About Us | Contact Us
View Cart

Hearing Isn’t Believing: The Rise of Voice Fraud

By Vigilize | Monday, September 16, 2019 - Leave a Comment

“Deep Fake” Technology is Behind The New Trend of AI-Assisted Fraud…


An article review.


It’s a scenario that probably happens far more often than we’d like to admit: an employee gets a phone call from a superior requesting they perform some task that is out of the ordinary. There are policies in place requiring more authorization before that task is performed, but when a superior is on the line and saying they authorize it…well, many employees would probably do as they were asked. After all, they know what their boss sounds like!

Until now that employee would probably have been correct in identifying that it was their boss on the phone, but a recent fraud case suggests that these days hearing is not believing. The case alleges that “deep fake” technology—which uses AI to fabricate video and audio of a targeted person—was used to trick an unnamed CEO into thinking he was talking to the President of his parent company…and to wire funds to one of their suppliers overseas.

It wasn’t until the promised reimbursement for the transfer failed to arrive—and a call for additional transfers once again came from the “President”—that any suspicions were raised, and by then the fraudsters had cleared out the account and vanished. According to the insurance firm that covered the unnamed victim’s claim, it was the first reported loss due to an AI-related crime. Additionally, the software believed to be used in the attack was evaluated by the insurer and was found to indeed produce realistic speech.

While your organization likely already has policies in place to verify the identity of callers, this case should highlight how important it is that those policies not be set aside…even if the caller sounds like who they claim to be. Having to decline a request from what sounds like your frustrated boss may result in an awkward conversation, but these days you can’t be too cafeful.


Original article By Ephrat Livni, writing for Quartz.


same_strip_012513


 

Latest News
    What you need to know for compliance coast-to-coast. Back in 2020 we posted an article containing links to data breach laws from each state, and it has proven to be one of our more popular posts.  Because laws surrounding the use (and abuse) of technology are always evolving, we thought it was worth taking another […]
    Another awareness poster for YOUR customers (and users).  Now that we have our own employees aware, maybe it’s time to start posting content for our customers! In the spirit of October and Halloween we have put together a gallery of our “spooky” Awareness Posters at halloween.infotex.com. Use them to help decorate for the holiday! Check […]
    With nearly three in four people using third-party payment services tied to their bank accounts, the risk isn’t limited to your own policies and procedures… An article review. When working on cybersecurity awareness messages for your customers you may be inclined to focus on your own systems, but a new study on security in digital […]
    PRESS RELEASE – FOR IMMEDIATE RELEASE BUSINESS NEWS NEW EMPLOYEE FOR INFOTEX infotex is excited to announce that Cody Smith has joined the team as the newest Data Security Analyst. Cody holds several industry certifications (including the most recent: SSCP) as well as a B.S in Cyber Security & Information Assurance from Western Governors University. […]
    It’s all about protecting Customer information . . . In 1999 the Gramm-Leach-Bliley Act (GLBA) directed the Federal Deposit Insurance Corporation (FDIC) and other federal banking agencies to ensure that financial institutions have policies, procedures, and controls in place to prevent the unauthorized disclosure of customer financial information.  The FDIC and other federal banking agencies […]
    A Ghoulish Gallery! Just a few scary-themed Awareness posters from our collection, which you can see at posters.infotex.com! Below you will find both the vertical and horizontal versions of each of the posters, all you need to do is “right-click > “Save link as…” to download! Vertical 8.5″ x 11″ Format   Horizontal 11″ x […]
    What to Expect in an Annual Information Security Report to the Board Webinar-Movie Information security ranks as a top risk to financial institutions, both in terms of likelihood and overall impact. It is important that boards receive annual comprehensive reporting from management about the information security risks and incidents, and the actions taken to address […]
    Another awareness poster for YOUR customers (and users).  Now that we have our own employees aware, maybe it’s time to start posting content for our customers! Check out posters.infotex.com for the whole collection! Download the large versions here: Awareness Poster (Portrait) Awareness Poster (Landscape)   You are welcome to print out and distribute this around […]
    With the potential to break all existing forms of encryption, quantum computing poses a unique challenge… An article review. While quantum computing has been a buzzword for some time now the technology remains largely theoretical, with small scale proofs-of-concept that still suffer from serious limitations.  That hasn’t stopped security researchers from worrying about the technology’s […]
    A new way of helping people “read” new guidance… Look for more in the future! To save you time, we are proud to present “Adam Reads” . . . recorded versions of our Guidance Summaries! Below you can find an embedded player for the audio file. If you are having issues with that working, you […]