SynopsisThe development follows Capillary's July 6 disclosure that fraudsters used "very advanced deep-fake methodologies like voice cloning, signature forging, social engineering" to impersonate key managerial personnel and fraudulently transfer funds worth about €3 million to unauthorised third-party bank accounts.Loyalty and customer engagement software company Capillary Technologies has constituted a forensic audit to investigate a fraudulent banking transaction that led to the loss of about €3 million at one of its recently acquired overseas subsidiaries.In an exchange filing on Friday, the company's audit committee has appointed KPMG Assurance and Consulting Services to independently investigate the incident and recommend corrective measures. "TheNow Playing
Saas-company Capillary Technologies orders forensic audit into €3 million fraud - The Economic Times
The development follows Capillary's July 6 disclosure that fraudsters used "very advanced deep-fake methodologies like voice cloning, signature forging, social engineering" to impersonate key managerial personnel and fraudulently transfer funds worth about €3 million to unauthorised third-party bank accounts.
TL;DRAI
Capillary Technologies lost €3 million via deepfake and voice cloning in acquired subsidiary. Signal for SaaS acquirers: M&A diligence neglects sophisticated identity fraud. Add identity verification and multi-approval for executive transactions.
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