Deepfake fraud – staying ahead of the latest scam trends

Deepfake fraud – staying ahead of the latest scam trends

As technology improves, so do the techniques used by scammers.

One of the more recent and alarming trends has been the use of artificial intelligence (AI) to create what is known as a deepfake.

A deepfake is defined as a video or audio clip made with AI that is intended to replicate reality. Scammers are using these to mimic the voices or appearances of people within a company to extract key financial information without causing suspicion.

As this trend becomes more common among scammers, you must protect your business from falling for scams.

Get your staff up to speed

As the main target of these scams, your staff should be well-trained in recognising and avoiding any scams. This includes spotting deepfakes and suspicious requests.

In a survey of UK finance workers by Medius, 80 per cent said they would pay a supplier if they were being video called by their CEO or CFO.

Whilst previously a video call would almost certainly be genuine, with the development of deepfake technology, this is no longer the case.

Therefore, any unusual request should be treated with scepticism, even if the request initially appears to be direct from a trusted source. Other signs that staff should look out for include:

·        Any spelling or grammatical errors

·        Unnatural facial movements, mismatched audio and general inconsistencies

·        Any video or audio from an unknown source

Implementing training and awareness can save your staff and business from losing out to scammers.

Use technology to help

As scam technology evolves, so does scam detection software. Deepfake detection systems can provide a first barrier of defence against scams.

These systems analyse patterns to detect possible manipulations. Whilst it is useful, you cannot fully rely on these to detect scams, so you will still need to ensure that staff remain vigilant.

Verifying transactions

When making transactions, especially high-value ones, it is important to use verification processes.

To ensure that your verification processes are robust, requests should be confirmed through multiple, secured channels. The more ways you require verification, the harder the scammers will find it to prove that they are who they claim to be.

Stay ahead of the scammers

The way that scammers target businesses will always continue to develop. As scams become more well-known and businesses protect themselves against them, new scam techniques are developed.

Staying on top of the latest fraud schemes is the best way to protect your business. You can look at how other businesses have been targeted and avoid falling for the same traps.

Should you encounter any scammers, you must report it to HM Revenue & Customs or the next relevant authority. You should also flag the activity to the rest of your employees so that they can be vigilant should the scammers try again.

For best practice, keep your business and team up to date with the latest fraud prevention technology and techniques.

If you would like to find out more information about fraud prevention, get in touch with our team today.