|Deepfakes can make cybercriminals potentially produce nearly flawless falsified digital identities and ID documents / Credits: shuttersv via Shutterstock|
Most deepfakes have been linked to both politics and financial fraud. For instance, these artificial intelligence-generated photos or videos have become an intimidation tool deployed against female politicians, campaigners, and journalists. Last year, famous personalities were the subject of deepfakes. Boris Johnson and Jeremy Corbyn appeared in a very realistic video, endorsing each other in the UK general election.
However, famous personalities are not the only ones who need to be concerned about deepfakes but also ordinary citizens. These videos can manipulate people and trigger ruinous financial transactions without the owner’s knowledge. For instance, one of the employees of an unidentified British energy company was tricked into transferring £200,000 to cybercriminals who used AI to fake his boss’s voice. The audio was so sophisticated that it accurately imitated the executive’s accent, tone of voice, and style of speaking.
If the increasing deepfakes are not addressed immediately, cybercriminals can potentially produce nearly flawless falsified digital identities and ID documents. If this happens, one’s identity can be used or “borrowed” to conduct a transaction. It can even be used to create a brand new one for someone who doesn’t exist. This shows that the “naked eye” is no longer enough to protect against identity theft and ensure compliance.
According to Forbes, a global media company, fake digital identities could impact nearly every organization that has implemented digital onboarding. Fortunately, AI can help. Many companies are using AI-driven identity verification technology to effectively spot fake IDs or digital identities. For these companies, this technology has become a “must-have,” especially in regulation-heavy industries like banking and financial services.
One thing is certain with the rise of fake digital identities: deepfakes can potentially erode trust in business and society. Thus, this is a challenge for companies to ensure every identity is verified at every turn.