FinTech Vs. Deepfake Fraud

Continuous advancements in technology, especially in artificial intelligence (AI), have led to the emergence of novel forms of deception. Algorithms can be used to create highly deceptive synthetic media, colloquially referred to as deepfakes. Deepfakes include videos, audios, and seemingly authentic photos. In addition to their most common use in politics to primarily spread misinformation, deepfakes are now growing roots in the financial sector.

Threat of Deepfakes

Deepfakes remain a low threat to the financial sector, mainly because synthetic media production is complex and requires superior technical skills. However, they can neither be ignored nor wished away because a majority of financial frauds happen due to compromised identities—deepfakes can and will become a …