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Wholesale Banking

Deepfake: beware and know the risks

Deepfake is a new form of media manipulation. Deepfake technology uses deep learning – a form of artificial intelligence (AI) - to create a fake image, video or audio fragments. By using big datasets of images, audio and video it imitates someone’s voice or facial expression. This way fraudsters can make (influential) people say or do things they have not really said or done. And beware: it is also already used for financial fraud.

The risks of deepfake

Nowadays, a deepfake can easily reach millions of people through social media. That is why a convincing deepfake can have a negative impact on our society. But also on a smaller scale, deep fake media is a risk you should be aware of.

The risks for financial services
For financial services, deepfake technology can be used to commit fraud in several ways. There are already cases known in which a deepfake cost a company millions of dollars. Fraudsters can for example mimic your CEO or a bank employee to get personal information, make you transfer money or open a bank account to launder money. This way spoofing fraud will be even more convincing.

How to reduce deepfake fraud risk

Deepfakes are for humans already very difficult to distinguish from a real photo, video or audio-file. Therefore the most efficient way to reduce the risk of deepfake fraud is to set up segregation of duties within your financial processes. Make sure your corporate admin sets up the four-eye principle for transactions in InsideBusiness. We can do it for you, if you have no corporate admin set within InsideBusiness.

 

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