Fraud 3.0: When AI can mimic the CEO’s voice

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The AI technology has been in the air for a while and we have experienced fraud of this nature for some years now. First, it was an email whose authenticity, no one could verify, and later, it graduated to the stage where criminals act like employees, especially those combating fraud, and give instructions which come in the favour of their evil act. A completely new fraud with AI software emerged last month when the software was used to reproduce a version of the CEO of a German company operating in the energy sector, who transferred $220,000. Fortunately, the company was able to get its money back. A critical look into this new fraud system, one could simply tell that criminal activity is now taking new turns.

Such cases were reported to have hit a total of 1.2 billion euro in 2018, and it is becoming obvious that figure is likely to increase tremendously in future years, thereby putting many companies at the risk of this fraud. Something significant and instant needs to be done to fight this emerging fraud.