AI-Fueled Deception: Fake News Story Costs US Solar Company Rs 200 Crore
A sophisticated deepfake scam has cost a U.S.-based solar company a staggering Rs 200 crore (approximately $25.6 million), highlighting the growing threat that artificial intelligence poses to businesses and the urgent need for enhanced cybersecurity measures. The incident underscores how convincingly realistic AI-generated content can be, and how easily employees can be deceived, even in financial institutions.
The fraud involved a deepfake video conference call where scammers impersonated the company's Chief Financial Officer (CFO). Employees were instructed to make 15 transfers totaling $25.5 million to five different Hong Kong bank accounts. The employees believed the person on the conference call was real, unaware that they were interacting with an AI-generated avatar of the CFO and other company members. According to reports, the deepfake was so well-executed that the participants looked and sounded authentic.
Deepfake technology uses AI to create convincing fake videos or audio recordings by manipulating existing footage or generating entirely new content. This technology has become increasingly accessible and sophisticated, lowering the barrier to entry for scammers. The rise of generative AI and deepfake technology poses a major threat in the form of sophisticated, almost real, online scams and fraud. Deepfakes can convincingly impersonate anyone, from company executives to political leaders and celebrities, to lure victims into transferring hefty amounts of money or spreading false news and misinformation.
This incident is not an isolated one. A report by Resemble AI revealed that documented financial losses from deepfake-enabled fraud exceeded $200 million in just the first quarter of 2025. Nearly all (92%) of businesses have experienced financial loss due to a deepfake. The average deepfake fraud attempt costs businesses nearly $450,000, and over a quarter (28%) of business leaders said they have lost over half a million dollars to deepfake fraud.
The prevalence of deepfake scams highlights the ineffectiveness of traditional fraud detection and prevention models. Cybersecurity demands are growing across industries, and malicious actors are developing new ways to infiltrate and steal information and money from organizations.
To combat this rising threat, a multi-faceted approach is needed. Businesses must invest in AI-powered cybersecurity tools that can detect deepfakes and other AI-generated scams. Employees need to be trained to identify deepfakes and other fraudulent content, and to be wary of unusual requests, especially those involving financial transactions. It is equally important to verify the authenticity of individuals involved in financial transactions, especially in virtual meetings. Moreover, staying updated on the latest deepfake techniques and scams is crucial for protecting against these evolving threats.
As AI technology continues to advance, so too will the sophistication of deepfake scams. Businesses and individuals must take proactive measures to protect themselves from these evolving threats.
