How Can Financial Institutions Safeguard Themselves Against Deepfakes? - IT News Africa | Business Technology, Telecoms and Startup News

📆 30/08/2023 9:39 a. m.
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As the technology to create deepfakes becomes easier and cheaper, the need to guard against these cybercrimes have come to the forefront.

Within seconds, you can glimpse your future self or merge your image with a celebrity using deepfake technology. However, this innovation has raised concerns about potential misuse, from draining savings to committing fraud. As deepfake creation becomes more accessible, the threat of cybercrimes looms larger.

Murray Collyer, COO of iiDENTIFii, emphasizes that digital injection attacks pose a significant risk to financial services. Attackers leverage affordable AI technology, launching numerous scalable attacks. The surge in digital banking adoption by South Africans amplifies the deepfake threat. As digital accounts surge, financial and cyber crime intertwine. Interpol notes their status as a leading crime threat, projected to increase.

While liveness checks expose physical fraud, not all detect digital injection attacks. Collyer underlines the necessity for specialized technology.

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