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The use of deepfake technology and generative AI is also on the rise, compounding the threat range. In 2024, we saw just how sophisticated fraud has now become: from deepfakes to sophisticated counterfeit IDs, generative AI has changed the identity fraud game, said Blair Cohen , AuthenticID founder and president.
Attack vectors across the banking, financial services and insurance industry operations, Source: Digital Threat Report 2024, CERT-In, CSIRT-Fin and SISA Phishing attacks surge In H1 2024, cybersecurity firm Kaspersky recorded more than 135,000 phishing attacks targeting Indias financial sector. billion) in 2024 alone.
The increasing sophistication of fraud tactics, such as deepfakes and voice cloning, has heightened these concerns. Deepfake technology is being used more frequently to trick consumers into revealing sensitive information, driving a significant portion of the anxiety. said Anna Convery, CMO of Jumio.
These AI-created images, videos, and audio content, called deepfakes, showcase how advanced AI generation tools have become. AI deepfakes often have convincing video and voice manipulation, making them increasingly difficult to identify–and this technology is only becoming more advanced and easily accessible.
Global crypto scam losses surged to $4.6billion in 2024, with deepfake technology and social engineering emerging as the dominant tactics behind high-value thefts, according to crypto exchange and Web3 company Bitget.
“Using AI-driven tactics such as deepfake selfies and synthetic identities, organised fraudsters are testing traditional security measures like never before. It says future-proofing means adopting AI-driven validation and multi-layer defences to combat deepfakes, synthetic identities, and emerging threats.
It saw a 672 per cent increase from H1 2023 to H2 2023 in the use of deepfake media such as face swaps deployed alongside metadata spoofing tools. “While the data in our report highlights that face swaps are currently the deepfake of choice for threat actors, we don’t know what’s next.
In partnership with The Engineer, Expleo is bringing together industry experts for a webinar on ‘AI in cybersecurity: The Threats you cant see (yet)’, taking place on Wednesday, March 5, at 11:00 am GMT. To discover how AI is reshaping cybersecurity as a threat and a defence, save your spot here. Why attend?
In the wrong hands, however, it can be incredibly harmful, especially with the emergence of deepfakes. A new survey from iProov , the biometric solutions provider, has revealed the attitudes on the threat of generative AI and deepfakes across the UK, US, Brazil, Australia, New Zealand and Singapore.
The rise of deepfakes — the eerily lifelike impersonations that superimpose heads onto bodies and bodies onto heads in seamless ways that integrate speech and movement, where nothing is as it seems — may be good for a laugh. From Arnold Schwarzenegger, to Kim Kardashian, to maybe, just maybe: You. It’s like a Hollywood special effect.”.
AI-generated deepfakes , synthetic identities and hyper-targeted phishing attacks are just some of the cyberthreats on the rise. As a result of the partnership, SEON will proactively detect deepfake KYC attempts, synthetic identities, and mass-registration fraud before accounts are created through Intergiro.
Fraudsters are exploiting GenAI tools such as large language models (LLMs), voice cloning, and deepfakes to carry out increasingly sophisticated scams that are harder to detect and prevent. Romance fraud: Deepfake images and videos help fraudsters create convincing personas to manipulate victims emotionally and financially.
However, it is unfortunately being used by both sides as AI-assisted fraud is growing more frequent and more sophisticated according to a new report from the think tank that provides insights to help organizations protect themselves, adapt, and grow, The Entrust Cybersecurity Institute. It is a staggering 1,600 per cent increase since 2021.
As much as 53 per cent of Brits have either never heard of the term deepfake or misunderstood its meaning, British bank Santander has revealed, as part of a new initiative to warn consumers about the dangers of AI deepfake scams.
The House’s Subcommittee on Consumer Protection and Commerce heard digital experts, as well as a representative from Facebook, testify in regards to the measures tech firms are using to fight against deepfakes, and what further actions should occur at the federal level, CNBC reported Wednesday (Jan. Chairwoman Jan Schakowsky, D-Ill.,
Tessian Co-founder and CEO Tim Sadler warns that this has created an ideal environment for cyberattackers wielding a quickly emerging technology: deepfakes. With more employees relying on the phone, as well as video conferencing platforms, to communicate with their teams, it presents an ideal environment for deepfake technology to take hold.
The cybersecurity world is witnessing a potentially new, dangerous threat: according to insurance firm Euler Hermes, one of its corporates fell victim to cyber fraud after attackers used sophisticated artificial intelligence (AI) technology to impersonate the firm’s chief executive officer by mimicking his voice on the phone.
The rapidly increasing prevalence of AI-generated content and deepfakes has left many questioning everything they see online. In fact, as much as 72 per cent of consumers worry on a day-to-day basis about being fooled by a deepfake into handing over sensitive information or money.
Companies in the region report a 28 percent rise in cyber threats, highlighting the urgent need for robust cybersecurity measures. Meanwhile, in a separate incident in Singapore, the cybersecurity landscape saw a significant surge in phishing attempts targeting local entities in 2022.
Digital document manipulation using AI and deepfakes have been revealed as the biggest growing threats facing the financial services industry going into 2025, according to a report by the Entrust Cybersecurity Institute.
Together, the podcast team explore how evolving fraud tactics are only going to increase and that cybersecurity teams, both in the crypto sector and beyond, must utilise the latest technology available to combat fraudsters.
A new study from iProov has revealed that 77% of cybersecurity decision-makers in financial services are concerned about the threat deepfakes pose to their industry.
