Fighting deepfakes via payments
Payments Dive
JUNE 12, 2024
“Since many of these deepfake software services accept credit cards, payments providers are on the front lines of detecting these companies,” writes one corporate compliance officer.
Deepfake Related Topics 
FinCEN warns banks about deepfake threat
Finextra
NOVEMBER 14, 2024
The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has issued an alert to help banks to spot GenAI-generated deepfake scams.
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Deepfake Fraud Jumps by 194% in APAC, as Fraud-as-a-Service Becomes More Widespread, Sumsub Reveals
The Fintech Times
NOVEMBER 19, 2024
The verification platform also recorded significant surges in identity fraud in: Singapore (207 per cent) Indonesia (205 per cent) Thailand (201 per cent) Meanwhile, deepfake fraud saw a 194 per cent YoY spike in APAC and increased four times globally, now making up seven per cent of all fraud attempts in 2024.
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Digital Document Forgeries Overtake Physical Forgeries For the First Time As Deepfakes on the Rise
The Fintech Times
NOVEMBER 20, 2024
In its sixth edition, the 2025 Identity Fraud Report found that attacks involving deepfakes happened every five minutes in 2024, and digital document forgeries increased by 244 per cent year over year. Another way fraudsters are abusing financial firms is through AI-assisted deepfakes.
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AI and Deepfakes Raise Concerns for Singapore Voters Ahead of Elections
Fintech News
JULY 24, 2024
A recent study by Jumio , a provider AI-driven identity verification and compliance solutions, has found that a significant majority of Singapore consumers are concerned about the impact of deepfakes on the upcoming elections. It revealed that 83% of Singaporeans are concerned about for AI and deepfakes in politics, compared to 75% globally.
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Selfie Verification: Protecting Your Business & Combating Deepfakes
Evolve Payment
OCTOBER 22, 2024
These AI-created images, videos, and audio content, called deepfakes, showcase how advanced AI generation tools have become. AI deepfakes often have convincing video and voice manipulation, making them increasingly difficult to identify–and this technology is only becoming more advanced and easily accessible.
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Authenticity in the Era of Deepfakes: The Multi-Layered ZOLOZ eKYC Approach
Fintech News
MAY 14, 2024
However, this powerful technology has also been exploited by malicious actors to create deepfakes – highly convincing simulations of individuals saying or doing things they never actually did. Deepfakes have since evolved into a formidable challenge for conventional identity verification methods.
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Unmasking the Threat of Deepfake Scams in the Financial Sector of Asia
Fintech News
APRIL 7, 2024
In the contemporary digital world, the proliferation of deepfake technology and generative AI heralds an era fraught with online scam challenges, notably within the financial sector in Asia. Economic Ramifications of Deepfake Scams The global impact of impersonation scams can be far-reaching, and expensive.
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iProov Highlights Role of Biometrics in Combatting Deepfakes and Misused Generative AI
The Fintech Times
AUGUST 14, 2024
In the wrong hands, however, it can be incredibly harmful, especially with the emergence of deepfakes. A new survey from iProov , the biometric solutions provider, has revealed the attitudes on the threat of generative AI and deepfakes across the UK, US, Brazil, Australia, New Zealand and Singapore.
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Jumio Study: Deepfakes, Fraud Fears Drive Demand for Stronger Bank Security
Fintech News
JUNE 26, 2024
The increasing sophistication of fraud tactics, such as deepfakes and voice cloning, has heightened these concerns. Deepfake technology is being used more frequently to trick consumers into revealing sensitive information, driving a significant portion of the anxiety. said Anna Convery, CMO of Jumio.
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Keir Starmer and Prince William used in deepfake crypto scam
Finextra
AUGUST 14, 2024
Crooks are circulating AI-generated deepfake videos of Prince William and UK prime minister Keir Starmer on Facebook and Instagram to dupe viewers into scam cryptocurrency investments.
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Santander Ramps Up Efforts to Make Dangers of Deepfake Tech Known to Brits
The Fintech Times
AUGUST 7, 2024
As much as 53 per cent of Brits have either never heard of the term deepfake or misunderstood its meaning, British bank Santander has revealed, as part of a new initiative to warn consumers about the dangers of AI deepfake scams.
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FinCEN warns financial institutions of deepfake media fraud schemes
The Paypers
NOVEMBER 15, 2024
The US Department of the Treasury’s Financial Crimes Enforcement Network ( FinCEN ) has proceeded with issuing a warning to support financial institutions in identifying fraud schemes involving deepfake media.
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iProov Outlines 672% Rise in Deepfake Media as Threat Actors Increase Productivity
The Fintech Times
FEBRUARY 9, 2024
It saw a 672 per cent increase from H1 2023 to H2 2023 in the use of deepfake media such as face swaps deployed alongside metadata spoofing tools. “While the data in our report highlights that face swaps are currently the deepfake of choice for threat actors, we don’t know what’s next.
