Unmasking the Threat of AI: Deepfakes and Financial Security

Auditory and visual deepfakes are astounding feats of applied artificial intelligence. Unfortunately, they also are serious threats to financial institutions, private and public entities, and the consumers those institutions serve. Cybercriminals are using AI to circumvent security and identity authentication protocols, steal money, run scams, and damage corporate brands and stakeholder reputations. 

This report delves into the three fundamental risks facing financial institutions because of deepfake proliferation—threats against identity verification and authentication, scams that target corporations, and reputational damage—and provides recommendations for how FIs can protect themselves and consumers. 

Key questions discussed in this report:

• Are FIs sufficiently investing in protection against deepfake threats?
• What weak spots within FIs are cybercriminals targeting for deepfake-assisted attacks? 
• What steps should FIs take to enhance authentication strategies and protect against malicious uses of AI?

Companies Mentioned: 

DeepSwap, Deepfakes Web, Descript, Speechify Voice Cloning