Oct 4, 2023

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How financial institutions can safeguard against deepfakes

According to Murray Collyer, Chief Operating Officer of iiDENTIFii, “Digital injection attacks present the highest threat to financial services, as the AI technology behind it is affordable, and the attacks are rapidly scalable. In fact, a recent digital security report by our technology partner, iProov, illustrates how, in an indiscriminate attempt to bypass an organisation’s security systems, 200-300 attacks were launched globally from the same location within a 24-hour period. As more and more Africans embrace digital banking, deepfake technology is a serious threat.”

Deepfake technology allows quick and accurate editing of a person’s facial and vocal features for entertainment purposes, such as age simulations or celebrity face fusion. However, the increasing ease and affordability of creating deepfakes raise concerns about potential cyber crimes, including fraudulent activities like draining savings. Deepfakes, distorted recordings using deep learning, are often employed in digital injection attacks, and sophisticated cyber attacks that bypass device cameras or are injected into data streams. Guarding against these cyber threats has become crucial as deepfake technology becomes more accessible.

“Deepfake technology is one of the most rapidly growing threats within financial services, yet not all verification technologies are resilient to it. Password-based systems, for example, are highly susceptible to fraud. Africa needs to strengthen their technology to outwit cyber criminals, he concluded.

Source: iiDENTIFii

For more information on iiDENTIFii visit www.iidentifii.com

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