Assignment PSS309 Cybercrime: Deepfake-Enabled Cyber Threats in Fintech In August 2025, a fintech firm based in Singapore, TPay Solutions, became the target of a highly sophisticated deepfake-enabled cyberattack.
PSS309 Cybercrime: Deepfake-Enabled Cyber Threats in Fintech In August 2025, a fintech firm based in Singapore, TPay Solutions, became the target of a highly sophisticated deepfake-enabled cyberattack. The firm specialised in cross-border digital payments, handling transactions for SMEs across Southeast Asia.
How the incident unfolded:
Initial compromise: Hackers gained access to the firm’s internal meeting schedules through a compromised vendor account. Deepfake video call: Using publicly available conference recordings of the CEO of TPay Solutions, cybercriminals trained a generative AI model to create a real-time deepfake of both the CEO’s face and voice. Psychological pressure: During a scheduled video meeting with the finance department, the fraudulent “CEO” urgently requested staff to transfer SGD 10 million to secure a “time-sensitive acquisition deal” in Malaysia. o Employees were told not to consult legal counsel to avoid “regulatory delays.” o The request was framed as confidential, increasing psychological pressure. Execution: Trusting the instructions, staff authorised three transfers to overseas accounts within the day. By the time anomalies were detected, funds had been laundered through multiple crypto wallets. As a result, TPay Solutions faced multiple consequences, including those that are financial, reputational, psychological, and societal in nature.
Question 1
Referring to the above case study,
(a) evaluate whether Singapore’s existing regulatory frameworks are adequate in addressing such emerging deepfake-enabled threats. (30 marks)
(b) analyse how human vulnerabilities were exploited to facilitate the success of the cyberattack. (20 marks)
Question 2
Appraise how deepfakes as a form of cyber threat affect individuals, organisations, society, and the global community. Support your answers with relevant examples wherever appropriate. Then formulate appropriate behavioural, technological, and policy solutions to manage the specific threat of deepfakes. (50 marks)
