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Deepfakes Found Another Target - $20M Lost In Hong Kong, AI Will Change Global Labor Movement

Author

Sorin Ciornei
February 08, 2024

Welcome, AI enthusiasts

Deepfakes claim another victim in Hong Kong, AI will disrupt industries horizontally but also global labor movement vertically.

In today’s newsletter:

  • Deepfake Scammers Defraud Hong Kong Multinational Office of HK$200 Million

  • Forget About STEM — Skills-as-a-Service Will Even Change Labor Mobility

  • Google says Singapore has ‘very high’ potential to be a global AI hub

  • Youtube bets big on AI in 2024

NEWS OF THE DAY

What: A Hong Kong-based multinational firm fell victim to deepfake technology, resulting in a staggering loss of HK$200 million (£20 million). Hong Kong police are investigating the case, wherein an employee, deceived by digitally recreated versions of company executives, unwittingly transferred the funds to fraudulent accounts.

Key points:

  • 😨 Deepfake scammers used AI to impersonate company executives in a video conference, deceiving an employee into transferring HK$200 million to fraudulent accounts.

  • 🔒 This incident highlights the evolving risks of deepfakes and the need for increased vigilance in online interactions.

  • 🤖 Scammers are now using AI technology to make their scams more convincing, so it is important to be aware of the latest tactics and to be careful about who you trust online.

  • 🧠 Be skeptical of any unexpected requests, even if they come from someone you know. If something seems too good to be true, it probably is.

Noteworthy: Prepare to see a relentless string of news about this topic, deepfakes pose a huge threat to fraud but also elections as seen recently with the fake-Biden robocalls.

EDITORIAL

Image generated by Midjourney, prompt: photography in the style of Tang Yau Hoong

What: The risk for the labor market is that once these technologies and solution move up the maturity curve, more and more skills will be replaced. What if the demand for specific skill sets could be fulfilled effortlessly, akin to a click – “Skills as a Service” (SaaS)?

Key points:

  • Generative AI threatens jobs: It automates tasks, even complex ones, potentially replacing many skills previously considered irreplaceable.

  • Shifting labor mobility: Countries may need fewer skilled immigrants as AI fills skill gaps.

  • Education in flux: Focus may shift from specific STEM topics to broader analytical skills and adaptability.

  • STEM skills at risk: Automation might render some STEM skills obsolete, requiring continuous learning and upskilling.

Noteworthy: If generative AI can build a marketing plan and execute on it in one day, instead of months, why bother creating project plans and scheduling tasks in a way that make sense?

LATEST NEWS

  • Singapore has “very high” potential as a global AI hub — thanks in part to an environment that fosters innovation, a Google Cloud executive told CNBC.

  • “In order for AI to really deliver on its potential, you need really good public and private partnerships,” Caroline Yap, managing director, global AI business and applied engineering at Google Cloud, told CNBC.

  • #1: AI will empower human creativity.

  • #2: Creators should be recognized as next-generation studios.

  • #3: YouTube’s next frontier is the living room and subscriptions.

  • #4: Protecting the creator economy is foundational.

A doe-eyed cartoon version of Gen. Prabowo Subianto - produced using generative AI - is emblazoned on billboards across Indonesia. It's reproduced on sweatshirts and stickers, and featured prominently on #Prabowo-tagged posts that have some 19 billion views on TikTok.

MIDJOURNEY PICK OF THE DAY

street art photography in the style of Seth Globepainter that shows a wall of newspapers

Check out our guides on how to generate the best Midjourney pictures, from fashion, nature, street art or illustration.

UNTIL TOMORROW

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