# Deepfake Zoom call leads a Singapore finance director to wire US$499,000 from an HSBC account; funds recovered Source: https://www.bankingnewsai.com/ai-incidents/hsbc-2025-singapore-deepfake-cfo-wire Last updated: Oct 21, 2026 HSBC (Singapore) · AI used against the institution · severity 2 of 5 Per the Singapore Police Force, scammers impersonating a multinational company's chief financial officer drew its Singapore finance director into a Zoom call in March 2025 in which the chief executive and other executives were impersonated using deepfake technology. On 26 March 2025 he transferred over US$499,000 from the company's HSBC account to a local money-mule account, from which over US$494,000 moved to Hong Kong. When the scammers asked for US$1.4 million more on 27 March, he alerted HSBC, which immediately notified the police Anti-Scam Centre. With Hong Kong police, the full amount sent to Hong Kong was withheld on 28 March and over US$5,000 was seized locally, The Straits Times and CNA reported. HSBC was the victim company's bank, not the impersonated party. ## Key facts | | | | --- | --- | | Date | Mar 26, 2025 (disclosed Apr 7, 2025) | | Institution | HSBC (Singapore) | | Country | Singapore | | AI system | Deepfake video of company executives on a Zoom call, used by scammers | | AI? | Described as AI by the institution or regulator — The institution, a regulator or a court called the system AI. | | Category | Deepfake fraud (AI used against the institution) | | Status | Resolved | | Severity | 2 of 5 — Limited harm: about US$499,000 was moved but fully traced and withheld within two days, and a further US$1.4 million request was stopped; one corporate customer, no regulatory action. | ## What happened? According to a Singapore Police Force (SPF) statement reported by The Straits Times and CNA, the finance director of a multinational corporation was contacted on WhatsApp on 24 March 2025 by a scammer posing as the company's chief financial officer. He was told to join a video conference about a supposed restructuring of the firm's regional business and to liaise with an executive partner of a law firm; a man posing as the lawyer stressed confidentiality and had him sign a non-disclosure agreement. [1][2] On 25 March the meeting was moved to the same day. The finance director joined a Zoom call with people he took to be the company's chief executive and other stakeholders; the police said they were impersonators using deepfake technology. Through the call and later messages from the fake lawyer, he was instructed to transfer over US$499,000 from the company's HSBC bank account to another local corporate account, which he did on 26 March. That account was a money-mule account controlled by the scammers, and over US$494,000 was moved on to bank accounts in Hong Kong. [1][2] On 27 March the scammers asked for a further US$1.4 million. The finance director realised it was a scam and alerted HSBC, which immediately notified SPF's Anti-Scam Centre. Acting on information from HSBC, the centre traced the funds and asked Hong Kong's Anti-Deception Coordination Centre for help; on 28 March the Hong Kong centre withheld the full amount that had reached Hong Kong, and the Singapore centre seized over US$5,000 left in the local mule account. [1][2] In June 2025 Aileen Yap, assistant director of the Singapore police's anti-scam command, cited the case at a regional briefing on cross-border scam operations, saying the money had been recovered through cross-border cooperation, the Associated Press reported. [3] ## Timeline - Mar 24, 2025 — A scammer posing as the company's CFO contacts the finance director on WhatsApp. [1][2] - Mar 25, 2025 — The finance director joins a Zoom call with deepfaked executives, including the chief executive. [1][2] - Mar 26, 2025 — Over US$499,000 is transferred from the company's HSBC account to a local money-mule account; over US$494,000 moves on to Hong Kong. [1][2] - Mar 27, 2025 — Asked for US$1.4 million more, the finance director alerts HSBC, which immediately notifies the police Anti-Scam Centre. [1][2] - Mar 28, 2025 — Hong Kong's Anti-Deception Coordination Centre withholds the full amount sent to Hong Kong; Singapore seizes over US$5,000 in the local mule account. [1][2] - Apr 7, 2025 — The Singapore Police Force publicises the case and urges businesses to verify video calls and urgent transfer instructions. [1][2] ## What was the impact? - Financial: Over US$499,000 transferred (about S$670,000); recovered - Customers: One corporate customer (an unnamed multinational) - Other: A further US$1.4 million transfer request was not carried out. Over US$494,000 was withheld in Hong Kong and over US$5,000 seized in Singapore. [1][2][3] ## How did HSBC (Singapore) respond? No public statement found as of 2026-10-21 (searched HSBC's Singapore and group newsrooms and the coverage of the case). The police account credits HSBC with immediately notifying the Anti-Scam Centre once the finance director raised the alarm, and says the centre acted on information provided by HSBC. [2] ## What was the outcome? The funds were recovered: the full amount sent to Hong Kong was withheld and the remainder seized in Singapore. The police said investigations were ongoing and advised businesses to set up protocols to verify video calls and messages from senior executives and to check sudden transfer instructions through established channels. No regulatory action involving HSBC has been reported as of 21 October 2026. [1][2][3] ## FAQ ### Was any money lost in the Singapore deepfake CFO scam involving an HSBC account? No money was ultimately lost, according to the Singapore Police Force. Over US$499,000 left the company's HSBC account on 26 March 2025, but Hong Kong police withheld the full amount that reached Hong Kong on 28 March and Singapore police seized the rest of the money still held in the local mule account. ### What role did HSBC play in the Singapore deepfake scam? HSBC was the victim company's bank, not the party impersonated. The transfer was made from the company's HSBC account, and when the finance director realised he had been scammed he alerted HSBC, which immediately notified the police Anti-Scam Centre; the police said they traced the funds using information HSBC provided. ### Was AI used in the Singapore finance director scam? The police said the chief executive and other executives on the Zoom call were impersonated using deepfake technology, which digitally manipulates video and audio to look or sound like someone else. The scammers also used WhatsApp messages, a fake lawyer and a non-disclosure agreement to keep the finance director from checking with colleagues. ### What did the police advise businesses to do after the deepfake case? The Singapore Police Force advised businesses to set up protocols for staff to verify the authenticity of video calls or messages, especially from senior executives, to be wary of sudden or urgent transfer instructions, and to call their bank immediately if they suspect a scam. ## Sources 1. [Finance director nearly loses $670k to scammers using deepfakes to pose as senior execs](https://www.straitstimes.com/singapore/finance-director-nearly-loses-670k-to-scammers-using-deepfakes-to-pose-as-company-senior-execs) — The Straits Times, Apr 7, 2025 (news): "He joined the Zoom video conference with the company's chief executive officer and other stakeholders, who were impersonated using deepfake technology." 2. [Company finance director nearly loses over US$499,000 to scammers using deepfake to impersonate CEO](https://www.channelnewsasia.com/singapore/deepfake-scam-impersonate-ceo-company-finance-director-5048706) — CNA, Apr 7, 2025 (news): "He alerted HSBC, which immediately notified SPF's Anti-Scam Centre, the police said." 3. [Over 1,800 people arrested in crack down on Asia-based scam operations](https://apnews.com/article/7fc6f1a9a1d68a648de26dfe1308abfc) — Associated Press, Jun 3, 2025 (news): "The victim transferred $499,000 to Hong Kong, said Aileen Yap, assistant director of Singapore police's anti-scam command. Through cross-border cooperation, the money was recovered, she said." 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