Just over half of businesses in the U.S. and U.K. have been targets of a financial scam powered by deepfake technology, with 43 percent falling victim to such attacks.
Deepfake technology refers to the use of generative AI to produce fake video footage depicting another person, such as the organization's CFO. A video conference with the false CFO and other employees can deceive true employees into deliver funds to the scammer. Alternatively, the scammer might act as a vendor or supplier who works with the company.
Deepfake software is available on the dark web for anywhere from twenty to thousands of dollars. Organizations should follow three defensive pillars to combat deepfake scams:
- Education – ensure that employees know what a deepfake is, how to spot one, and what steps to take if targeted.
- Process – have checks and balances in place to minimize risk of employees inadvertently making payments to fraudsters, such as requiring two employees to sign off on a transfer
- Technology – tools such as AI and machine-learning can help businesses spot such transactions
Alexei Alexis "Deepfake scams escalate, hitting 53% of businesses" cfodive.com (Sept. 03, 2024).
So, the question for our readers is: Has Your Organization Been Deep Fake Scammed?
Please take the poll. Here is the opinion of one of the McCalmon editorial staff:
Jack McCalmon, Esq.
No, but like everyone else, we have had other social engineering scams hit us; so, it is just a matter of time.
You can answer our poll. Please note any comments provided may be shared with others.