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News & Views Podcast | Episode 163: Deepfake Tech & Aro’s secure loan advice
The Fintech Times
AUGUST 13, 2024
On this week’s episode of News & Views, The Fintech Times podcast team take a look into the latest initiative to protect people from the dangers of deepfakes and chats about TotallyMoney ‘s product expansion offering a greater choice of loan products thanks to a new partnership.
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Santander circulates deepfakes to raise awareness of scam threat
Finextra
AUGUST 7, 2024
Santander has launched a campaign to demonstrate the threat to consumers from 'deepfake' videos circulating on social media platforms.
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Regula's new survey reveals the financial impact of deepfake fraud
The Paypers
NOVEMBER 4, 2024
Regula , a worldwide developer of forensic devices and identity verification solutions, has released its new survey which underlines the financial impact of deepfake fraud.
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72% of Consumers Worry About Becoming a Victim of Fraud Due to Deepfakes, Jumio Finds
The Fintech Times
MAY 17, 2024
The rapidly increasing prevalence of AI-generated content and deepfakes has left many questioning everything they see online. In fact, as much as 72 per cent of consumers worry on a day-to-day basis about being fooled by a deepfake into handing over sensitive information or money.
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Greg Palmer and the Finovate Podcast: Financial Literacy, Core Banking, and Deepfake Detection
Finovate
APRIL 29, 2024
Episode 210 – Richard Weston, Tuum Greg Palmer catches up with Corsound AI CEO Gal Haselkorn to discuss cutting-edge developments in voice intelligence and deepfake detection. Demo video. Demo video. Episode 209 – Gal Haselkorn, Corsound.ai
Protecting against deepfake fraud in the financial industry
Finextra
JUNE 12, 2024
In 2021, a wave of deepfake videos started to emerge across the internet and social media. From humo.
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Deepfakes’ Next Stop: Banking
PYMNTS
DECEMBER 5, 2019
The rise of deepfakes — the eerily lifelike impersonations that superimpose heads onto bodies and bodies onto heads in seamless ways that integrate speech and movement, where nothing is as it seems — may be good for a laugh. From Arnold Schwarzenegger, to Kim Kardashian, to maybe, just maybe: You. It’s like a Hollywood special effect.”.
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Ant International Deploys AI to Streamline Cross-Border Transactions for SMEs
Fintech News
NOVEMBER 6, 2024
In response to the growing threat of deepfake technologies, Ant International has also developed an advanced anti-deepfake electronic Know Your Customer (e-KYC) tool. To ensure reliability, Ant International maintains safeguards with human intervention ready to address discrepancies, avoiding over-reliance on AI.
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Deepfakes Threaten To Become The New BEC Scam
PYMNTS
AUGUST 24, 2020
Tessian Co-founder and CEO Tim Sadler warns that this has created an ideal environment for cyberattackers wielding a quickly emerging technology: deepfakes. With more employees relying on the phone, as well as video conferencing platforms, to communicate with their teams, it presents an ideal environment for deepfake technology to take hold.
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AI-created digital documents and deep fakes pose biggest threat to financial services
Finextra
NOVEMBER 19, 2024
Digital document manipulation using AI and deepfakes have been revealed as the biggest growing threats facing the financial services industry going into 2025, according to a report by the Entrust Cybersecurity Institute.
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Jumio survey: Consumers overestimate their ability to detect deepfakes
The Paypers
JUNE 12, 2023
US-based Identity orchestration company Jumio has released a new research which reveals the disconnection between consumer awareness of AI and deepfakes and their risks to security.
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Ant International Deploys AI to Streamline and Protect Cross-Border Transactions for Nearly 100 Million SMEs Worldwide
Fintech Finance
NOVEMBER 7, 2024
In deploying AI in merchant services, enhanced fraud detection and prevention against new scamming schemes like deepfaking is as important, if not more important, as increasing operational efficiency,” says Yang Peng, Chief Executive Officer of Ant International.
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Cyberexperts Flag Danger Of Deepfakes At House Hearing
PYMNTS
JANUARY 8, 2020
The House’s Subcommittee on Consumer Protection and Commerce heard digital experts, as well as a representative from Facebook, testify in regards to the measures tech firms are using to fight against deepfakes, and what further actions should occur at the federal level, CNBC reported Wednesday (Jan. Chairwoman Jan Schakowsky, D-Ill.,
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Google banks AI systems used to generate deepfakes on Colab
The Paypers
JUNE 3, 2022
Google has banned the training of AI systems that can be used to generate deepfakes on its Google Colaboratory (Colab) platform.
