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Artificial Intelligence Cybersecurity

Deep Fake of CFO on Videocall Used to Defraud Company of $25M

Hackers are using AI to sift large digital data to identify more convincing approaches for their scams as well as weaknesses in weaknesses in software coding or network security.

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Cyber executive fraud scams have been rampant for years. These scams trick an employee into transferring large sums of money into the fraudster’s bank account. In the past, these often involved using a high-level executives hacked email account (or an email appearing to be from them) to request the employee to quickly and secretly transfer money for a “special project” that no one else should know about. They play on an employee’s desire to please the requesting executive and their unique position to quickly do so. It used to be the average value of these were around US$100,000. But they have been steadily growing more sophisticated and costly, often involving the hackers doing a detailed inspection of the executive’s email to identify information to make the request sound more believable (such as to determine current projects, confirm when the executive is likely to be unavailable for a call, and even to be able to craft the email to sound more like the executive).

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