When the Boss on the Phone Isn’t Real: How More Than $129 Million Was Stolen Using A.I.

A federal indictment alleges that three men used generative A.I. to impersonate voices of chief executives and lawyers to defraud companies of millions of dollars.

When the Boss on the Phone Isn’t Real: How More Than $129 Million Was Stolen Using A.I.

TL;DR

  • An AI-generated voice, impersonating a CEO, prompted an accountant to wire $4.8 million from a Missouri hospital system.
  • The scam involved a follow-up call from an AI-generated lawyer to finalize the transaction.
  • Prosecutors stated that this scheme, beginning in July 2024, cost US and European companies over $129 million.
  • Deepfake technology was also used in attempts to engage employees in video calls with the AI-generated CEO.
  • Victims included companies in the UK, Florida, California, Massachusetts, and Rhode Island, losing millions.

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