Hong Kong arrests 6 for loan fraud scheme using AI deep fakes

Hong Kong arrests 6 for loan fraud scheme using AI deep fakes

The individuals in question stand accused of employing AI to modify their looks so as to correspond with the images present on pilfered identification cards.

In Hong Kong, six individuals have been apprehended on allegations of utilizing artificial intelligence to produce counterfeit images as part of a loan scam.

These six individuals facing charges are suspected of altering images in order to defraud banks and lenders. The operation of this fraudulent syndicate was dismantled by the city’s law enforcement.

Cyber Security and Technology Crime Bureau Superintendent Dicken Ko Tik stated on Friday, “The group employed an AI facial transformation program, commonly referred to as deepfake technology, to submit online loan applications to financial institutions.”

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“We will persist in our proactive collaboration with stakeholders across diverse industries to ensure that cyber criminals lurking in the digital realm face legal consequences,” Ko further stated.

The implicated syndicate is alleged to have employed purloined identification cards and fabricated documents for the purpose of soliciting online loans. The use of artificial intelligence purportedly enabled the manipulation of identities, residence confirmations, income attestations, and other materials, which were then submitted to financial establishments for validation.

Numerous targeted institutions mandate applicants to capture real-time selfies as part of the application procedure, serving as evidence of their authentic identity.

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As per Hong Kong officials, the fraudsters employed artificial intelligence to modify their facial appearances to resemble those portrayed on the pilfered identity cards.

Authorities report that the collective submitted a minimum of 20 loan requests using AI technology, obtaining approval for one loan amounting to approximately $8,937.

According to officials, the group employed AI technology to initiate no less than 20 loan applications, resulting in the approval of one loan valued at around $8,937.

Furthermore, the use of pilfered identity cards facilitated the submission of an additional 70 loan applications and the establishment of 20 bank accounts.

The group also employed stolen identities to enroll for numerous SIM cards, which were subsequently utilized to distribute unsolicited messages aimed at phishing for credit card particulars and personal data.

Law enforcement revealed that the individuals under suspicion ranged in age from 31 to 50. During the operation, a 35-year-old man, thought to be the mastermind, was apprehended.

All the accused are presently in custody on suspicion of engaging in a conspiracy to commit fraud and are undergoing questioning. The inquiry remains ongoing, and authorities have not excluded the possibility of additional arrests.

Published byibraheem
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