It’s common for business owners to brush off the importance of cyber-security with the phrase, “That won’t happen to me.” However, in today’s world, this statement is not only foolish but also detrimental to the reputation of your business. Your clients, employees, and bankers need to know that you take their security seriously. Don’t let complacency put your business at risk.
The rise of generative AI (artificial intelligence) tools has given scammers the ability to create convincing deep fakes, leading to an increase in fraudulent activities. A recent incident involved Clive Kabatznik, a Florida based investor, who contacted his Bank of America representative to discuss a large money transfer.
Immediately after this legitimate call, a scammer called the bank back using an AI-generated deepfake voice of “Clive” to deceive the banker into transferring the funds to another account. Thankfully, the banker’s suspicions prevented any money from being transferred, but not everyone is fortunate enough to avoid falling victim to such scams.
McAfee, a reputable cyber security company, published a report called The Artificial Imposter, which revealed that 77% of AI voice scams were able to obtain money from their intended victims. The report also highlighted the alarming fact that AI technology can replicate a person’s voice using only three seconds of audio.
The CEO of a UK energy company fell victim to a voice scam where he was tricked into believing he was speaking to his boss, the CEO of the parent company in Germany. The scammer instructed him to transfer $233,000 to a Hungarian supplier, which he did without hesitation due to the convincing nature of the voice on the other end of the line. Unfortunately, the money was already transferred to Mexico and distributed to untraceable locations by the time they realized what had happened.
But big businesses aren’t the only ones targeted.
During a US Senate hearing, Jennifer DeStefano shared her frightening experience with an AI scammer who impersonated her daughter’s voice to convince her that her daughter had been kidnapped. As a mother of a 15-year-old daughter, Jennifer was able to quickly realize it was a scam as her daughter was sleeping in her bed at the time. Unfortunately, many others aren’t as fortunate and fall victim to AI scammers who impersonate their loved ones and ask for urgent financial assistance.
The frequency and sophistication of voice-fraud attempts have increased, according to the CEO of Pindrop, a security company that monitors audio traffic for US banks. Similarly, Nuance, a voice-authentication vendor, experienced its first successful deepfake attack on a financial services client in the previous year.
The perfect conditions for voice-related AI scams have emerged due to the rapid advancement and increased accessibility of AI technology along with the widespread availability of voice recordings on popular social media platforms such as TikTok, Facebook, Instagram and YouTube.
What can you do to protect yourself?
To ensure your staff is informed about these scams, it is important to share this article with them. Additionally, instruct them to verify any money transfers by contacting you through a text message or other means beforehand. If you are not a business owner, you can also use a code word or other methods to confirm the legitimacy of callers when communicating with your family.
Before answering any call, it is important to check the caller ID. If the number is unfamiliar or blocked, it could be a potential scam. Even if the voice on the other end sounds familiar, it’s best to hang up and call the person or place directly to verify the call’s legitimacy. This precaution can prevent falling victim to fraudulent schemes.
If a caller demands an urgent money transfer or Bitcoin payment, it is a major warning sign. Genuine emergencies do not involve suspicious payment requests.
In the world of business, one must navigate through various obstacles and challenges to reach the top. These challenges come in the form of potential threats and predators that are always lurking around. As you climb higher, the risks become greater and more frequent. It is important to remember that no matter how small or insignificant you may feel, you are still a target for cyber threats. Ignoring the importance of cyber security is a guaranteed way to become a victim of theft.
If you don’t want this to happen to you, click here to request a free Discovery Call to see just how protected your organization is against known predators.
It’s completely free and confidential, without obligation. Small business owners are facing a multitude of threats, including voice scams, which are becoming increasingly common. Those who are most vulnerable are those who do not regularly check their IT company’s performance.
