It all started in 2017 by one of the Reddit users when he shared some of the deepfake videos on the internet. These deepfake videos and images are not edited or photoshopped media, but they require specialized algorithms. There are two algorithms like discriminator and the generator that contribute to a perfect deepfake. A generator is supposed to create an initial draft based on the desired output. Then the discriminator evaluates the created content if it looks real or not. The process is repeated until a real-looking content is produced. Not only the generator improve, but the discriminator also improves in terms of spotting flaws.

Types of Deepfake Fraud

As the technology becomes commoditized, it is being used in several frauds such as identity thefts. There is no doubt that it is a powerful technology that can be used to enhance creativity in several fields, but when it comes to fraud it can contribute to many of them such as:

New Account Opening Scam

There are many ways through which a fraudster can create a fake identity and open an account. One of the most common ways is that a fraudster can easily take images and videos of an individual and use that stolen identity in the banks to open a new account. By doing this, he can take as many loans and services as he can. In this way, the stolen identity will be responsible for returning the amount back to the bank.

Account Take Over

In 2023, a lot of individuals will be impacted because of data breaches. The most common data breaches might have included biometric data that can be easily used for various purposes. The biometric data can be easily used to trick the system using an individual's voice, fingerprint scans, iris scans, and others.

Phishing Fraud

Deepfake attacks include fake video messages, which are tailored and personalized to the target. Using the data, fraudsters can create deepfakes of well-known figures, family members, and others for financial gain or to take revenge. Voice imitation can be used to make calls pretending to be from a trusted organization. Such calls usually include asking about the account details resulting in a big financial loss.

Impersonation Attacks

Scammers can use deepfake detection technology to mimic business and government officials. If the AI-generated images are convincing enough to persuade the employees and other individuals to share critical and sensitive information about the company. The employees can be easily manipulated to share the money and the information of the company.

Identity Theft

Sometimes the fraudsters create entirely a new identity using real-looking pictures, backgrounds, voices, and legitimate information that can complete the content. These identities can not be spotted and easily effortlessly used in opening bank accounts, applying for credit cards, and committing severe fraud.

Ethical Considerations

Many stringent rules and regulations are established to tackle deepfake-related crimes, particularly financial crimes. Those who commit such crimes have to face hefty fines and jail. In addition, law organizations are collaborating with tech companies to verify the authenticity of the content. Also, when it comes to banks, they have strengthened and secured their business by using systems such as KYC.

Moreover, some of the security measures help deal with deepfake crimes. Better deepfake detection should be used to mitigate such frauds. Businesses should be careful about implementing detection technology to prevent fake content and promote the responsible use of the technology.

Key Security Measures

There are several security measures that can be taken to protect businesses from deepfake fraud. The first and foremost way is to educate employees and customers about the uses and misuses of deepfakes. The companies can arrange awareness sessions to protect themselves from being targeted. Besides, companies should also strengthen their security by regularly monitoring operations and the authenticity of the content.

Furthermore, multi-factor authentication along with biometric verification adds an extra layer of security to make it hard for fraudsters to trick the system. These security measures will keep a strict eye on the transactions and the operations.

Conclusion

As commercial procedures improved due to technology, criminal strategies likewise reached new heights. To contact organizations, they use deep learning technologies to create fake identities, voices, videos, and photos. They use films produced by AI to get around security measures for their illegal operations. To protect their infrastructures from criminal activity and their sophisticated tactics, organizations need to implement AI deepfake detection measures.