Deepfake Scams: How Synthetic Media Is the Next Big Cyber Threat
By Michael Grant
It started with a phone call. The finance manager at a mid-sized European energy firm picked up, hearing the familiar voice of her CEO. He sounded urgent, but calm—there was a confidential acquisition in progress, and a wire transfer needed to be made immediately. The voice, the cadence, even the slight accent—everything matched. She followed the instructions. By the time the real CEO called her back, $243,000 was gone.
The investigation would later reveal the truth: the CEO had never made that call. Instead, a cybercriminal had used a deepfake—a synthetic, AI-generated voice—to mimic him perfectly. The attack was so convincing that even colleagues who listened to the recording afterward couldn’t tell the difference.
This is the new face of cybercrime. Deepfakes, once a novelty for internet pranksters, have become a powerful weapon in the hands of fraudsters. With just a few minutes of audio or video scraped from social media, attackers can create convincing forgeries of anyone—executives, employees, even family members. The implications for business are profound.
In the past, most social engineering attacks relied on poorly written emails or suspicious phone calls. Today, synthetic media is raising the stakes. Imagine a video call from your boss, instructing you to share sensitive files or approve a payment. The face and voice are perfect. The background looks right. But it’s all fake.
The technology behind deepfakes is advancing rapidly. Open-source tools and commercial services make it easy for even low-skilled criminals to generate realistic audio and video. The cost is low, but the impact can be devastating: financial fraud, reputational damage, and a growing sense that nothing online can be trusted.
For businesses, the challenge is twofold. First, there’s the technical problem of detecting deepfakes. Even experts can be fooled, and automated detection tools are still catching up. Second, there’s the human factor. Employees must be trained to question even the most convincing requests, especially when money or sensitive data is involved.
Some organizations are responding by adding new layers of verification—requiring callbacks, multi-factor authentication, or in-person confirmation for high-risk actions. Others are investing in monitoring tools that scan the web for unauthorized use of their brand or executives’ likenesses. But the reality is that no solution is perfect. The best defense is a culture of skepticism and vigilance.
Cyber insurers are taking notice. In recent months, policy applications have started to include questions about deepfake awareness and controls. Some carriers are drafting new exclusions for losses caused by synthetic media attacks. As the threat evolves, so too will the requirements for coverage.
The rise of deepfakes is a reminder that technology cuts both ways. The same AI tools that power innovation can also be turned against us. For business leaders, the message is clear: don’t wait for a synthetic scam to hit your company. Start preparing now—because in the world of deepfakes, seeing (or hearing) is no longer believing.
About the Author: Michael Grant is a Cyber Threat Intelligence Analyst who tracks emerging digital threats for Fortune 500 companies. He specializes in social engineering, synthetic media, and cybercrime trends.