It’s no secret that AI-generated hyper-realistic impersonations known as deepfakes have become more sophisticated.
Last year, it was a wake-up call when a finance worker was duped by a fraudulent AI-digitally manipulated video featuring a deepfake of the firm’s CFO ordering money transfers that cost the Hong Kong-based company millions. But now fraudsters are imitating prominent finance professionals on Instagram.
In a new report, Fortune’s Jim Edwards details how a video ad campaign on Instagram used a convincing deepfake of Goldman Sachs executives Abby Joseph Cohen and David Kostin. The goal was to tempt amateurs who want to get rich quickly into a stock-buying WhatsApp group.
“Abby Joseph Cohen is a legend in the world of investing,” Edwards writes. “She was chief investment strategist at Goldman Sachs until 2008, when she moved to the bank’s Global Markets Institute, before retiring from Goldman in 2021. Currently, she is a professor at Columbia Business School.”
So it was most likely a surprise for retail investors to see Joseph Cohen in a video on their Instagram feed with a compelling offer: “We have found three severely undervalued technology stocks. Join my group now to get it immediately. Anyone who owns these three stocks in the next five years can retire comfortably.”
The video is fake, Edwards confirmed with Goldman Sachs, and it was seemingly generated by AI. “There should always be caution exercised around any unverified communication purporting to come from a Goldman Sachs employee,” the bank said. And Meta, owner of Instagram, took down the video.
The deepfake was so convincing even people who have met Joseph Cohen in person likely would think it was real, at least at first glance, according to Edwards. But she isn’t the only financial expert who’s a target.
“There is a whole raft of fake AI video chief investment officers making the rounds on social media right now,” Edwards warns. You can read the complete report here.
In an era of deepfakes, cybersecurity is indeed top of mind for CFOs who are collaborating with chief information security officers to mitigate risk. A recent prediction from Deloitte’s Center for Financial Services said generative AI could amplify deepfakes and enable fraud losses to reach $40 billion by 2027 in the U.S.
From the workplace to social media, deepfakes are becoming more pervasive. But companies can use AI to beat fraudsters at their own game.
Have a good weekend. See you on Monday.
Sheryl Estrada
sheryl.estrada@fortune.com
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Fortune 500 Power Moves
Dan Brennan, EVP and CFO of Boston Scientific Corporation (No. 300) announced that he has elected to retire. Brennan will transition out of the CFO position at the end of June. He has been with the company for almost 30 years. Jon Monson, currently SVP of investor relations, was promoted to EVP and CFO, effective June 30. Monson previously held multiple titles across Boston Scientific in finance, including five years as global controller and chief accounting officer.
Every Friday morning, the weekly Fortune 500 Power Moves column tracks Fortune 500 company C-suite shifts—see the most recent edition.
More notable moves this week:
Fredrik Hansson was promoted to CFO of Volvo Cars, effective April 24. Hansson has served as the head of global controlling and performance steering since 2021 and was named deputy CFO and a member of the group management team in 2023. Before joining Volvo, Cars he was a partner at McKinsey & Company.
Chen Franco-Yehuda was appointed CFO, treasurer, and secretary of DarioHealth Corp. (Nasdaq: DRIO) a global digital health company. Current CFO, Zvi Ben-David, will retire from his role, effective May 15. Franco-Yehuda has held senior financial leadership roles across publicly traded companies. She most recently served as CFO, treasurer, and secretary at Pluri Inc.
Chris Kutsor was appointed CFO of Evolv Technologies Holdings, Inc. (Nasdaq: EVLV), a security technology company, effective one business day following the filing of the company’s annual report on Form 10-K for the fiscal year that ended Dec. 31, 2024. Kutsor was most recently CFO and COO of Kin + Carta Plc.
Anuj Dhruv was appointed as EVP and CFO of Weatherford International plc (Nasdaq: WFRD), an energy services company. Dhruv brings more than two decades of diverse experience. Most recently, he served as VP of finance and strategy for the Global Olefins and Polyolefins segment at LyondellBasell.
Ryan Benton was named CFO of Enovix Corporation (Nasdaq: ENVX), a high-performance battery company. Benton previously held key roles at ASM International and served as CFO for multiple public companies including Silvaco and Exar Corporation. His first public appearance as Enovix CFO will be during the company’s Q1 earnings call on April 30.
Serge Tanjga was appointed CFO of Appian (Nasdaq: APPN), a software company, effective May 27. Tanjga was the SVP of finance at MongoDB, and most recently, served as interim CFO. Before MongoDB, he was a managing director at Emerging Sovereign Group, a subsidiary of The Carlyle Group.
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Alphabet, the parent company of Google and YouTube, reported its Q1 earnings on Thursday after the bell. Alphabet grew its top line 12% year over year in Q1 to $90.2 billion, beating the average analyst expectation of $89.2 billion, while earnings per share came in at $2.81 versus the $2.01 expected by Wall Street. That sent its stock up more than 5% after hours.
The company attributed Q1 growth to strong demand from advertisers in the financial industry, insurance, healthcare, and retail. Revenue from ads on YouTube grew 10% year over year to $8.9 billion, and Google’s cloud business increased 28% to $12.3 billion.
During the earnings call, CFO Anat Ashkenazi was asked if a potentially worsening macro environment would impact investment priorities. “We’re still planning to invest approximately $75 billion in CapEx this year,” Ashkenazi said. “We do see a tremendous opportunity ahead of us across the organization, whether it’s to support Google Services, Google Cloud, or Google DeepMind.” The company is investing for the long-term and innovation, she said.
Since Alphabet historically hasn’t offered detailed “guidance” forecasts on its earnings calls, there’s some cover to avoid the elephant in the room—the current state of demand from advertisers (as opposed to the state of demand in Q1), Fortune reported.
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“There are areas we need to improve and there are no quick fixes.”
—Intel's new CEO Lip-Bu Tan said on Thursday during his first earnings call after his hiring last month to revive the company, Fortune reported.
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