Be aware: This article discusses the rising impact of Deepfakes and how to identify them.

financial planWith the growth of technology, we’ve seen the evolution and adoption of artificial intelligence (AI) skyrocket. Looking to simplify workflows or to innovate upon existing business, cyber criminals are using these same tools to for more sophisticated cyberattacks to commit identity theft or financial fraud. One such threat is known as deepfakes.

What are Deepfakes?

A “deepfake” is a type of synthetic media created using artificial intelligence techniques involving deep learning algorithms. This involves the alteration of digital content such as films, photographs, or audio recordings to imitate victims. Additionally, these can produce wholly unique content in which individuals are depicted doing or saying things they have not done.

A deepfake’s ability to disseminate misleading information communicated by a prominent or important figure, poses a huge security threat. For example, in February 2024, a Hong Kong firm lost $25 million when bad actors used deepfake technology to impersonate the company’s chief financial officer over a video conference. This highlights the threat deepfakes pose as they can easily be misinterpreted as legitimate if not analyzed thoroughly.

Potential Deepfake uses.

Deepfakes can be used for a variety of malicious purposes which are listed below:

  • Misinformation and disinformation
  • Phishing
  • Social engineering attacks
  • Privacy invasion
  • Identity theft

How to identify Deepfakes?

Identifying Deepfakes can be challenging because of their deceptive nature. They are designed to be as accurate as possible, which can make a Deepfake appear very convincing. However, there are a few cues you can look for to identify these scams:

As AI continues to evolve, so do methods of cyberattacks. It is crucial to be vigilant and mindful of video and audio sources as you protect yourself and your business.