CEO fraud with deepfake: what it means for your company

In recent days, CEO fraud with deepfake has returned to the media spotlight after the publication of information by CaixaBank about this type of scam. According to published information, cybercriminals are using video calls manipulated with artificial intelligence to impersonate senior managers and order urgent transfers.

This new scenario combines social engineering and advanced AI, and represents a qualitative leap in risk for enterprise IT security.

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What is known about CEO fraud with deepfake?

According to information published by CaixaBank, so-called “CEO fraud” has evolved. You're no longer limited to spoofed emails or phone calls.

Now the attackers:

1. They recreate the image and voice of the manager using deepfake technology.
2. They make apparently legitimate video calls.
3. They request urgent transfers or changes in financial procedures.
4. They pressure the victim with a sense of confidentiality and urgency.

The result is a highly credible computer attack that makes immediate detection difficult.

This type of fraud can result in:

• Unauthorized million-dollar transfers.
• Leakage of sensitive information.
• Reputational damage.
• Possible legal and regulatory liabilities.

It is, in essence, a security breach caused not by a technical vulnerability, but by psychological manipulation amplified with AI.

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Why the business sector is a priority objective

CEO fraud doesn't just affect large corporations. SMEs and growing companies are also clear objectives.

Why?

• There are defined hierarchical structures.
• There are financial processes capable of rapid execution.
• Sensitive and strategic data is handled.
• In many cases there are no strict double validations.

Financial, accounting and management departments are especially vulnerable.

In addition, in regulated sectors or linked to critical infrastructure, such an incident can trigger additional regulatory investigations and audits.

The sophistication of deepfake adds a key element: visual trust. Seeing and listening to the “CEO” reduces the barriers of suspicion that can be triggered by a simple email.

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How do these types of attacks occur

Deepfake CEO fraud often follows a structured pattern. Understanding it is key to preventing it.

These types of cyberattacks usually occur in five main phases:

1. Collecting Public Information
   Attackers analyze corporate videos, interviews, social networks and press releases.
2. AI model training
   They use voice and image cloning tools to generate a realistic avatar.
3. Selection of the internal victim
   Usually someone with the ability to order payments or modify bank details.
4. Execution of the deception
   Urgent video call with a strategic excuse: acquisition, confidential audit or closing of a deal.
5. Diversion of funds or data
   Transfers to attacker-controlled accounts.

The combination of social engineering and deepfake technology makes this fraud one of the most complex to detect using traditional controls.

It's not just about malware or technical exploitation. It's AI-assisted cognitive manipulation.

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Key lessons for companies

The case presented by CaixaBank leaves clear lessons for any organization that wants to strengthen its corporate IT security.

1. Establish mandatory double validation for transfers.
2. Implement specific anti-fraud protocols for urgent orders.
3. Train employees in advanced social engineering detection.
4. Define off-channel verification procedures (verified call-back).
5. Incorporate continuous monitoring and behavioral analysis (UEBA).

Prevention doesn't just depend on the IT department. It is a cross-cutting responsibility.

A financial procedure without independent verification control is an open door.

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Cybersecurity as a strategic priority

The CEO fraud with deepfake shows that the threat is no longer just technical. It's strategic.

Artificial intelligence is not only being used to defend, but also to attack.

Organizations must assume that:

• The digital identity can be falsified.
• Voice and image are no longer sufficient evidence of authenticity.
• Processes must be designed under the principle of “zero trust”.

At Apolo Cybersecurity, we help companies to anticipate these types of threats by:

• Financial and technological risk audits.
• Fraud simulations and social engineering exercises.
• 24/7 SOC services and advanced detection.
• CISO as a Service to strengthen security governance.

CEO fraud with deepfake is not a passing trend. It is an evolution of business risk.

If you want to assess your organization's level of exposure to this type of computer attack, our team can help you identify vulnerabilities and strengthen your controls before a security breach occurs.

Cybersecurity is no longer just technological protection. It's business protection.