How Accountants and Finance Professionals Can Combat the Rising Threat of Deepfake Fraud

Imagine joining what appears to be a legitimate video call with your company’s CFO. The voice is familiar, the gestures are convincing, and the instructions are clear: move millions of dollars across multiple accounts.

You comply—only to discover later that the “executive” you were speaking to was a digital clone, generated by fraudsters using artificial intelligence (AI).

This is not a hypothetical scenario. In 2024, a Hong Kong finance professional working for a global engineering firm was tricked into transferring HK$200 million (US$25.6 million) through 15 transactions, believing the instructions came from his superiors.

The perpetrators used deepfake technology—hyper-realistic audio and video manipulation powered by AI—to execute one of the most sophisticated corporate frauds to date.

This case is emblematic of a growing global threat. Deepfakes are no longer a novelty confined to viral internet videos. They are now a powerful weapon in financial crime.

The Rapid Rise of Deepfake Fraud

Surveys and regulatory alerts confirm the scale of the problem:

• Deloitte research found that more than a quarter of executives surveyed had already encountered at least one deepfake-related fraud attempt in the past 12 months.

• Over half (51.6%) expect attacks to increase in size and frequency in the coming year.

• The US Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an advisory in late 2024, warning banks to prepare for sophisticated AI-enabled scams.

• Sumsub, an identity verification provider, reported that deepfakes accounted for 7% of all fraud attempts in 2024, a fourfold increase from the previous year.

Losses are projected to soar. Deloitte’s Center for Financial Services estimates AI-generated fraud in the US alone could reach $40 billion by 2027, up from $12.3 billion in 2023.

The Asia-Pacific region is not immune. South Korea recorded the sharpest rise in deepfake fraud attacks in 2024, while cases in China and Southeast Asia are beginning to surface with alarming frequency.

Why Finance and Accounting Teams Are Prime Targets

Deepfake fraud exploits a simple truth: accountants and finance teams sit at the heart of corporate financial flows. They manage approvals, authorise transfers, and act as gatekeepers for sensitive data. Fraudsters understand this, and deepfakes give them a way to bypass traditional red flags.

Unlike phishing emails or poorly crafted fake documents, deepfakes can replicate not just a person’s likeness but their speech patterns, mannerisms, and authority. When combined with social engineering—false urgency, secrecy, or fabricated context—the deception becomes far harder to detect.

As Jonathan Marks, a forensic accounting expert, notes: “When you lower your level of scepticism, the white-collar criminal will take advantage of you.”

The Challenge: Spotting the Un-Spotable

Detecting deepfakes by sight or sound alone is becoming nearly impossible. Early versions of AI-generated images often revealed flaws—too many fingers, distorted backgrounds, or unnatural facial movements. Today’s models have eliminated many of those giveaways.

Fraudsters also deploy low-resolution video, background noise, or digital compression to mask imperfections. Importantly, as little as 15 seconds of source audio can now be enough to clone a voice convincingly.

This means that even mid-sized firms—whose executives may not have hours of public video footage available online—are at risk.

Defensive Measures: What Finance Professionals Can Do

While technology may be part of the problem, it is also central to the solution. Accountants, auditors, and finance leaders can take proactive steps to reduce exposure:

1. Enhance Anti-Fraud Training and Culture

• Extend existing anti-fraud and phishing awareness programmes to include deepfake risks.

• Conduct mock deepfake “red team” exercises, testing how employees react to fake calls or audio instructions.

• Reinforce a culture of scepticism: employees should be empowered to pause and escalate when something feels wrong.

  
  

2. Revisit Internal Controls for Transactions

• Establish multi-step approvals for high-value transfers or sensitive data requests.

• Mandate the use of secure, authenticated communication channels for transaction approvals.

• Consider introducing “out-of-band” verification (e.g., confirming instructions via a separate, secure phone line).

  
  

3. Use Human “Tradecraft” Defences

• Encourage employees to verify authenticity by asking personal or context-specific questions a fraudster is unlikely to answer.

• Develop “codeword” or challenge-response protocols for sensitive authorisations.

• Promote closer internal networks: fraudsters may replicate a voice, but they cannot fake years of personal interaction.

  
  

4. Adopt AI-Detection Tools

• Leverage technologies that analyse voice, image, and video for signs of manipulation. Tools such as Reality Defender, Deepware Scanner, and Google’s SynthID are emerging as real-time or forensic options.

• Integrate identity verification platforms that cross-check multiple data sources, making it harder for fraudsters to exploit a single vulnerability.

  
  

5. Conduct a Deepfake Risk Assessment

• Map out where your organisation is most exposed: executive communications, payment approvals, customer onboarding, or supplier interactions.

• Profile likely fraudster tactics, just as criminals profile potential victims.

• Ensure findings are incorporated into broader enterprise fraud risk management frameworks.

  
  

Lessons from Asia-Pacific Cases

The Hong Kong case involving HK$200 million is not isolated. In China’s Shaanxi province, a finance worker was tricked into transferring RMB 1.86 million (US$258,000) after receiving a deepfake video call appearing to be from her boss.

Meanwhile, banks in Singapore and Hong Kong are warning that cross-border transfers, particularly those involving offshore accounts, are a growing target for such scams. Regulators in these jurisdictions are beginning to push firms toward continuous verification technologies and stricter escalation protocols.

For APAC firms—many of which operate across multiple jurisdictions—the challenge is compounded by diverse regulatory environments and the speed of digital adoption.

A New Era of Fraud Risk Management

Deepfakes may sound futuristic, but at their core, they represent an evolution of a timeless threat: deception. Fraudsters have always exploited trust, authority, and urgency. What has changed is the sophistication of the tools.

The path forward requires a blend of:

• Awareness: Training finance teams to anticipate manipulation.

• Technology: Deploying AI against AI, with detection systems and layered authentication.

• Culture: Fostering a mindset where scepticism is valued, and questioning unusual requests is not seen as insubordination but as risk management.

As Deloitte’s Satish Lalchand warns: “If people are not paying attention, it might be too late when an incident happens — especially with the speed at which information and funds can move.”

Conclusion: Trust, But Verify

Deepfake fraud is one of the fastest-growing risks facing finance and accounting professionals worldwide. The cost is already measured in billions, with projections climbing sharply over the next three years.

For finance leaders, auditors, and accountants, the lesson is clear: don’t wait until your organisation is the next headline. Review controls, invest in detection, and cultivate a culture of vigilance.

In an age where anyone’s face, voice, or signature can be replicated, the timeless rule of fraud prevention has never been more urgent: trust, but verify.