Biometric-based fraud is the largest threat currently facing financial service providers, Michael Marcotte , co-founder of the National Cybersecurity Center (NCC), explained in a warning to banking executives. As deepfakes proliferate, a trickle of lawsuits has the potential to become a flood – and one which absolutely could sink the banks.
Founded in Australia and launched commercially in 2018, IDVerse uses AI to combat fraud and deepfakes. However, the acquisition will integrate IDVerse’s capabilities across all solutions and will enhance customer readiness for future fraud threats through advanced AI-powered solutions.
Such uncertainty is unwelcome in cybersecurity and fraud. This potential evolution compounds the circumstances regarding how the technology will impact fraud and cybersecurity measures, presenting significant risks and transformative opportunities. These advancements have changed the way we approach cybersecurity and fraud detection.
Accenture (NYSE:ACN) has made a strategic investment, through Accenture Ventures, in Reality Defender, an RSA Innovation award-winning cybersecurity company specializing in deepfake detection.
Market intelligence platform CB Insights forecasts that 2024 will focus on sustainable AI operations, creating solutions that stick, addressing societal implications, and shifting cybersecurity paradigms. Finally, it highlights the rise of AI-powered cyberattacks, with deepfakes and email phishing attacks increasing substantially.
Brits are particularly concerned about being scammed by deepfakes when shopping online, as well as having their image stolen and used for deepfakes while online shopping. German consumers are confident in consumer protections but cybersecurity and privacy are significant trust barriers.
Schick also discusses use cases for Generative AI in financial services and the threat posed by AI-powered deepfakes. An author, advisor, and keynote speaker, Schick is an expert in synthetic media, deepfakes, disinformation, cybersecurity, and the geopolitics of technology.
Frederic Ho, VP, Asia Pacific, Jumio “However, with the rise of advanced deepfake and face-swapping technologies, relying solely on biometric identity verification is no longer adequate. Malicious actors can now create highly convincing videos, images, or audio recordings with these tools.
Bots and deepfakes The rise of bots using deepfake technology to create convincing fake profiles poses an additional challenge. Bots and deepfake tech are enabling criminals to automate complex scams that used to take a lot more effort, making them incredibly efficient and dangerous,” said Dan Yerushalmi , CEO of AU10TIX.
Deepfakes and threats of AI Such activity could lead to identity theft, which IDnow believes should be a concern to the UK public, especially given the rise in deepfake technology. Developments in generative artificial intelligence (AI) mean deepfake technology can now be used to create hyper-realistic fake documents.
” Slipping through the cracks Increasingly sophisticated tactics, such as fake invoices, deepfake media, and phishing scams – driven by generative AI – have made attacks more convincing and harder to detect. Proactive fraud prevention today not only mitigates risk, but also future-proofs operations against costly penalties.”
Deepfakes, often used to impersonate the holder of an account rather than creating a new or synthetic identity, are far more popular, accounting for one in 15 fraud attempts. Even if fraud success rates remain the same, the sheer volume of attempts means that fraud levels are set to explode, Signicat explained.
With over 25 years in enterprise tech and cybersecurity, Pearson will lead global sales and customer success as the company scales. The firms say the approach supports ‘continuous trust’ and helps detect deepfakes and AI-driven fraud without storing biometric data.
When it comes to cybersecurity companies, CrowdStrike is widely considered to be a belle of the ball. CrowdStrike is being accused of no such malfeasance and will, in all likelihood, remain a major player in the cybersecurity industry, with its reputation scratched perhaps but probably not scarred. That leaves us with resiliency.
In an interview with the news outlet, Digital Guardian Vice President of Cybersecurity Tim Bandos said organizations must include cybersecurity as part of their overall business practices, “because IT security tools are not infallible against human behavior.”. Cybersecurity company Agari recently released data that estimates $13.5
We expect that regulations will impose even stricter cybersecurity standards for organisations using AI in payments, including robust data protection measures, regular security assessments, and incident response plans. The potential for misuse of AI in creating deepfakes or facilitating fraud adds another layer of ethical complexity.
Fighting deepfake-enabled fraud As synthetic media such as deepfakes increasingly impact digital identity, verifying customer identities has become crucial to prevent fraud and remain complaint. In the near-future, coverage of GAV will expand to 80 per cent of G20 countries.
This will result in improved efficiency and security, but it will also involve the challenge of adhering to evolving regulatory guidelines and cybersecurity measures. First is an expected uptick in utilising AI for more complex processes, like data analysis and fraud detection.
Fraudsters are leveraging artificial intelligence (AI) tools like voice cloning and deepfakes to create highly convincing fake audio or video messages to deceive victims into transferring money or revealing sensitive information. This leaves many vulnerable to sophisticated AI-powered attacks like deepfakes and voice cloning.
Emerging technology such as AI has enabled threat actors to take a sophisticated approach to fraud, with global full-cycle identity verification platform, Sumsub , revealing a 10x increase in the number of deepfakes detected worldwide from 2022 to 2023.
Leflambe continues: “In parallel, fraudsters leverage new technology very quickly (for instance, using deepfakes to circumvent liveness checks) and compliance teams must remain very vigilant about new controls not being outdated as a result.”
They are currently leveraging AI-driven chatbots and deepfake technology to create more convincing frauds. It must include one that includes financial literacy, better consumer protection, enhanced cybersecurity measures, and deeper international collaboration.
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