Attackers can combine social engineering and deepfakes to win the trust of victims, exploit their weaknesses and lead them to an action. For several industries, deepfakes can have terrifying implications.

Financial Services:

In 2020, fraudsters used AI voice cloning technology to scam a bank manager into initiating wire transfers worth $35 million. There are other scams too where deepfakes come into play, such as ghost fraud, where the persona of a deceased person is used to access online services, apply for credit cards, secure loans and benefits, open a new account and take out loans that are never paid. Deepfakes are particularly concerning for property, which is experiencing a rapid rise in touchless claim processing. Scammers can upload altered, manipulated or synthetic photos and media on self-service platforms, which significantly amplifies the risk of fraud.

Politics:

Disinformation in politics is a long-established practice. Deepfakes can be leveraged as a strategic tool for spreading disinformation, manipulating public opinion, stirring civil unrest and causing political polarization. As a recent example, a deepfake video of Ukrainian president Volodymyr Zelensky, urging Ukrainians to lay down arms was broadcast on Ukrainian TV.

Stock Markets:

A threat actor wants to make a quick profit through stock manipulation. He creates deepfake profiles of leading influencers and shares them on social media and stock market forums. As the stock price jumps, the threat actor cashes out before the stock corrects. A deepfake video of Elon Musk promoting a fake trading platform went viral on social media.

Justice Systems:

Fake evidence (using deepfakes) can be planted in the court of law, proceedings can be delayed or manipulated, and further issues of cross-examinations may arise if one party testifies affirmatively concerning the deepfake video while the opposing party denies the contents of the video. For example, in a custody battle in the UK, doctored audio files and footage were submitted to the court as evidence.

Other Scenarios

According to the FBI, deepfakes can lead to Business Identity Compromise (BIC) attacks that can result in significant financial and reputational damages. Additionally, deepfakes can facilitate a variety of criminal activities such as online harassment and bullying, fraud and extortion, non-consensual pornography and online child exploitation. The FBI noted an emerging trend where malicious actors use deepfakes to pose as job interviewees to gain access to company systems.

Special Reports /

The threat of deepfakes and their security implications

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