Finance edition
In the US, three men have been charged with using AI to imitate the voice and image of executives and lawyers, and so defrauded companies around the world.
Fake CEO and fake lawyer made with AI: more than $129 million stolen
Three men have been charged in the US with a fraud that used AI. They allegedly copied the voice and image of executives and lawyers. This way, they got company employees to transfer large amounts of money. The men are Jacob Soall, Sharon Hazan and Guy Sheetrit. Soall and Hazan were arrested in Spain this summer. Sheetrit was arrested in the United Kingdom in September. The fraud ran between 2024 and 2026.
One of the men pretended to be a CEO. He told an employee that he needed help with a sensitive money transaction. Then the employee had to contact lawyers at a large international law firm. That lawyer was also played by one of the men. He made the employee transfer a large amount of money.
According to the Department of Justice, the men received more than $129 million. The victims were all over the world. They included almost $5 million from a hospital group in Missouri, about $2.7 million from a bank in Rhode Island and more than $11 million from a British tech company.
What does this mean for your work? If you deal with payments or with requests from managers, a familiar voice or a face on video proves nothing. The victims were ordinary companies, such as hospitals, a bank and a food company.
Background for subscribersDo you deal with payments or requests from managers at work? Then a familiar voice or a face on video proves nothing, because the men imitated those with AI. An extra call with a "lawyer" also gives no certainty if the fraudster chose that contact himself.
More time for high-risk AI: map now where AI helps decide things about people
The strictest AI rules only start on 2 December 2027. This gives organizations time to prepare. A practical first step is an overview of all the places where AI helps decide things about people. Think of HR, education and credit. For each use, write down which tool it is, who uses it and which decision depends on it. This way you can quickly see later where extra rules apply. Smaller organizations are not on their own. The European Commission and the member states must give practical support to small and medium-sized businesses.
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