In the past, as the name of the scam indicates, the Business Email Compromise would originate with an email to an employee who controlled payments at a targeted company. According to Corcoran, “I lost the $388,700 as a result of a fake email chain sent to my company. MORE FOR YOUFBI Warning The FBI issued a warning in 2024 that scammers were increasingly using AI created voice cloning and deepfakes to commit these crimes. Unfortunately, what the employee saw was extremely convincing deepfake video and what he heard was AI created voice cloning. More recently there have been reports of scammers targeting hedge funds with the BEC using deepfakes and voice cloning.