CEO’s Voice Deep-Faked in $243,000 Vishing Fraud

Cybercrimes are on the rise as AI-powered apps have become deceptively useful for the conniving artists in their fraudulent schemes. Vishing or Voice Phishing is the latest in the world of cybercrimes as one CEO’s voice was deep-faked to steal $243,000 from a German parent company that owns a UK-based energy firm.

The criminals reportedly used the commercial version of the voice-generating AI software to fake the German accent and voice of the company’s CEO. Thereby, the UK firm’s CEO was tricked into urgently wiring said funds to a Hungarian supplier with the promise of reimbursing it instantly.

The company CEO was taken for a ride as he failed to differentiate the AI-powered voice tones of his boss while funds were being transferred to Hungary. However, the British CEO declined the second request for another wire transfer after the reimbursement failed on the first transfer.

CEO’s Voice Deep-Faked in $243,000 Vishing Fraud 1
Vishing Scams are on the rise as AI-powered apps are gaining popularity among the masses…

The wired funds were reportedly diverted to Mexico and other locations from Hungary even as the authorities are still clueless about the culprits and their whereabouts.  

Meanwhile, Euler Hermes Group has covered the company’s entire loss as its insurer while there is no word on the names of parties involved in the claim.

Voice-generating AI-powered software is just one of the few powerful tools cherished by cyber criminals to make their job effortless and risk free. It allows them to wear virtual masks while accessing confidential info as impostors and faking multiple identities in real time.

Israel National Cyber Directorate had earlier warned of a “new type of cyber-attack” involving impersonation of top-level corporate executives and unauthorised money transfers through vishing and other malicious scams.  

The forewarnings of AI-based crime have already come true in their prescribed flavours. This will pose some serious headaches to the enterprise sectors that are deep-rooted in AI technology.

Recently, Pindrop reported a 350 percent rise in voice fraud from the last four years until 2017 with 1 in every 638 calls found to be faked. It is high time that the AI-based companies used some validation process to verify voice instructions and avoid falling prey to such wily vishing scams.

About author

Vinod is a prolific writer and editor with an immense passion for Technology and Gaming. He is also a Certified Data Analyst in MS Excel and Power BI with a brilliant knack for problem-solving and cracking business analytical problems with a lot of grit and enthusiasm. With more than 7 years of experience in online journalism, he knows the trend and pulse of his audience.
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