Scammers use cloned voice to steal USD 35m from Dubai company

Dubai investigators discovered an elaborate scam in which deepfake technology was used to clone the voice of a company director and defraud his company of USD 35 million.

About to make an acquisition, the company needed its bank to authorise a series of transfers. A bank employee was fooled by the deepfaked voice into authorising the transfer of the cash, believing it was a legitimate business transaction. 

The stolen funds were dispersed to bank accounts across the globe.

UAE authorities reckon the scheme, which is the second known case of fraudsters using deep voice tools to carry out a heist, and much the largest, involved at least 17 people. 

The case highlights the growing threat of AI-powered voice cloning in financial fraud, as the technology becomes more sophisticated and accessible to criminals.