AI-powered voice phishing shock for Wall Street funds

It has emerged that major Wall Street hedge funds have been facing a wave of advanced cyberattacks in recent days. Attackers attempted to reach many institutions, primarily Point72 Asset Management. In a notification made to its investors on Wednesday, Point72 announced that it had been subjected to a cyberattack, while stating that initial investigations showed no customer information had been compromised.

A source close to the matter stated that the company continues to work on the incident in detail. It was reported that other large hedge funds such as Millennium Management, Citadel, and Two Sigma Investments, as well as some private equity firms, were also affected by the attack attempts.

A NEW THREAT BROUGHT BY TECHNOLOGY: VISHING

At the core of the attacks was a phone-based phishing tactic called "vishing," where cybercriminals mimic the voices of people in phone conversations or voicemails. Using artificial intelligence technologies, the attackers attempted to persuade fund employees to share confidential information or grant access to systems.

In a statement from a representative of Two Sigma, which manages approximately 75 billion dollars in assets, it was stated: "Our security team quickly intervened in a vishing attempt targeting Two Sigma and other investment managers. We have no indication of any impact on our data or systems. We continue to monitor the situation closely."

RISE IN CYBERATTACKS: THE ROLE OF ARTIFICIAL INTELLIGENCE

Vinod Paul, President of Align Managed Services, which provides information technology and cybersecurity services, pointed out that cybersecurity breaches on Wall Street have increased rapidly over the past year. Paul said, "In the past, 50 institutions could be targeted during a targeted attack; now, this number can reach thousands. Hackers can analyze a phone conversation to mimic the speaker's voice, tone, and style, making calls that create the impression of being real."

According to experts, AI-based attack methods offer cybercriminals the opportunity to organize faster and larger-scale attempts. For this reason, it is emphasized that threats in the financial sector have become much more complex than before and that institutions need to constantly update their security protocols.

Although companies report that there is currently no evidence of information leakage, cybersecurity experts underscore that training employees against new-generation fraud attempts is of critical importance.

News Source: 12punto