Analysis

Chief executive impersonation fraud rises during economic downturn and AI explosion

By 2023-08-04T12:18:00

CEO impersonation fraud

The increasing use of artificial intelligence has made impersonation fraud more accessible, against the backdrop of inflation and economic uncertainty

Back in 2019, the chief executive of an unnamed UK-based energy firm was called by his boss, the chief executive of the firm’s German parent company and asked to transfer €220, 000 (£189, 570) into the bank account of a Hungarian supplier. 

However, the voice on the phone actually belonged to a fraudster who used artificial intelligence (AI) voice tools to impersonate his boss. 

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