top of page
Search

Is That Your CEO on the Phone? The Deepfake Scams and New Phishing Threats You Need to Know

  • Terry Telford
  • Aug 11
  • 6 min read
Two profiles facing each other on a green background. One has a circuit board motif, symbolizing technology and human connection.

For years, we were trained to spot phishing scams by their tell-tale signs: the glaring typos, the awkward "Dear Sir or Madam" salutations, and the suspicious-looking links. We laughed at the infamous "Nigerian Prince" email and learned to trust our gut when something felt "off." But the rules of the game have completely changed. The scammers are now using the power of artificial intelligence. 


This isn't just an evolution; it's a revolution in cybercrime. AI-powered phishing scams are no longer sloppy forgeries; they are hyper-realistic, highly personalized, and alarmingly convincing attacks that bypass traditional security measures and human intuition. As a Small or Medium sized Business Owner (SMB), you need to know what AI phishing is, how to spot these new threats, and how to defend your business against them. 


The Evolution: From "Nigerian Prince" Phishing to Deepfake AI Impersonation 


Let's take a quick trip back in time to understand just how much the threat landscape has changed. Traditional phishing was a game of volume. Attackers would send out thousands of generic emails hoping a small percentage would fall for them. Their tactics were simple: an alarmist subject line, a plea for immediate action, and a link to a fake web page. The scams were often littered with errors, making them relatively easy for a savvy user to spot. An email from your "bank" with poor grammar was a massive red flag. 


Then came the AI revolution. With the widespread accessibility of generative AI and Large Language Models (LLMs), a scammer's job just got a whole lot easier. These tools can analyze and replicate human language patterns with astonishing accuracy, instantly eliminating the most common red flags of old-school phishing. The result is a scam that is polished, professional, and terrifyingly effective. 


The new "scammer's toolkit" includes a range of sophisticated capabilities: 

  • Flawless Language: Gone are the days of obvious typos. AI can write perfectly natural-sounding English (or any other language) that matches the tone of a professional business email. The message is coherent, grammatically correct, and instantly more believable. 

  • Hyper-Personalization: AI can sift through public data—from social media profiles to company websites—to craft a highly specific and targeted attack. A phishing email might now reference a recent project your team is working on, a company event you just attended, or even your specific role and responsibilities. This personalization makes the fraudulent request seem completely normal and trustworthy. 

  • Automation at Scale: A human scammer can only craft so many personalized emails. AI, on the other hand, can generate thousands of unique, high-quality phishing messages in minutes. This increases the sheer volume of attacks and allows criminals to target more businesses and individuals simultaneously, making them faster, smarter, and more scalable than ever before. 

The Anatomy of an AI-Powered Attack 


Phishing isn't just about emails anymore. The threat has evolved to include sophisticated attacks across multiple communication channels, powered by AI. 


Business Email Compromise (BEC) on Steroids 


BEC scams were already one of the most financially damaging cybercrimes. AI has made them even more dangerous. Instead of a simple request to buy gift cards, AI can create a convincing, multi-stage attack. For example, a scammer might first send an email from a fake vendor account that looks like a legitimate supplier. The email might contain a meticulously crafted invoice with an AI-generated narrative that references a real project. The victim, believing the request is legitimate, pays the invoice, and the funds are wired to the scammer. AI helps with every step, from creating the flawless text to generating the realistic documents and building a plausible backstory. 


The Rise of Deepfake Vishing and Smishing 


While email is still a primary vector, AI has weaponized other communication methods too. 

  • Vishing (Voice Phishing): This is a particularly insidious threat. With as little as a three-second audio clip from a voicemail, a public video, or even a casual phone call, AI can clone a person's voice with startling accuracy. Imagine getting a phone call that sounds exactly like your CEO, urgently requesting you to authorize a wire transfer for an emergency payment. Scammers use this tactic to prey on a victim’s trust and emotional response. One of the most public examples of this involved a UK-based energy firm that was defrauded of $243,000 when attackers used AI-generated audio to mimic the voice of the company's German CEO. In another case, a company employee was tricked into transferring $25 million after receiving instructions from what he thought was his boss in a video conference call. 

  • Smishing (SMS Phishing): AI also makes fraudulent text messages more convincing. The messages are no longer riddled with bad grammar and awkward phrases. They can be contextual, personalized, and create a sense of urgency that tricks recipients into clicking a malicious link or giving away sensitive information. 

Deepfakes in Video Calls 


With remote work and video conferencing now the norm, deepfake technology is an emerging and serious threat. An attacker can create a convincing deepfake video of a manager or executive, giving instructions in a video conference that lead to fraudulent payments or the sharing of sensitive information. The victim sees a familiar face and hears a familiar voice, completely unaware they are talking to a sophisticated AI-generated impersonation. 

Beyond the Obvious: New Red Flags to Look For 

The old rules of phishing detection are no longer enough. To protect your business, you and your employees need a new "AI Phishing Detector" checklist. 

  • Scrutinize the Sender's Full Address: The display name in an email can easily be faked, but the actual email address is much harder to forge perfectly. Train your employees to always hover their mouse over the sender's name (or tap and hold on a mobile device) to reveal the full email address. Look for even the most subtle variations, like support@amason.com instead of support@amazon.com, or a .biz domain instead of the typical .com. 

  • Verify Unexpected or Urgent Requests Independently: The single most important rule is to slow down and verify. If you or an employee receives an unexpected request for a wire transfer, a password reset, or any sensitive data, do not act on it. Instead, contact the supposed sender through a different, trusted communication channel. Call them using a phone number you have on file, not one provided in the email. 

  • Question the Tone and Context: Even with perfect grammar and personalization, an email might still feel "off" because of the context. For example, does your CEO typically email employees directly for a wire transfer? Is the request coming at an unusual time? A message from your HR department about a new policy that requires you to "immediately click a link to update your details" should raise suspicion if you weren't expecting it. 

  • Listen and Watch for Subtle Audio/Visual Cues: For phone calls or video conferences, tell your team to be aware of what are called "audio glitches." This can include unnatural pauses, a robotic tone, or odd inflections. When on a video call, look for inconsistencies in lighting, lip movements that don't quite match the audio, or an unnatural stillness in the body language. If something seems strange, hang up and call the person back on their known, official number. 

Your Defense Strategy: Practical Steps for SMB Owners 


Combating AI-powered phishing doesn't require a Fortune 500 budget. Your greatest asset is your team, and by empowering them, you can build a powerful "human firewall." 

  • Invest in Modern Security Awareness Training: Move beyond generic, annual training. Implement an ongoing program that includes realistic phishing simulations that mimic AI-powered attacks. This type of training is more effective because it tests your employees' ability to spot the new red flags and provides instant feedback to reinforce good habits. 

  • Implement Multi-Factor Authentication (MFA): This is a non-negotiable security measure. MFA adds an extra layer of protection by requiring a second form of verification (like a code from an authenticator app or text message) in addition to a password. This prevents an attacker from accessing an account even if they manage to steal the credentials. 

  • Upgrade Your Email Filtering and Security: Many traditional email filters are designed to look for the old signs of phishing. Consider upgrading to an email security solution that uses AI and machine learning to detect contextual anomalies, such as a message from a trusted sender that is not a known communication pattern. 


Staying One Step Ahead 


The rise of AI-powered phishing is a wake-up call for every business owner. While the old rules of spotting a scam may no longer apply, the principles of a strong defense remain the same. By staying informed, empowering your employees with modern security training, and implementing robust technical safeguards like MFA, you can protect your business from the most sophisticated threats. Security is not a destination; it's a continuous journey of awareness and adaptation. 


Bibliography 

 

bottom of page