In the past few years, deepfake technology has evolved from internet novelty to a serious cybersecurity threat. Once the domain of mischievous creators on social media, deepfakes now fuel multi-million-dollar scams, fake endorsements, election meddling, and even AI-generated CEOs. From impersonated executives to political sabotage, the damage is real, even if the people behind it aren’t.
Here are ten of the most audacious deepfake scams in the last five years that prove truth really can be stranger than fiction.
1. CFO Impersonation Scams Company Out of $26 Million (2024)
This case felt like it was ripped straight out of a cyber-thriller. In early 2024, a multinational firm in Hong Kong was tricked into transferring $26 million after an employee was invited to a video call with what appeared to be several senior executives, including the company’s CFO. Except none of them were real.
Fraudsters used deepfake video and voice synthesis to replicate the appearance and speech of the executives. The level of realism was so convincing that the employee authorized 15 transactions. By the time suspicions arose, the money had vanished. The scam highlighted just how far deepfake technology had come, and how little most companies were prepared to detect it.
2. Voice Cloning Swindles ARUP for $25 Million (2024)
In another corporate horror story, British engineering firm ARUP became the victim of a similar scam, only this time with audio alone. Fraudsters cloned the voice of the company's CFO to instruct an employee to transfer $25 million.
Everything from tone to verbal quirks was captured with eerie precision. There were no visual cues to raise suspicion, and the scam was executed smoothly. The money quickly disappeared into offshore accounts. Deepfake audio is faster and easier to create than video, and this case demonstrated just how dangerous it can be in the hands of cybercriminals.
3. Elon Musk Deepfake Crypto Scam (2024)
You know a scam is big when it features Elon Musk, or at least, a very convincing version of him. In 2024, deepfake videos of Musk circulated on YouTube, TikTok, and other platforms promoting fraudulent cryptocurrency schemes. One retiree lost a staggering $690,000 after falling for one of these videos.
The videos were clean, confident, and appeared to show Musk personally endorsing the scheme. They even included fake interviews, AI-generated news tickers, and Tesla logos to add legitimacy. It wasn’t just convincing; it was professional-grade deception.
4. Taylor Swift Deepfake Scandal (2024)
Not all deepfake scams aim for money, some go after reputation. In early 2024, explicit AI-generated images of pop star Taylor Swift began circulating on social media platforms like X (formerly Twitter) and Facebook. One tweet showcasing the fake images racked up over 45 million views before it was taken down.
While no financial fraud was involved, the emotional and reputational damage was immense. The controversy sparked public outcry and renewed calls for regulations around AI-generated content, especially non-consensual deepfake pornography.
5. $46 Million Lost in Romance Crypto Scam (2024)
In a wild mix of AI, catfishing, and crypto, a criminal syndicate used deepfakes to create convincing female personas. These fake profiles seduced victims across Asia into online relationships, slowly earning their trust before convincing them to invest in bogus cryptocurrency platforms.
By the time law enforcement intervened, over $46 million had been siphoned from unsuspecting victims. This scam demonstrated the psychological power of deepfakes when combined with long-game manipulation.
6. Deepfake Biden Robocalls Target U.S. Voters (2024)
Just before the New Hampshire primaries, U.S. voters received robocalls featuring a deepfaked voice of President Joe Biden. The calls falsely advised people not to vote, masquerading as a "message from the President himself."
The Federal Communications Commission (FCC) quickly launched an investigation. This politically motivated scam raised urgent concerns about election interference, disinformation, and how easy it had become to spoof a head of state.
7. Slovakian Election Disrupted by Deepfake Audio (2024)
Another democratic disaster unfolded in Slovakia, where a deepfake audio recording was released just days before a national election. The recording appeared to capture a leading candidate admitting to rigging the vote.
Though the clip was quickly debunked, the damage had been done. Misinformation spread like wildfire on social media, eroding public trust and likely influencing the election's outcome. The timing was surgical and the impact, severe.
8. WPP CEO Impersonated in Microsoft Teams Meeting (2024)
In a bizarre twist on traditional CEO fraud, scammers created a deepfake of WPP CEO Mark Read and joined a Microsoft Teams meeting with a regional agency head. The deepfake CEO pitched a fake business venture and began soliciting funds.
Fortunately, the employee grew suspicious and declined to proceed without confirmation. The attempt failed, but it marked one of the first known deepfake frauds conducted in a live video meeting, a chilling sign of things to come.
9. Ferrari Executives Fooled by Fake CEO Call (2024)
Ferrari's top brass narrowly dodged disaster when scammers used a deepfake audio clip of CEO Benedetto Vigna to launch a fraud attempt via WhatsApp. The voice message claimed to be about a confidential acquisition and asked for help executing it.
Suspicious executives asked a verification question that the fake Vigna couldn’t answer, ending the ruse. While the scam failed, it underscored how easily even seasoned professionals could be duped by a realistic-sounding voice.
10. AI Celebrity Endorsements Trick Thousands (2023-2024)
Over the last two years, deepfake videos of celebrities like Martin Lewis, Keanu Reeves, and Elon Musk have been weaponized in fake investment ads across social media. These ads are alarmingly convincing, often showing celebrities endorsing investment platforms or crypto schemes.
According to the Financial Times, such scams cost EU consumers an estimated €4.3 billion in 2022 alone. The combination of trusted faces, slick editing, and paid promotion makes these scams brutally effective.