A Voice Deepfake Was Used To Scam A CEO Out Of $243,000

A CEO of a UK-based energy firm was scammed into transferring €220,000 ($243,000) after receiving a call he believed was from his boss, the chief executive of the firm's German parent company. The fraudster, using advanced AI technology, mimicked the boss’s voice with remarkable accuracy, including his subtle German accent and unique speech patterns.

The scam unfolded over three calls. The first call initiated the transfer, with the fraudster instructing the CEO to send the money to a Hungarian supplier's bank account. The second call falsely claimed that the reimbursement had been processed, aiming to build further trust. During the third call, which sought an additional payment, the CEO grew suspicious. He noticed the purported reimbursement had not gone through and observed that the call originated from an Austrian phone number, raising red flags.

Rüdiger Kirsch of Euler Hermes Group SA, the firm’s insurer, confirmed the details to The Wall Street Journal. He emphasized the sophisticated nature of the scam, highlighting how the fraudster's use of AI to replicate the executive’s voice added a layer of authenticity that deceived the CEO. This incident underscores the growing threat of AI-driven fraud and the need for increased vigilance and security measures in corporate communications.