Deepfakes Won't Go Away: Future-Proof Digital Identity
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Deepfakes aren't new, but this AI-powered technology has become a pervasive threat in spreading misinformation and increasing identity fraud. The pandemic has made matters worse by creating the perfect conditions for malicious actors to take advantage of organizations' and consumers' blind spots, further aggravating fraud and identity theft. Fraud resulting from deepfakes has increased during the pandemic and poses significant challenges for financial institutions and fintechs to accurately authenticate and verify identities.
As cybercriminals continue to use tools like deepfakes to trick identity verification solutions and gain unauthorized access to digital assets and online accounts, it's critical for organizations to automate identity verification process to better detect and combat fraud.
When deepfake technology escapes fraud detectionFraud-related financial crime has steadily increased over the years, but the increase in deep-seated fraud in particular poses a real danger and presents a variety of security concerns for everyone. Fraudsters use deepfakes for many purposes, from celebrity impersonations to contestant impersonations. Deepfakes have even been used to carry out scams with large-scale financial implications. In one case, fraudsters used fake voices to trick a bank manager in Hong Kong into transferring millions of dollars to fraudulent accounts.
Deepfakes have been a theoretical possibility for some time, but they only gained attention in the last few years. The controversial technology is now much more widely used due to the accessibility of deepfake software. Everyone, from the ordinary consumer with little technical knowledge to state-sponsored actors, has easy access to phone apps and computer software that can generate fraudulent content. Additionally, it is becoming increasingly difficult for humans and fraud detection software to distinguish between real video or audio and deepfakes, making the technology a particularly malicious vector of fraud.
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MetaBeat will bring together thought leaders to advise on how metaverse technology will transform the way all industries communicate and do business on October 4 in San Francisco, CA.
register here The Growing Fraud Risks Behind DeepfakesFraudsters are leveraging deepfake technology to perpetuate identity theft and theft for personal gain, wreaking havoc across industries. Deepfakes can be exploited in many industries; however, industries working with large amounts of personally identifiable information (PII) and customer assets are particularly vulnerable.
For example, the financial services industry processes customer data when onboarding new customers and opening new accounts, which exposes financial institutions and fintechs to a wide range of data thefts. identify. Fraudsters can use deepfakes as a vehicle to attack these organizations, leading to identity theft, fraudulent claims, and new account registration fraud. Successful fraud attempts could be used to generate false identities on a large scale, allowing fraudsters to launder money or take control of financial accounts.
Deepfakes can cause material damage to organizations through financial loss, reputational damage, and reduced customer experience.
Financial loss: The financial costs associated with fraud and deep scams have resulted in losses ranging from $243,000 to $35 million in individual cases. In early 2020, a bank manager in Hong Kong received
Couldn't attend Transform 2022? Check out all the summit sessions in our on-demand library now! Look here.
Deepfakes aren't new, but this AI-powered technology has become a pervasive threat in spreading misinformation and increasing identity fraud. The pandemic has made matters worse by creating the perfect conditions for malicious actors to take advantage of organizations' and consumers' blind spots, further aggravating fraud and identity theft. Fraud resulting from deepfakes has increased during the pandemic and poses significant challenges for financial institutions and fintechs to accurately authenticate and verify identities.
As cybercriminals continue to use tools like deepfakes to trick identity verification solutions and gain unauthorized access to digital assets and online accounts, it's critical for organizations to automate identity verification process to better detect and combat fraud.
When deepfake technology escapes fraud detectionFraud-related financial crime has steadily increased over the years, but the increase in deep-seated fraud in particular poses a real danger and presents a variety of security concerns for everyone. Fraudsters use deepfakes for many purposes, from celebrity impersonations to contestant impersonations. Deepfakes have even been used to carry out scams with large-scale financial implications. In one case, fraudsters used fake voices to trick a bank manager in Hong Kong into transferring millions of dollars to fraudulent accounts.
Deepfakes have been a theoretical possibility for some time, but they only gained attention in the last few years. The controversial technology is now much more widely used due to the accessibility of deepfake software. Everyone, from the ordinary consumer with little technical knowledge to state-sponsored actors, has easy access to phone apps and computer software that can generate fraudulent content. Additionally, it is becoming increasingly difficult for humans and fraud detection software to distinguish between real video or audio and deepfakes, making the technology a particularly malicious vector of fraud.
EventMetaBeat 2022
MetaBeat will bring together thought leaders to advise on how metaverse technology will transform the way all industries communicate and do business on October 4 in San Francisco, CA.
register here The Growing Fraud Risks Behind DeepfakesFraudsters are leveraging deepfake technology to perpetuate identity theft and theft for personal gain, wreaking havoc across industries. Deepfakes can be exploited in many industries; however, industries working with large amounts of personally identifiable information (PII) and customer assets are particularly vulnerable.
For example, the financial services industry processes customer data when onboarding new customers and opening new accounts, which exposes financial institutions and fintechs to a wide range of data thefts. identify. Fraudsters can use deepfakes as a vehicle to attack these organizations, leading to identity theft, fraudulent claims, and new account registration fraud. Successful fraud attempts could be used to generate false identities on a large scale, allowing fraudsters to launder money or take control of financial accounts.
Deepfakes can cause material damage to organizations through financial loss, reputational damage, and reduced customer experience.
Financial loss: The financial costs associated with fraud and deep scams have resulted in losses ranging from $243,000 to $35 million in individual cases. In early 2020, a bank manager in Hong Kong receivedWhat's Your Reaction?
