The deepfake threat: How do banks respond?

Last updated: 25 March 2024

Misinformation and fake news are on the rise – so prevalent that the World Economic Forum identified it as the biggest threat in its 2024 Global Risks Report.

The threat posed by misinformation has been growing for several years now, but this is only compounded by the growing sophistication of deepfake technology. Artificial intelligence has made it easier for bad actors to generate convincing content designed to trick and catch us off guard.

The very real consequences of how much damage deepfake content can do was recently brought into sharp focus when a finance worker of a big multinational firm was tricked into handing $25 million to fraudsters. The scam itself involved a fake video conference call with the company’s CFO, something impossible only a few years ago, but now an active ruse used by criminals. Our blog on testing employees with a controlled phishing campaign highlights some of the key things to watch out for in the age of AI enhanced cyberattacks.

Deepfake incidents like this not only damage a business financially, but also have significant impact on company reputation. Our recent Digital Trust Index found that banking was the sector consumers feel most comfortable sharing their personal information with, however, as more financial institutions fall victim to this type of crime, this could start to slip.

As robust as cyber security policies and training can be, bad actors are constantly seeking new ways to cause harm. As much as advances in artificial intelligence can help businesses innovate and solve problems, they also create new opportunities for cyber criminals.

So, how do banks respond in the face of a very real, and fast evolving threat? What role do regulators and governments have to play? Alan Pellegrino, CEO, Thales North America recently sat down with the American Banker to discuss just that. The full article can be found here.

Further reading:

Article in American Banker: In banks’ battle against deepfake fraud, we need all hands on deck

Thales 2024 Digital Trust Index

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