Deepfakes: Protecting your business when you can’t trust what you see and hear

September 2024

<p>Deepfakes: Protecting your business when you can’t trust what you see and hear</p>

We already know that we can’t always trust what we read. Fraudulent texts, fake emails, and online misinformation are pervasive. And now, with the evolution of artificial intelligence (AI), it’s becoming increasingly difficult to trust what we see and hear in any medium.

Understanding deepfake technology

Deepfakes are videos, photos, or audio clips made with artificial intelligence to look real. The technology can be used to alter audio, video, and imagery from their original forms and make them appear convincingly authentic.

Deepfake technology can mimic or manipulate a person’s voice in audio recordings to say things that the person never truly said. In videos, a person’s face can be superimposed over someone else’s. And, a video of a person can be manipulated to appear as if they are speaking, moving, and gesturing in ways that they never actually did.

In this article, we provide more insights into deepfake technology, how it can be used to perpetuate deception and fraud, and actionable steps you can take to help prevent it from harming your business.
 

Deepfakes can be harmless or malicious

This technology is widely available and commonly used. Whether deepfakes are being made for harmful or harmless purposes, it’s important to recognize when the technology is being used, so you can continue to understand its capabilities as they evolve. 

 

Harmless deepfakes

For fun, people can download apps that superimpose their faces on popular TV characters and put them into scenes from various episodes.

The movie industry employs the technology to edit character performances when the actors are no longer available, or to reverse-age characters for flashback scenes.

Retailers can use similar technology to allow customers to virtually “try on” sunglasses, clothing, jewelry, and more.

Malicious deepfakes

Disinformation agents can manipulate video footage of political candidates to show them saying degrading things or appearing intoxicated to sway voter preferences.

Bad actors can superimpose a person’s face over explicit video content then share the video to cause reputational damage or use it for blackmail purposes.

Criminals can fake a voice message using a CEO's voice and instruct an employee to release a large payment to a fake vendor account.

 

How malicious deepfakes can harm businesses

Businesses can be targeted, discredited, and even defrauded by the malicious use of deepfakes.

  • Financial fraud: Deepfake video calls or audio recordings that appear to be from company executives can be made to authorize fraudulent transactions or manipulate financial systems.
  • Brand and reputational damage: Deepfake video or audio of business leaders making damaging statements or behaving inappropriately can tarnish the reputations of individuals and companies.
  • Data breaches: Cybercriminals can use deepfake technology to trick employees into thinking they are interacting with a legitimate member of their organization so they disclose sensitive information.
  • Disinformation campaigns: Competitors or malicious actors might damage market share by using deepfakes to spread false information about a company's products, services, or policies.
  • Authentication disruption: Deepfakes can be used to deceive identity verification technologies, such as facial recognition and voice recognition, to access sensitive information and financial accounts.

 

Help your business mitigate the risks of deepfakes

By staying informed about deepfake technology and adopting proactive and responsive measures, your business can reduce the risks associated with this evolving threat.

Educate
Continuously train employees

Create awareness programs that cover deepfake technology and its risks, and provide plenty of email, text, webpage, and audio and video examples. Implement a training routine to educate employees on recognizing deepfake red flags and reporting potential deepfake content.

Prepare
Prioritize deepfake detection

Invest in technologies that analyze media files for signs of manipulation and can help identify fraudulent content. Partner with cybersecurity and tech firms that specialize in deepfake detection and prevention. 

Develop an incident response plan

Time is of the essence when responding to a deepfake attack. Work with experts to understand the deepfake landscape and prepare incident response strategies and action plans.

Protect
Strengthen verification procedures

Establish identity verification protocols for individuals in sensitive transactions. These could include multifactor authentication, secure communication channels, and secondary verification steps. It could also include the use of pre-arranged code phrases used to confirm the identity of the person you’re communicating with. 

Monitor communication channels

Continuously monitor email, social media, and other communication channels for unusual activities or suspicious audio or video content that could indicate the presence of deepfakes.

Content provided for informational and educational purposes only and is in no way to be construed as financial, investment, or legal advice.  We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal financial issues.

Knowledge and preparation are your best defenses.

We’re committed to arming you with the latest information on cybercrime and payments fraud. To learn more, visit key.com/cybersecurity.

For information about KeyBank’s core fraud solutions, connect with your payments advisor or relationship manager or email our commercial payments team.

 

 

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