China’s ‘Deepfake’ scam raises concerns about AI-based fraud.

AI Fraud in China Raises Concerns About Financial Crimes

A recent fraud case in northern China has sparked concerns about the potential of artificial intelligence (AI) techniques to aid financial crimes. The perpetrator used AI-powered face-swapping technology to impersonate a friend of the victim during a video call and receive a transfer of 4.3 million yuan ($622,000). The man only realized he had been duped after the friend expressed ignorance of the situation. The case has unleashed discussion on microblogging site Weibo about the threat to online privacy and security, with the hashtag “#AI scams are exploding across the country” gaining more than 120 million views on Monday.

New Rules to Protect Victims

China has been tightening scrutiny of such technology and apps amid a rise in AI-driven fraud, mainly involving the manipulation of voice and facial data, and adopted new rules in January to legally protect victims.

Recovering Stolen Funds

The police in the city of Baotou, in the province of Inner Mongolia, said they had recovered most of the stolen funds and were working to trace the rest.

Can Information Security Rules Keep Up?

The case has raised concerns about the ability of information security rules to keep up with scammers who are using increasingly sophisticated techniques. One user on Weibo wrote, “This shows that photos, voices and videos all can be utilized by scammers. Can information security rules keep up with these people’s techniques?”

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