US prosecutors say fake AI bosses talked accounts teams out of $129 million, so 'keep this confidential' just became a red flag
By Brett Gavaghan, Founder of Adaptd ·
An indictment unsealed in New York alleges three men used AI to mimic CEOs and lawyers, then talked staff into wiring more than US$129 million. Nothing is proven yet, but the method is worth knowing.
The short version
- US prosecutors have charged three men over an alleged scheme using AI to impersonate CEOs and lawyers and steal over US$129 million.
- The alleged scheme ran from July 2024 to February 2026 and mostly targeted accounts staff at companies worldwide.
- Set a rule that no payment moves on a voice or video call alone, whoever seems to be asking.
The phone rings, it sounds exactly like the boss, and the job is very hush-hush. According to US prosecutors, calls like that have cost companies more than US$129 million.
What is the $129 million AI fraud case?
The $129 million case is a US indictment alleging three men used AI to copy the voices and images of company executives and lawyers, and tricked staff into sending money.
Prosecutors in New York unsealed the indictment on 5 November. The three men were arrested in Spain and the UK, and all of this is still allegation until a court says otherwise.
How did the alleged scam work?
The alleged scam started with an AI copy of a CEO's voice asking someone, typically in accounts, to help with a confidential transaction. The fake CEO then told the employee to contact a lawyer at a big international firm. That lawyer was in on it too, and the employee was told to wire large sums to accounts around the world.
The alleged targets include a New York investment bank, hospital systems in Missouri and California, a Rhode Island bank and a Florida pet food company. The Missouri hospital system reportedly lost US$4.83 million. None of the named targets is Australian, but this method doesn't need a US address, and the pet food company suggests you don't need to be a bank.
What should your business do about it?
Your business should make it a written rule that no payment or bank detail change goes ahead on a voice or video call alone.
My advice: hang up and call back on a number you already have, and get a second person to approve anything unusual. Tell your accounts person, in writing, that they'll never be in trouble for slowing a payment down to check, even when it really is you. A small business can set this up in an afternoon for nothing. Treat the word 'confidential' as the reason to check.
An awkward call-back takes two minutes. Explaining a missing six figures takes rather longer.
Sources
Wondering what this means for your business?
That's exactly what the discovery call is for.