2023 Cybersecurity Deepfake 
The Fintech Times
FEBRUARY 9, 2024
Across 2022 and 2023, indiscriminate attack levels ranged from 50,000 to 100,000 times per month. The buzz surrounding Artificial Intelligence ( AI ) continued throughout 2023, right the way through to now – thanks to the seemingly limitless potential of the emerging technology.
The Fintech Times
MAY 16, 2024
Biometric-based fraud is the largest threat currently facing financial service providers, Michael Marcotte , co-founder of the National Cybersecurity Center (NCC), explained in a warning to banking executives. As deepfakes proliferate, a trickle of lawsuits has the potential to become a flood – and one which absolutely could sink the banks.
The Fintech Times
SEPTEMBER 11, 2024
Between 2022 and 2023, fraud in the region increased by 24 per cent, driven by large-scale attacks, including a targeted onboarding attack involving over 5,000 fraudulent attempts in Q2 2024. Bots and deepfakes The rise of bots using deepfake technology to create convincing fake profiles poses an additional challenge.
Fintech News
JANUARY 17, 2024
Companies in the region report a 28 percent rise in cyber threats, highlighting the urgent need for robust cybersecurity measures. What’s even more alarming is the stark increase in this fraud rate, which surged by 24 percent from 2022 to 2023. It brings prosperity but also makes the region a cyberattack hotspot.
Fintech News
JUNE 30, 2024
In 2023, more than US$25 billion was invested into gen AI startups, and 2024 is on track to reach new heights with US$18.8 Market intelligence platform CB Insights forecasts that 2024 will focus on sustainable AI operations, creating solutions that stick, addressing societal implications, and shifting cybersecurity paradigms.
The Fintech Times
AUGUST 13, 2024
As of April 2023, there were 1,000 active fintechs in Latin America (LatAm) with a vast majority focusing on financial inclusion, tackling the issue of 70 per cent of the population not having access to formal financial services. This leaves many vulnerable to sophisticated AI-powered attacks like deepfakes and voice cloning.
Fintech News
JUNE 6, 2024
The bank’s customers also fell victim to a phishing scheme involving WhatsApp Web that ensnared more than 90 individuals in 2023, causing losses totalling S$176,000 (approx. A notable example is the recent US$25 million scam in Hong Kong, where scammers used deepfake technology to impersonate company executives in a video call.
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