In one of the latest and most brazen AI-generated scams, cybercriminals tricked an unwitting employee into handing over millions of dollars of the company’s funds.
The thieves used deepfake technology—audiovisual content created with generative artificial intelligence (GenAI) that mimics the voice and likeness of people—to set up a video call between the duped employee and imitations of the company’s Chief Financial Officer and several other corporate executives. They told the man about a secret deal and directed him to initiate a series of bank transfers to different accounts totaling over $25 million!
The scammed employee said he recognized everyone in the video conference—their faces, their voices, their office backgrounds—but it turns out that everyone he saw was a simulation. Deepfake technology is incredibly convincing, which means businesses and their employees need to be educated on recognizing a deepfake and defending against it.
How do you combat against this type of fraud? First, just be aware that it came happen and put in place separate multilevel verifications, not just a solitary video or phone call. Also, establish strong IT authentication methods.
By Hadley C. Margolis
AI Deepfake
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