Ferrari Executive Outsmarts Deepfake Scam with A Simple Question
Earlier this month, Ferrari narrowly avoided a significant financial loss thanks to the sharp instincts of one of its executives. The incident involved a sophisticated deepfake scam, highlighting the growing risks of AI-driven fraud in corporate settings.
Unexpected Messages from Impersonators
On a Tuesday morning, an executive at Ferrari received a series of messages purporting to be from the company’s CEO, Benedetto Vigna. The messages through WhatsApp hinted at a significant acquisition and requested immediate assistance. The profile picture, although of Vigna, and the unfamiliar phone number raised immediate concerns.
One message read, “Hey, did you hear about the big acquisition we’re planning? I could need your help,” Another instructed the executive to prepare to sign a Non-Disclosure Agreement, mentioning that Italy’s market regulator and the Milan stock exchange had been informed.
A Sophisticated Deepfake Attempt
The situation escalated when the impersonator called the executive, using a voice that closely mimicked Vigna’s southern Italian accent. During the call, the deepfake attempted to discuss confidential details, including a deal potentially complicated by Chinese market issues and a required currency-hedge transaction.
Despite the convincing nature of the voice, the executive began to suspect something was off. The subtle mechanical tones in the voice further deepened these suspicions.
Crucial Verification Foils the Scam
To confirm the caller’s identity, the executive asked a question only Vigna could answer: the title of a book Vigna had recently recommended. The answer, which the impersonator could not provide, led to the abrupt end of the call.
The book in question was “Decalogue of Complexity: Acting, Learning and Adapting in the Incessant Becoming of the World” by Alberto Felice De Toni.
The Ferrari executive’s quick thinking and verification questions prevented the scam from proceeding further. Ferrari has since initiated an internal investigation into the matter.
Increasing Risk from AI Deepfakes
This incident is part of a growing trend of AI-driven scams. Rachel Tobac, CEO of SocialProof Security, commented on the situation, noting, “This year we’re seeing an increase in criminals attempting to voice clone using AI,” While these technologies have not yet caused widespread deception, their sophistication is improving rapidly.
There are many ways to catch a voice cloning attacker in the act during a phone call, these mitigation methods include: 1. Using another method of communication to verify identity before taking action (kind of like human MFA -choose any other method of communication such as…
Earlier this year, another multinational company fell victim to a similar deepfake scam, resulting in a loss of HK$200 million ($26 million). As AI tools become more advanced, companies like CyberArk are training their executives to recognise and respond to such threats.
Conclusion
Ferrari’s quick response to the deepfake attempt underscores the importance of vigilance and verification in the age of advanced digital threats. The incident reminds businesses to remain cautious and implement robust security measures to counteract evolving fraud tactics.
