Deepfake voice phishing drives $20M+ in losses as crypto execs targeted

Cybercriminals are reportedly using professional voice impersonators and advanced artificial intelligence (AI) tools to target US crypto executives through voice phishing, or “vishing.”

Research groups have discovered that scammers are hiring professionals to execute fraudulent phone calls, tricking victims into giving out money or sensitive information that could lead to their accounts.

According to the US Federal Trade Commission, vishing can begin with a call or message from someone posing as a trusted authority. Per the examples cited by the FTC, a fraudster might tell you they need to purchase an extended warranty on your behalf, that your computer is infected and requires urgent software, or that you owe money to the government.

In some cases, a caller can actually impersonate co-workers or company executives, subtly “asking” credentials for your workplace’s financial systems in the name of an emergency.

“Scammers may claim to represent the IRS, the FBI, or even a collection agency,” the FTC warns in its consumer guidance. “They may tell you that you owe money and must pay immediately or risk fines or arrest.”

Sometimes, a vishing perpetrator will use personal details like a home address or the last four digits of a Social Security number to make the ruse look “very legitimate.”

Vishing in action: Over $20 million in losses and counting

According to data from cybersecurity firm Right-Hand, deepfake-enabled vishing went up by more than 1,600% in Q1 2025 in comparison to last year’s Q4. The firm mentioned a case of an European energy conglomerate losing $25 million after criminals cloned the voice of the company’s chief financial officer.

An employee told Right Hand that the fraudulent voice completely matched the CFO’s tone and cadence, making accurate pauses, asking them to make a money transfer. By the time they realized it wasn’t the CFO, hours had passed, and according to the security sleuths, there was no way to reverse the transaction.

Right-Hand also reported a 680% year-over-year increase in deepfake-related scams and a 1,633% spike in vishing attempts in early 2025 compared with late 2024. Median losses for individual victims averaged $1,400, and recovery costs clocked about $1.5 million.

70% of organizations surveyed said they had been targeted, and when testing scenarios were applied, one in four employees failed to detect a cloned voice.

Criminal groups are more active in 2025 phishing attempts

Several organized groups have bumped up their activity in 2025, including UNC6040, an Eastern European syndicate known for producing software-as-a-service network breaching apps.

As reported by Cryptopolitan earlier this year, North Korean operatives, the Lazarus Group, have created fake companies and used deepfake technology during job interviews to infiltrate the crypto businesses. In 2024 alone, attackers tied to Pyongyang stole an estimated $1.34 billion across 47 separate incidents, not to mention the $1.5 billion Bybit hack in March this year.

Analysts note that, unlike traditional bank transfers, which have some airspace to reverse illicit transactions, blockchain-based transfers are quick and permanent. They believe this has made voice-based fraud effective in siphoning assets before an attack is detected.

Just two weeks ago, Google confirmed that hackers stole customer data after breaching one of its internal databases linked to Salesforce, a cloud platform for managing business contacts and client interactions.

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