Illusion for Sale: How Deepfakes Become Weapons in the Hands of Scammers

Deepfakes as a Tool for Scammers 

Deepfakes are technologies that allow the creation of fake images, audio, and video recordings using artificial intelligence methods. Initially, they were used in entertainment and the film industry, but today they pose a serious threat to businesses and individuals.

Scammers actively use deepfakes for financial crimes. With their help, they can impersonate company executives, financial advisors, or even the loved ones of their victims. The main goal of such manipulations is to deceitfully gain access to funds, confidential information, or corporate resources.

For example, scammers create fake videos where allegedly top managers ask employees to transfer significant amounts to specified accounts. As technology advances, the quality of such fakes improves, making them significantly harder to detect.

Methods of Using Deepfakes in Financial Fraud

1. Fake Video Calls and Audio Recordings

One of the most common ways of using deepfakes is the creation of fake video calls. Scammers mimic the appearance and voice of company executives or business partners to convince employees to transfer money or provide access to valuable data.

Fake audio recordings are also often used in fraudulent schemes. For example, a victim may receive an audio message from a supposedly familiar person asking for urgent financial help.

2. Creating Fake Advertising Videos

Deepfakes are actively used to promote financial pyramids and other fraudulent schemes. In such videos, fake versions of well-known entrepreneurs or financial experts advertise lucrative investments, which turn out to be scams.

3. Social Engineering Using Deepfakes

Fake videos and audio files are used to deceive company employees. Malefactors create videos where a supposed company leader gives instructions to transfer funds to certain accounts. Such attacks are often successful, especially if employees lack threat recognition skills.

4. Spreading False Information Through Social Networks

Deepfakes can be used to create panic in the financial market. For example, a fake video with a statement about a large company's bankruptcy can provoke a stock fall and financial losses for investors.

Risks for Businesses and Individuals

The use of deepfakes in financial crimes creates many risks:

1. Financial losses: Companies and individuals can suffer significant losses due to deception.
2. Loss of trust: The increase in fake videos and audio reduces trust in official communications and statements.
3. Reputational risks: The emergence of fake content in the public domain can cause serious damage to the reputation of a company or a well-known person.
4. Legal consequences: Victims often have to prove their innocence for a long time and fight for the removal of false information.

These risks require increased attention from companies and individuals. Countering deepfakes becomes an important task for ensuring the security of financial transactions.

Ways to Protect Against Financial Fraud Using Deepfakes

To minimize risks associated with deepfakes, the following measures are recommended:

• Use of software to detect deepfakes: Modern technologies allow analyzing videos and audio files, revealing signs of fakes.
• Two-factor authentication: Verifying identity using additional methods reduces the likelihood of successful deception.
• Employee training: Regular training helps raise awareness of new fraud technologies and learn to recognize threats.
• Verification of information sources: It is necessary to double-check the authenticity of videos and audio materials before making financial decisions.

Monitoring the information space: Companies should track mentions of themselves and respond promptly to the appearance of fake content.

Implementation of internal checks: When receiving unusual requests, employees should refer to official procedures and verify information through alternative communication channels.

Countering financial fraud using deepfakes requires joint efforts from businesses, government structures, and cybersecurity specialists. It is important to develop technologies for detecting fakes and increasing users' digital literacy.

In the future, improving protection methods and implementing innovative solutions will significantly reduce the risks associated with deepfakes. Companies and organizations that take security measures in advance will be in a more advantageous position and will be able to better protect their assets and reputation. The more actively such approaches are applied, the more difficult it will become for scammers to implement their criminal schemes.