When Your Boss Isn’t Your Boss: The Rise of Deepfake Fraud

Deepfake fraud is no longer science fiction, it is a daily reality for businesses worldwide. Criminals are using AI to clone voices and faces with frightening accuracy, tricking companies into transferring millions. From a Hong Kong firm losing 25 million US dollars to CFO impersonation, to nearly half of global companies reporting deepfake encounters in 2024, the risks are real and growing. For accountants and auditors, the message is clear: trust can no longer rely on what you see or hear. Stronger controls, skepticism, and professional guidance are essential in this new era where illusion can bankrupt the unprepared.