As much as generative artificial intelligence (GenAI) has created exciting new opportunities, it has unfortunately also caught the attention of fraudsters. In fact, in this brave new digital-first world, fraudsters have more tools than ever—and it’s set to cost. Globally, online payment fraud losses are predicted to increase from US$38 billion in 2023 to US$91 billion in 2028.
In 2023, YouTube users in Singapore were served an unusual advertisement that featured an interview between Loke Wei Sue, a newscaster on Channel NewsAsia, and Elon Musk, CEO of Tesla Motors and owner of X. Musk, in particular, spoke favourably about a new artificial intelligence-driven (AI) investment app that allowed users to “earn up to US$237 ($312) per hour right away”.
Loke never conducted such an interview, nor did Musk attend it. Instead, the entire advertisement was created via deepfake technology. In early 2024, deepfake images were even used to extort money from a dozen individuals, including Members of Parliament.
