Fraudsters Make Away With $243,000 by Impersonating Company CEO in New Voice Phishing Attack

• They have managed to steal around $243,000 by impersonating the CEO of a UK-based energy firm.
• The fraudsters asked to transfer the money to a Hungary-based supplier in an hour and promised to make a refund soon.

In a first-of-its-kind vishing attack, fraudsters have been found using AI-based voice-generating software to trick users. They have managed to steal around $243,000 by impersonating the CEO of a UK-based energy firm.

What happened?

According to a report by the Wall Street Journal, the fraudsters used the AI-based software to fake the voice of the CEO of a UK-Based energy firm, which is a subsidiary of the German company. The targeted employees were tricked into believing that the call was from the CEO and this led to a fraudulent money transfer of around $243,000.

The fraudsters asked to transfer the money to a Hungary-based supplier in an hour and promised to make a refund soon.

However, the money was never refunded and another money transfer demand was made.

How the money was transferred?

The report suggested that the money was first transferred to Hungary, after which it was redirected to Mexico and other places. Authorities have begun investigating the matter but it is still unknown as to who was involved in the malicious activity.

How did the firm react?

The company immediately turned down the second transfer as soon as the company became aware of it. As for the money, the Euler Hermes Group compensated the energy firm by transferring the amount lost in the attack.