Authorities Unveil Elaborate Scheme Using AI Deepfakes to Defraud Businesses of $129 Million
A group of three individuals has been accused by authorities of orchestrating a years-long scheme that swindled companies out of at least $129 million. The trio, identified as Jacob Soall, Sharon Hazan, and Guy Sheetrit, allegedly utilized artificial intelligence (AI) technology to create convincing deepfakes of high-ranking executives and lawyers from major international law firms. These digital impersonations were then used to trick accounting staff into transferring large sums of money to accounts controlled by the scammers.
The scheme was reportedly executed over a period of two years, targeting thousands of victims worldwide between July 2024 and February 2026. Among those affected were several prominent businesses in the United States, including a U.K.-based financial tech company that lost nearly $11.6 million, a Florida-based pet food company that lost $5.2 million, and a Missouri-based hospital system that lost $4.8 million.
The process began with an email from an e-signature company, where the impersonated CEO claimed to be working on a “confidential financial transaction” requiring the employee to sign a non-disclosure agreement before contacting the purported attorney at a victim law firm. The scammers then used AI-generated deepfakes of CEOs and lawyers to convince employees that the financial transaction was legitimate.
Prosecutors stated that the men identified and targeted accounting staff with sufficient authority to authorize large wire transfers. Once inside, they would pose as executives or lawyers, directing employees to contact fake attorneys at victim law firms, further solidifying the illusion of legitimacy.
The scheme’s scope extended beyond the United States, with victims in several countries including Spain, Portugal, Greece, Singapore, and China. The funds were allegedly laundered through bank accounts worldwide before being converted into cryptocurrency and distributed among the conspirators.
Soall, a 41-year-old from Marbella, Spain, was arrested on June 17 for allegedly impersonating attorneys from the United Kingdom using handwritten scripts designed to deceive victims. Hazan, a 54-year-old from Israel, was arrested in Spain on August 5, boasting of his extensive experience in money laundering since 1994. Sheetrit, a 42-year-old from Israel and the United Arab Emirates, was apprehended in the UK on September 7.
The trio faces charges of conspiracy to commit wire fraud, wire fraud, aggravated identity theft, money laundering conspiracy, and two counts of money laundering. If convicted, they could face up to 104 years in prison.
This case highlights the growing threat posed by advanced technologies when exploited for malicious purposes. As authorities emphasize, it is essential for businesses and individuals alike to remain vigilant against such emerging threats and adapt their security measures accordingly.
In light of this incident, it’s crucial that companies implement robust verification processes for financial transactions, particularly those involving large sums. This can include verifying the identity of employees involved in the transaction, as well as checking for any inconsistencies or red flags in the communication process.
Source: CyberScoop — 2026-11-06