Deepfakes: The Looming Threat in Our Digital Age

Business leaders, beware!

Deepfakes, a rapidly evolving technology that uses artificial intelligence (AI) to create synthetic media, often in the form of videos or audio recordings, are posing a significant threat in today’s digital landscape.

According to a report by Sumsub, there has been a 1740% increase in deepfake-specific fraud cases in North America from 2022 to 2023.

While they can be used for creative purposes, their potential for misuse is a concerning trend.

Deepfakes can be weaponized to damage reputations, disrupt financial markets, and launch sophisticated phishing attacks.

Deepfakes can be weaponized to specifically target businesses by:

• Destroying reputations: A deepfake portraying a CEO making discriminatory or offensive remarks can cause irreparable brand damage and customer trust erosion.
• Launching extortion schemes: Imagine a deepfake video of a high-level executive confessing to wrongdoings. This could be used to extort the company for a hefty ransom.
• Disrupting financial markets: A fabricated video announcement from a company leader about a fake merger or acquisition could send stock prices plummeting.
• Enabling phishing attacks: Deepfakes can be used to impersonate executives in emails or voice messages, tricking employees into revealing sensitive information or authorizing fraudulent transactions.

What Businesses Must Keep an Eye On:

• Social media monitoring: Be vigilant of deepfakes circulating on social media platforms that target your company or executives.
• Vendor and supplier communications: Deepfakes can be used to impersonate vendors or suppliers in phishing attacks aimed at compromising financial data or gaining access to internal systems.
• Executive travel and events: Deepfakes could be fabricated from old footage of executives to create fake news or spread misinformation during critical business periods.

How to Spot Deepfakes:

• Be skeptical of sensational content. Does the video or audio seem too good (or bad) to be true?
• Look for inconsistencies. Pay close attention to lighting, skin tones, facial expressions, lip movements, and audio quality. Does everything appear natural and consistent?
• Verify the source. Was the content posted on a reputable news site or a random social media page?
• Think critically. Does the content align with what the person would typically say or do?
• Seek verification. Is there independent evidence to support the claims made in the video or audio?

Deepfakes are more than just manipulated faces. They can also involve:

• Deepfake Audio: Synthetic voice recordings that mimic a specific person's speech patterns.
• Text-Based Deepfakes: AI-generated written content like social media posts or emails that impersonate a specific person or publication.
• Deepfake Videos with Object Manipulation: Altering objects within real video footage to fabricate events.

Staying Secure in the Age of Deepfakes:

• Educate yourself and your employees. The more aware you are of deepfakes, the better equipped you are to spot them.
• Develop a culture of digital skepticism. Encourage critical thinking and verification of information before taking action, especially regarding emails or voice messages requesting financial transfers or confidential data.
• Implement multi-factor authentication and zero-trust architecture: This adds an extra layer of security beyond passwords to prevent unauthorized access even if someone falls victim to a deepfake impersonation attempt.
• Invest in cybersecurity measures. Regular device checkups and vulnerability assessments can help identify and remove potential threats.

By staying vigilant and applying these steps, you can become more informed and secure your business in the age of deepfakes.