Published in AI

AI mimics CEO in fraud case

by on04 September 2019

First reported case of its type

Criminals used artificial intelligence-based software to impersonate a chief executive's voice and demand a fraudulent transfer of $243,000 in March in what cybercrime experts described as an unusual case of artificial intelligence being used in hacking.

The CEO of a UK-based energy firm thought he was speaking on the phone with his boss, the chief executive of the firm's German parent company, who asked him to send the funds to a Hungarian supplier.

The caller said the request was urgent, directing the executive to pay within an hour, according to the company's insurance firm, Euler Hermes Group. Law enforcement authorities and AI experts have predicted that criminals would use AI to automate cyberattacks.

 Rudiger Kirsch, a fraud expert at Euler Hermes, a subsidiary of Munich-based financial services company Allianz whoever was behind this incident appears to have used AI-based software to successfully mimic the German executive's voice by phone. The UK CEO recognized his boss' slight German accent and the melody of his voice on the phone.

Last modified on 04 September 2019
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