Deepfakes and the Principal: The Impersonation Threat Aimed at Family Offices

Most of us have taken an instruction from a principal by phone. We know the voice, the manner, and the little signs that tell us who is on the other end. That familiarity helps a trusted team move quickly. It can now be copied well enough to fool people who speak to the principal every day.

In early 2024, an employee at the engineering firm Arup joined a video call with the company's chief financial officer and several colleagues. They discussed a confidential transaction. The employee then made 15 transfers worth about $25 million (roughly £18.4 million). Every other person on the call was generated by AI.

The attack worked without a network breach. A trusted employee accepted a familiar face and voice as proof of identity. That brings the problem into our lane. We will work through the verified cases, the figures we can defend, and the verification procedure a family office can use now.