'Child's play'
As CaaS and cybercrime markets continue to grow, the technology that is offered and leveraged by criminal vendors has also advanced, allowing more sophisticated scams on scale — with less effort, experts say.
AI-generated deepfake videos and voice cloning are increasingly looking more real, with previously infeasible attacks now realistic thanks to generative AI advancements, according to Kim-Hock Leow, Asia CEO of cybersecurity company Wizlynx Group.
Last year, Hong Kong police reported that a finance worker at a multinational firm had been tricked into paying out $25 million to fraudsters using deepfake technology to pose as the company's chief financial officer in a video conference call.