Introduction of Loong Community & Financial Identity crime (deepfake) regulation of diferetn jurisdictions

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Presented at DEF CON 33 by

Noel Wong

KC Wong

The rapid advancement of deepfake technology, powered by generative adversarial networks (GANs), has revolutionized creative industries but poses significant challenges to global financial security through identity fraud. This study examines the legal and regulatory frameworks addressing deepfake-enabled financial crimes in the UK, EU, and Asia, highlighting the growing sophistication of such fraud, exemplified by a 2024 case in Hong Kong where cybercriminals used deepfake video conferencing to defraud a multinational company of $25 million. Employing a comparative legal analysis and case study approach, this research evaluates the effectiveness of existing regulations, identifies enforcement challenges, and analyzes real-world cases to expose legal gaps. Findings reveal that while China has implemented specific deepfake regulations, the UK, EU, and Hong Kong rely on broader fraud and data protection laws, lacking targeted provisions. These inconsistencies hinder prosecution and cross-jurisdictional cooperation. The study proposes balanced regulatory strategies to combat deepfake-enabled financial fraud while fostering AI innovation, offering critical insights for policymakers, legal practitioners, and financial institutions navigating this evolving threat landscape. Noel is a Postgardute student of Master Degree in UCL, major in CyberCrime hardware.ninja is an independent security researcher. He focuses on hardware security researches, penetration test, incidents response and digital forensics analysis. He was the first and the only Asian leading a group of white-hat hackers to hold an in-depth, hands-on hardware hacking village in BLACK HAT and DEFCON. He is also a frequent speaker and trainer in different top-notch security and forensics conferences including SANS, HTCIA, DFRWS, GCC, CodeBlue, HITB, SINCON, AVTokyo and HITCON.