Three charged in US over using AI to impersonate CEOs and steal millions in alleged $100m fraud
How the alleged scheme worked
The indictment says the men used AI to pose as corporate executives and contact employees at various companies. They allegedly claimed that sensitive financial transactions required the employees’ help.
The employees were then directed to contact lawyers at a large international law firm. The men allegedly impersonated those lawyers and instructed employees to wire substantial sums of money.
Money moved across borders
The alleged transfers went to bank accounts in the United States, Spain, Portugal, Greece, the United Arab Emirates, Singapore, Austria, Slovakia and China. The Justice Department said the funds were later converted into cryptocurrency.
According to the department, that conversion was intended to conceal the proceeds’ source, ownership and control. The money was then distributed among the accused and their alleged co-conspirators.
Aliases and FBI response
The account names Soall and Hazan as using multiple aliases. Soall was known as “Seba Clarke” and “Rocky Balboa,” while Hazan used “Superman Cash,” “Fat Boy” and “Ron.” FBI assistant director James C Barnacle Jr said the alleged scheme showed how advanced technology could be exploited for large-scale fraud. He said the bureau would adapt its capabilities to identify and disrupt criminals using emerging technologies.
Key points
- Three foreign nationals were arrested and charged in the United States.
- The alleged scheme used AI to impersonate executives and attorneys.
- The indictment says losses exceeded $100m.
- The funds were allegedly sent abroad and converted into cryptocurrency.