• Home
  • News
  • Artificial Intelligence
  • Internet of Things
  • Open Source
  • Hardware
  • Software
  • Security
  • Whitepapers
  • Industry Voice
  • Data Strategy Spotlight
  • Newsletters
  • Whitepapers
    • Inqlogo 120x194
      Five things you should look for in choosing a Testing provider

      Choosing a Testing Partner can be complex.  So what do you look for?  This guide offers insight into the qualities you must look for in choosing a Testing provider.  Download now to learn more.

      Download
      Inqlogo 120x194
      Your questions answered: How to protect your data in the cloud

      The number of successful cyberattacks per year per company has increased by 46% over the last four years. But what really needs to be considered when exploring a solution? What questions need to be asked? Download to find out...

      Download
      Find whitepapers
      Search by title or subject area
      View all whitepapers
  • Follow us
    • Twitter
    • Newsletters
    • Facebook
  • Newsletter
  • Industry Voice
  • Data Strategy Spotlight
The Inquirer
The Inquirer
  • Home
  • News
  • Artificial Intelligence
  • Internet of Things
  • Open Source
  • Hardware
  • Software
  • Security
  • Trending
  • General election
  • Huawei sues FCC
  • Xerox vs HP
  • Galaxy S11
  • McAfee 2020
The Inquirer
  • Controversy

Scammers fake CEO's voice to nab $243,000

Something smells vishy

Yes, a phone just like this one could betray you.
  • Alan Martin
  • Alan Martin
  • @alan_p_martin
  • 03 September 2019
  • Tweet  
  • Facebook  
  •  
  •  
  • Send to  
0 Comments

A BRITISH ENERGY FIRM was scammed out of $243,000 via a vishing scheme, according to a report in the Wall Street Journal. 

Vishing, for those unaware, takes the slightly ludicrous term of ‘phishing' and ups the ante by subbing in a ‘V', which stands for ‘voice.' In other words, it's tricking automated systems or humans with a soundalike, rather than relying on text and promises of wealth from deposed but friendly Nigerian royalty. 

The firm hasn't been named, but this is how it went down, according to the paper. Back in March, criminals used some commercially available voice AI software to do its best impression of the CEO of the firm's parent company, based in Germany. 

The AI's impression of a German accent was good enough to fool the British subsidiary's CEO, with the fraudsters able to convince him to wire $243,000 to a "Hungarian supplier" in an hour, with the promise that it would be reimbursed immediately.

To the gullible CEO's credit, he was very much once bitten and twice shy. When the scammers phoned back as the Germany boss a second time, the British CEO refused to make another payment, having not yet been reimbursed for the first transfer.

The culprits haven't been found yet, though the funds apparently went from Hungary to Mexico and then on to other locations. 

While the firm was insured and ultimately reimbursed for their losses by Euler Hermes Group, there's a real lesson for businesses in the years ahead. We're naturally suspicious of dodgy emails because we know how easy they are to spoof, but your ears remain trustingly naive. And if off-the-shelf voice mimicking software can unlock $243,000 from a short phone call, you can bet others will soon want a piece of that action. µ

  • Tweet  
  • Facebook  
  •  
  •  
  • Send to  
  • Topics
  • Controversy
  • Scammer
  • AI
  • scammers

INQ Latest

Intel's Comet Lake-S CPUs could pop up in April 2020
Intel's Comet Lake-S CPUs could pop up in April 2020

S marks the rumoured spot

  • Chips
  • 10 December 2019
Silicon Valley: Final episode review
Silicon Valley: Final episode review

The best sitcom about a compression algorithm in TV history

  • History
  • 10 December 2019
Huawei will extend Harmony OS globally during 2020
Huawei will extend Harmony OS globally during 2020

But not on phones and laptops. Yet

  • Software
  • 10 December 2019
Apple is returning to CES after a 28-year hiatus
Apple is returning to CES after a 28-year hiatus

Send Tim now to C.E.S

  • Boffin Watch
  • 10 December 2019
Back to Top

Most read

Apple's iPhone 12 looks set to boast improved battery life
Apple's iPhone 12 looks set to boast improved battery life
Galaxy S11 specs, release date and price: In-the-wild images show chunky camera hump
Galaxy S11 specs, release date and price: In-the-wild images show chunky camera hump
Intel brings 22nm Haswell chip back from the silicon scrapheap
Intel brings 22nm Pentium G340 back from the silicon scrapheap
NHS Trusts are still running Windows 7 on more than half of devices
More than half of NHS devices are still running Windows 7
It's the end of the road for Google Glass Explorer Edition
It's the end of the road for Google Glass Explorer Edition
  • Contact
  • Marketing solutions
  • Enterprise IT Events
  • Incisive Media
  • Terms & conditions
  • Policies
  • Careers
  • Twitter
  • Newsletters
  • Facebook

© Incisive Business Media (IP) Limited, Published by Incisive Business Media Limited, New London House, 172 Drury Lane, London WC2B 5QR, registered in England and Wales with company registration numbers 09177174 & 09178013

Digital publisher of the year
Digital publisher of the year 2010, 2013, 2016 & 2017