about cryptocurrencies like Bitcoin and Ethereum to millions of users across 40 countries, has recognised the growing threat posed by deepfakes. The companys business model, which involves handling digital assets, makes it a particularly attractive target for fraudsters.
