Corporate executives targeted by AI generated phishing scams
09/01/2025
Artificial Intelligence (AI) has introduced a new cybercrime threat with corporate executive targeted by highly personalised phishing scams.
The evolution of phishing scams has outpaced traditional cybersecurity measures with basic security filters, which previously identified bulk phishing emails, struggling to detect the personalised and convincing attempts.
More than 90 per cent of successful cyber-attacks begin with a phishing email, according to the US Cybersecurity and Infrastructure Security Agency.
Researchers have warned that AI is particularly effective for crafting business email compromise scams — a specific type of malware-free phishing where fraudsters trick recipients into transferring funds or divulging confidential company information.
According to Deloitte Center for Financial Services, generative AI will enable $40 billion in losses by 2027 up from $12.3 billion in 2023. In two schemes in Hong Kong in 2024, fraudsters used AI-generated video and audio to impersonate company executives on Zoom calls, convincing employees to transfer nearly $30 million in funds.
Traditional phishing scams largely relied on generic emails which had grammatical errors and vague information. However, the AI-generated phishing scams have redefined the threat, targeting corporate executives with precision-crafted fraudulent emails.
Cyber security experts warn the increasing attacks come during a period of rapid advancement for AI technology, as tech companies race to create ever more sophisticated systems and launch popular products for consumers and businesses.
AI bots can quickly ingest large quantities of data about the tone and style of a company or individual and replicate these features to craft a convincing scam. The bots can also work out which topics a victim is likely to respond to enabling a more targeted approach.
Ecommerce group eBay have warned of the rise of fraudulent emails containing personal details probably obtained through AI analysis of online profiles. “The availability of generative AI tools lowers the entry threshold for advanced cybercrime,” said eBay cybercrime security researcher Nadezda Demidova.
“We’ve witnessed a growth in the volume of all kinds of cyber-attacks particularly in polished and closely targeted phishing scams.”
Kip Meintzer, an executive at security company Check Point Software Technologies, told a recent investor conference that AI had given hackers “the ability to write a perfect phishing email”.
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