AI Cybersecurity: $US25 Million Fraud Highlights New Technology Risks as Companies Warned to Prepare
Australian Financial Review
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Details
- Date Published
- 25 Mar 2024
- Priority Score
- 3
- Australian
- Yes
- Created
- 8 Mar 2025, 12:37 pm
Description
A baffling incident from Hong Kong, where a worker was fooled by deepfake colleagues into sending fraudsters $US25 million, shows the risks that companies are facing.
Summary
The article highlights a recent incident in Hong Kong where deepfake technology enabled fraudsters to deceive an employee into transferring $US25 million, showcasing the increasing cybersecurity risks posed by generative AI. It discusses WormGPT, an AI tool designed to bypass ethical constraints for criminal activities, emphasizing how easily such tools can be duplicated, posing significant global security risks. This underlines the urgent need for robust AI governance and security frameworks to mitigate potential threats, reflecting both local relevancies to Australian companies and global implications for AI safety. The example illustrates the broader existential and catastrophic risks associated with advanced AI technology when misused.
Body
Nick BonyhadyTechnology writerMar 25, 2024 – 5.00amSaveLog inorSubscribeto save articleShareCopy linkCopiedEmailLinkedInTwitterFacebookCopy linkCopiedShare via...Gift this articleSubscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber?LoginOne of the first malicious generative AI tools closed down not with a bang or a whimper, but a warning.The creators of WormGPT – which was designed as a ChatGPT equivalent freed of ethical constraints to aid hacking, phishing and fraud – posted a screed on their private chat group in August blaming the media for its demise. But amid the self-justifications and complaints about the scrutiny it attracted, the five anonymous creators made clear how easily anyone else could create a criminal AI.Loading...SaveLog inorSubscribeto save articleShareCopy linkCopiedEmailLinkedInTwitterFacebookCopy linkCopiedShare via...Gift this articleSubscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber?LoginLicense articleFollow the topics, people and companies that matter to you.Find out moreRead MoreCyber threatCybersecurityAINational Australia BankAFR ReportsAI SummitNick BonyhadyTechnology writerNick Bonyhady is a technology writer for the Australian Financial Review, based in Sydney. He is a former technology editor, industrial relations and politics reporter at the Sydney Morning Herald and Age.Connect withNickonTwitter.EmailNickatnick.bonyhady@afr.comFetching latest articlesOlympic weightlifting is hard. This boss uses the 1pc rule to get it doneLucy DeanOut-of-control watch price rises give housing a run for its moneyKnow your craft: How the biggest airlines rate at the pointy endJun Bei Liu: How I learnt to speak upSally Patten and Lap Phan‘We’ll fight’: Alex Waislitz on family battles and bad betsJob appointments have never been purely merit-based: CEW chiefA last-chance tote bag and a groovy case for trumpeters1 hr agoEugenie KellyThis machine can bring out the creative streak you never knew you hadThis data-driven wellness retreat is a haven for high-flyersBillionaire Nicola Forrest appoints UBank boss to run family officePrimrose RiordanVictor Smorgon’s star fundie eyes 50pc returns for new fundForrest family powerbroker had alleged role in big Fortescue decisions