Cybercrooks successfully fooled a company into a large wire transfer using an AI-powered deep fake of a chief executive’s voice, according to a report.

In the first known case of successful financial scamming via audio deep fakes, cybercrooks were able to create a near-perfect impersonation of a chief executive’s voice – and then used the audio to fool his company into transferring $243,000 to their bank account.

A deep fake is a plausible video or audio impersonation of someone, powered by artificial intelligence (AI). Security experts say that the incident, first reported by the Wall Street Journal, sets a dangerous precedent.