Technology threats evolve rapidly, and right now, deepfakes are one of the latest digital threats gaining momentum.
Originally known for their use in altering videos and creating convincing hoaxes in entertainment and media, deepfakes have moved beyond harmless fun. Today, scammers and hackers are using them to target businesses, financial institutions, and individuals.
We believe it’s essential to understand the emerging risks with deepfakes, understand how they can affect the finance and accounting world, and how to spot warning signs before any damage is done.
What are deepfakes?
Deepfakes are synthetic media – usually videos, audio, or images – created using advanced artificial intelligence and machine learning technologies. AI is used to manipulate visual or audio data to make it appear as though a person is saying or doing something they never actually said or did.
Unfortunately, the results are highly realistic and can make it very difficult to tell whether the content is legitimate or not. While deepfake technology initially gained attention for its creative potential, the risks it poses in finance, business, and cybersecurity have escalated dramatically.
How are deepfakes being used in the finance world?
Hackers and scammers are now using deepfakes as part of sophisticated fraud schemes in the financial industry, including:
- CEO fraud and impersonation attacks: One of the most common uses of deepfakes involves impersonating executives, such as CEOs or CFOs, to authorise fraudulent transactions. A scammer could create a deepfake audio or video of an executive instructing an employee to transfer funds or share sensitive financial information.
- Fake client communications: Deepfakes can be used to mimic clients or business partners in video or audio calls, tricking accountants and finance teams into sharing confidential information, paying fraudulent invoices, or altering financial records.
- Stock manipulation and market scams: Deepfake videos of prominent business leaders making false announcements – such as product launches or profit warnings – have the potential to influence stock prices and disrupt financial markets.
- Social media and public relations scams: Scammers can create fake interviews or announcements with high-profile figures to influence public perception, damage reputations, or prompt hasty financial decisions.
Tips for spotting and protecting yourself from deepfakes
With deepfakes becoming increasingly realistic, it’s important to be proactive in identifying and mitigating your risks. Here are some practical tips to help protect your business and financial data:
- Always be sceptical of unusual or urgent requests: If an executive, client or employee requests an urgent payment through an email, phone call or video, stop and verify their identity using an independent communication method. Call them directly on a known phone number rather than relying on the communication received.
- Analyse the details: Deepfake videos and audio often have subtle inconsistencies. Look for things like lip movements that don’t sync perfectly with speech; strange flickering around the edges of the face or odd lighting; androbotic or unnatural-sounding voices or audio.
- Cross-check Information: Verify key details of any message received – such as dates, account numbers, and transaction amounts – through known communication channels. If the information is wrong or seems unusual, call or make direct contact with your bank or financial institution.
- Implement multi-factor authentication: Ensure that any sensitive actions, such as authorising payments or transferring funds, require multi-factor authentication. This adds an extra layer of security against unauthorised transactions.
- Train your team: Provide regular training for employees on how to spot and respond to potential deepfake threats. Simulated exercises can help reinforce their ability to detect suspicious activity.
- Invest in AI detection tools: Various AI-powered tools are available to help detect deepfakes by analysing visual or audio anomalies. Partnering with cybersecurity experts can also help ensure your systems are protected.
Final thoughts
Deepfakes represent a growing challenge for businesses, particularly in relation to financial matters where trust and accuracy are critical. As these threats become more sophisticated, staying ahead requires vigilance, training, and the right technology. By educating teams and implementing robust verification processes, businesses can reduce vulnerability and safeguard financial integrity.
If you’re concerned about deepfake threats or want to discuss ways to strengthen your financial security, reach out to your Accru partner. We’re here to help you stay protected in this evolving digital landscape.