With the help of Artificial intelligence (AI), it is now possible to create deceptively realistic videos, voices or images. These so-called “deepfakes” are also used for scamming attempts in the financial sector.
The most important points to remember:
- Check the source: If you are concerned, ring contact persons you know well via official telephone numbers before you act.
- Distrust urgency: Financial institutions and reputable business partners will never put you under massive time pressure.
- Multichannel confirmation: Always make sure to verify any payment instructions via a second, independent channel of communication.
Risk in a financial context
Deepfakes are used in the financial sector to abuse trust and entice victims into financial dealings.
Some examples:
- Faked influencer or banker videos: On social media like Facebook, purportedly well-known celebrities promote investments with a “guaranteed return” (please also read our article on “investment fraud“ on this topic.)
- Faked phone or video calls by a “manager”: Via a phone call (using a faked voice) or video call (using a faked live video), employees are ordered to execute an urgent bank transfer (please also read our article on “CEO fraud“ on this topic.)
Why deepfakes are so dangerous
- Deceptively realistic: Even to the trained eye or ear, it is difficult to expose faked videos or voices.
- Rapid spread: Social media and messaging services can spread fakes in a matter of seconds.
- High level of credibility: The human brain tends to strongly trust visual and auditory impressions.
How to spot deepfakes
Even if technology is continuously improving, there are some clues:
- Unnatural facial expressions: They look stiff or do not seem to agree with what is being said.
- Asynchronous lip movements: Voice and lip movements do not match properly.
- Sound and image effects: Blurring, strange light effects or distorted voices.
- Unusual contact channels: A person you know suddenly starts to communicate via new channels.
- Striking choice of topic: A person you know is discussing topics out of character for them or tries to put you under pressure.
Deepfakes are a serious threat – especially in the world of digital financial business. Don’t just blindly trust what you see or hear. Remain vigilant, critically check requests and obtain a second opinion if in doubt.
In the worst case: Contact your bank and the police immediately
The term “deepfake” is a combination of “deep learning” (a type of artificial intelligence) and “fake”. In the process, image, audio and video content is manipulated in such a way that they look real.
Some typical examples:
Face manipulation: A person is speaking or acting in a video although he or she has never actually done so.
Voice imitation: AI imitates a person’s voice in a deceptively realistic fashion.
