Is That Phone Call a Deepfake? Here’s How to Avoid the Scam

By Raghu Valipireddy, SVP, Chief Information Security Officer, Axos Financial

Every day, headlines increasingly feature artificial intelligence and its impact on daily life. According to McAfee’s AI Voice Scam Survey, 25% of adults surveyed globally have experienced an AI voice scam.

Similarly, a report from Sumsub?noted that AI voice scams, or deepfakes, increased 10x worldwide from 2022 to 2023. Are you prepared for this threat?

AIs Cybersecurity Risks: Deepfakes

AI is offering higher security by helping computers enhance their own protection systems, but it’s also creating some frightening risks. Because most AI is open source, or free for anyone on the internet to use, cybercriminals have begun adopting the technology.

One way cybercriminals have been using AI involves deepfakes. Deepfakes are sophisticated AI-generated impersonations mimicking an individual’s voice or appearance. By analyzing enough video and other online content of a person, AI algorithms can create a highly convincing imitation of virtually anyone.

Alarmingly, cybercriminals use deepfakes to imitate their target’s loved ones or trusted contacts with the goal of extorting money or sensitive information. These scams often involve a fake emergency call from someone familiar, urgently requesting money.

In one recent case, cybercriminals concocted a video conference call using deepfake recreations of executives at a Hong Kong financial firm. The convincing fraud lured an unsuspecting employee into authorizing a $25 million payment to the crooks.

While not all deepfake attacks are that elaborate, there are some easy steps to help avoid falling prey to scams of this nature.

4 Tips to Avoid Deepfake Scams

While a panicked phone call can be unsettling, there are ways to avoid these scams.

First, be careful with the information you share on social media. Even if the information you post is seemingly harmless, cybercriminals can use this data to create deepfakes and scams that are believable.

If you do receive a deepfake call, use these tips to avoid getting scammed:

1.?Stop picking up calls from unknown numbers. Obviously, not every unknown number is a deepfake, but if you’re not expecting or don’t recognize a number, let it go to voicemail.

2.?Take a moment to confirm the caller's identity by asking specific questions. Ask the caller to recount specific details from prior interactions if you think they sound suspicious.

3.?If someone unexpectedly asks for money over the phone, be skeptical and don’t be afraid to push back – especially if the call is random and the person has never made a similar request before.

4. Listen for any unusual pauses or distortions in the voice, which can be signs of a deepfake. While a voice can be closely replicated, a speaker’s cadence and speed are often much harder to imitate.

Following these tips can help you avoid deepfake scam calls and protect your own cybersecurity.

As technology advances, it will undoubtedly introduce new innovations full of both benefits and drawbacks. By staying informed and trusting your instincts, you can ensure the safety of yourself and your assets.

Raghu Valipireddy ?is SVP, Chief Information Security Officer at Axos Financial, the holding company for Axos Bank, Axos Clearing, and Axos Invest. Axos Bank is a nationwide online bank that provides consumer and business banking products through its low-cost distribution channels and affinity papers.

Raghu holds an MBA with an emphasis in Strategy from the University of Michigan, Stephen M. Ross School of Business. He has been with Axos since 2018.