AI voice and video impersonations used to steal $129M from global firms

The AI impersonation scheme

A massive international fraud operation has been uncovered involving the use of artificial intelligence to deceive global companies. According to the US Department of Justice, three foreign nationals orchestrated a scheme that resulted in the theft of more than $129 million between 2024 and 2026. The criminals targeted businesses by exploiting the inherent trust employees place in their senior leadership and legal counsel.

The perpetrators allegedly used AI-powered voice and video impersonations to make their communications appear authentic. By mimicking the likeness of chief executives, they were able to convince employees that they were receiving direct, legitimate instructions. This high-tech deception allowed the group to bypass standard corporate skepticism and initiate fraudulent financial movements.

The indictment, which was unsealed on November 5 by the federal prosecutors in the Southern District of New York, names Jacob Soall, Sharon Hazan, and Guy Sheetrit as the primary participants. Authorities have already arrested the three individuals in Spain and the UK. They now face multiple charges, including conspiracy to commit wire fraud and aggravated identity theft.

How the deception worked

The fraud typically began with a targeted approach where the criminals posed as a company's chief executive. They would contact an employee and claim that confidential financial transactions were currently underway. To add a layer of legitimacy, the fake CEO would instruct the employee to contact lawyers at prominent international law firms who were supposedly managing the deal.

The deception continued as members of the conspiracy began impersonating those very lawyers. This two-step process reinforced the impression that the transaction was a standard, high-level business move. The fake legal representatives would then provide final instructions to the employees, directing them to wire substantial sums of money into specific bank accounts controlled by the criminals.

To make the impersonations even more convincing, Soall allegedly used a handwritten script titled 'Lawyer Call' to help him sound like a genuine legal professional. This script included specific language designed to discourage employees from discussing the calls with their colleagues. By isolating the employee, the criminals prevented them from independently verifying the instructions with other team members.

Impact on global industries

The scope of the fraud reached across several different sectors and geographic regions. One of the largest losses involved a UK-based financial technology company, which was defrauded of $11.58 million. Other significant victims included a Florida-based pet food company that lost $5.24 million and a Massachusetts mutual fund company that lost $4.64 million.

The healthcare sector was also heavily targeted by the impersonation scheme. A Missouri-based hospital system lost $4.83 million, while a California hospital system was defrauded of nearly $2.97 million. Additionally, a Rhode Island-headquartered bank lost $2.68 million during the period of the alleged operation.

The criminals were able to move these funds across a wide variety of jurisdictions. They instructed victim companies to transfer money into accounts located in several nations, including the United States, Spain, Portugal, Greece, the United Arab Emirates, Singapore, Austria, Slovakia, and China. This international reach made it difficult for authorities to track the movement of the stolen capital in real time.

Laundering and prosecution

Once the stolen money arrived in the various international accounts, the conspirators moved to hide the trail. They allegedly converted the proceeds into cryptocurrency to obscure the origin, ownership, and control of the funds. This step was intended to make it harder for law enforcement to seize the assets or identify the ultimate beneficiaries of the fraud.

The defendants are currently facing serious legal consequences for their actions. Each individual faces seven counts, including money laundering and wire fraud. The wire fraud and money laundering conspiracy charges each carry a maximum potential sentence of 20 years in prison. Hazan, who was involved in laundering the proceeds, was previously convicted of bank fraud conspiracy in 2008.

As reported by International Business Times UK, the three defendants are presumed innocent until proven guilty in court. Extradition requests for all three are currently pending as the legal process moves forward. The case serves as a stark reminder of how sophisticated fraud tactics are evolving with the integration of artificial intelligence.