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Regula survey: a third of businesses hit by deepfake fraud
The Paypers
MAY 1, 2023
Forensic devices and identity verification solutions provider Regula has issued a survey showcasing that AI-generated identity fraud like deepfakes affects a third of businesses.
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Sumsub launches an advanced deepfake detection technology
The Paypers
JUNE 23, 2023
UK-based security and transaction monitoring solutions provider Sumsub has launched an advanced deepfake detection technology.
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Persona partners with Okta to optimise workforce identity security
The Paypers
NOVEMBER 14, 2024
US-based identity platform Persona has partnered with Okta to deliver an automated identity verification solution and support organisations to safeguard against phishing and deepfakes.
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Jumio Delivers Adaptive Verification as AI Fraud Projected to Hit US$40 Billion
Fintech News
OCTOBER 28, 2024
Fighting deepfakes and fraudulent identities – Jumio’s holistic approach to building identity trust” with “Jumio Delivers Adaptive Verification as AI Fraud Projected to Hit US$40 Billion. Hong Kong police recently arrested 27 individuals linked to a deepfake scam that swindled victims out of $46 million.
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70% of Crypto Companies Report Deepfake Fraud Rise
The Payments Association
OCTOBER 25, 2023
Sumsub, a full-cycle verification platform, today releases its “State of Verification and Monitoring in the Crypto Industry 2023” report. The findings focus.
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Socure adds selfie reverification with deepfake detection
Finextra
AUGUST 9, 2024
Socure, the leading provider of artificial intelligence for digital identity verification, sanctions screening, and fraud prevention, has announced Selfie Reverification – a way to validate return consumers online with a simple selfie from any device in under 2 seconds.
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Accenture invests in Reality Defender
Finextra
OCTOBER 22, 2024
Accenture (NYSE:ACN) has made a strategic investment, through Accenture Ventures, in Reality Defender, an RSA Innovation award-winning cybersecurity company specializing in deepfake detection.
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LSEG selects IDVerse identity infrastructure to complement IDV stack and fight digital deepfakes
Finextra
NOVEMBER 12, 2024
LSEG (London Stock Exchange Group) and IDVerse today announce a new identity infrastructure partnership to scale global coverage and fight digital deception in customer onboarding.
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Preparing smaller financial institutions for deepfakes and other AI-powered attacks
BioCatch
OCTOBER 22, 2024
This is the third piece in an ongoing conversation between BioCatch Global Advisor Seth Ruden and BioCatch Threat Analyst Justin Hochmuth about how various fraud trends impact smaller financial institutions. You can find Part 1 on impersonation scams here and Part 2 on money mules here.
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Automated Bot Attacks Surge on Social Media in 2024, AU10TIX Reveals
The Fintech Times
SEPTEMBER 11, 2024
Bots and deepfakes The rise of bots using deepfake technology to create convincing fake profiles poses an additional challenge. Bots and deepfake tech are enabling criminals to automate complex scams that used to take a lot more effort, making them incredibly efficient and dangerous,” said Dan Yerushalmi , CEO of AU10TIX.
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Banking Execs Must ‘Wake Up’ as Security Measures Fail to Keep Up With Biometric Fraud
The Fintech Times
MAY 16, 2024
Banks are coming under an increasingly intense barrage of cybersecurity attacks, and many of these now use deepfakes and generative AI to make the initial breach. As deepfakes proliferate, a trickle of lawsuits has the potential to become a flood – and one which absolutely could sink the banks. Michael Marcotte, CEO of artius.iD
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Fighting Fraud with Advanced Strategies and Tools
Bank Automation
NOVEMBER 1, 2024
Innovations like generative AI and deepfakes, combined with vast amounts of breached personally identifiable information (PII), have created sophisticated fraud methods that challenge traditional defense mechanisms. Fraudsters and cybercriminals are exploiting new technologies and stolen data at an accelerated rate.
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Rise in deepfake fraud reported by 70% of crypto companies
The Payments Association
NOVEMBER 1, 2023
Sumsub, a full-cycle verification platform, releases its 'State of Verification and Monitoring in the Crypto Industry 2023' report.
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Code & Capital: AI Versus the Internet and Harnessing the Power of Gen AI
Finovate
MARCH 29, 2024
Schick also discusses use cases for Generative AI in financial services and the threat posed by AI-powered deepfakes. An author, advisor, and keynote speaker, Schick is an expert in synthetic media, deepfakes, disinformation, cybersecurity, and the geopolitics of technology.
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77% of cybersecurity decision-makers concerned about deepfakes
The Paypers
JANUARY 29, 2020
A new study from iProov has revealed that 77% of cybersecurity decision-makers in financial services are concerned about the threat deepfakes pose to their industry.
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