Fraud of $129 Million Using AI to Mimic CEO's Voice and Face

Legal action has been initiated in the United States against three individuals who allegedly stole approximately $129 million by impersonating corporate executives and lawyers using Artificial Intelligence (AI). According to an NDTV report, a complaint filed in the US District Court of New York has charged the three with wire fraud and aggravated identity theft.

The accused involved in this scam are 41-year-old Jacob Saul, 54-year-old Sharon Hazan, and 42-year-old Guy Sheetrit. These three individuals are linked to Spain, the UK, Israel, and the United Arab Emirates (UAE). Serious allegations of money laundering have also been leveled against them. The trio is known by aliases such as 'Rocky Balboa', 'Superman Cash', and 'Fat Boy'.

According to court documents, the gang targeted thousands of companies worldwide for over a year and a half. Their loot included hospital systems in Missouri and California, a bank in Rhode Island, a financial technology company in the United Kingdom, a mutual fund company in Massachusetts, and a pet food company in Florida.

The method of fraud was highly sophisticated. They primarily targeted the accounting departments of companies. First, they would send emails in the name of the CEO requesting help with a confidential financial transaction. Subsequently, they would arrange a phone or video call, in which AI technology was used to mimic the CEO's voice and sometimes their face, convincing employees that they were indeed speaking with their boss.

After this, they would instruct employees to contact a lawyer from a major law firm. The role of this lawyer was also played by the gang. Jacob Saul primarily impersonated UK lawyers. According to the US Attorney's Office, Saul possessed a handwritten script titled 'Lawyer Call', which he used to prove himself as a genuine lawyer while speaking with victims.

This fake lawyer would then instruct employees to transfer large sums of money into various bank accounts across the world. Once the money was received, it was converted into cryptocurrency to hide the source and destination of the funds. Subsequently, this amount was distributed among the three accused and other associates.

FBI Assistant Director in Charge James C. Barnackel Jr. stated that this case demonstrates how advanced technology can be used to commit fraud on a large scale. He added that criminals are weaponizing emerging technology, and therefore, the FBI is rapidly updating its capabilities to identify and stop those causing harm to New Yorkers and local businesses.

The three accused were arrested between June and September. If these charges are proven, they could face a maximum prison sentence of 20 years for each charge. Lawyers for Saul and Sheetrit have not reacted to the matter, while it remains unclear whether Hazan has a lawyer. The US Attorney's Office for the Southern District of New York has also not provided any response.

Sharon Hazan has a criminal history. According to the US Attorney's Office, Hazan was convicted by a New York court in 2008 in a conspiracy to commit bank fraud.