Protect yourself against deepfake fraud

Protect yourself against deepfake fraud

Last week, it was revealed that a German energy company doing business in the UK was conned out of more than $240,000. The scammers were using a form of deepfake technology that mimicked the voice of the company’s CEO. A director of the company was instructed by the phony CEO over both phone and email to wire payment to an account in Hungary to avoid a late payment fine. Reports say that the director could not distinguish between the AI-assisted deepfake and the CEO’s actual voice so the money was wired without question. The plot may not have been uncovered if it wasn’t for the scammers’ greed.

The scammers tried getting the director to wire more funds to another account. At this point, the director felt like something was up and called the CEO himself. It was at this point that the scammers posing as the CEO called the director while the director was on the phone with the CEO himself. Unfortunately, by this time it was too late to do anything about the original payment. The funds had been scattered across the globe after being wired to the initial account and no suspects have been named as of yet.

The Better Business Bureau (BBB) has some good news and bad news about deepfake audio though. The bad news is that the technology is advancing at such a rapid pace it could only be a matter of time before scammers would only need to keep you on the phone for a minute before getting enough of your voice to make a deepfake out of you. However, the good news is that companies can fight deepfakes by instilling a culture of security. They suggest that companies should confirm transactions like this by calling the person who supposedly requested the transaction directly.