ClassiCam, a fraud-as-a-service platform that targets banks and other brands, has expanded its operations to include more than 250 victims worldwide. The platform, which uses deepfake technology to create realistic videos of people performing fraudulent transactions, has been operating since 2019 and has reportedly generated over $1.5 million in revenue.

According to a report by BleepingComputer, ClassiCam’s victims include banks such as Bank of America, Chase, Wells Fargo, and Citibank, as well as other brands such as Amazon, Netflix, Spotify, and Uber. The platform uses a combination of phishing emails, fake websites, and social engineering to lure unsuspecting users into clicking on malicious links or downloading malware that allows the attackers to access their accounts and devices.

The attackers then use the stolen credentials to make fraudulent purchases or transfers using the victims’ accounts. The transactions are then recorded and edited using deepfake technology to make them look like they were made by the victims themselves. The videos are then uploaded to ClassiCam’s website or social media platforms, where they are sold to other customers who want to use them for their own scams.

ClassiCam claims that its platform is legal and ethical, as it does not harm anyone physically or financially. However, some experts have raised concerns about the potential risks and harms of using deepfake technology for fraud purposes. They argue that deepfake technology can be used to manipulate people’s emotions, beliefs, and behaviors, as well as to spread misinformation and propaganda.

Some of the challenges and risks of using deepfake technology for fraud include:

Therefore, ClassiCam’s expansion is not only a threat to the financial security of its customers but also a potential source of ethical dilemmas and social problems. As more people use deepfake technology for fraud purposes, it is important to raise awareness about the potential harms and risks of this technology and to develop effective solutions to prevent and combat it.