Posted by & filed under Currency, Data security.

Description: You may have heard of the marvels of AI. Be careful though, as a story this week revealed how someone used AI to fake a boss’s voice. The fake voice told an employee to transfer 220,000 Euros into a secret account. Ouch. That introduces a whole new element of risk for companies in terms of protecting their own assets. This type of deep-fake voice fraud is apparently relatively easy to do with the right technology.

Date:  September 6, 2019

Source:  cbc.ca

Link: https://www.cbc.ca/news/business/artificial-intelligence-crime-1.5271469

Discussion points:  

 1) What do you think a company could do to protect itself from this type of deep-fake?

2) If you received a call like this, and it sounded like your boss, would you transfer the money?

3) Page 369 of Wiley’s Financial Accounting: Tools for Business Decision-Making tells us about the limitations of internal control. Which of the four limitations listed on page 369 may have been involved in the loss of the 220,000 Euros?

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