Deepfake technology presents an increasing threat, with nearly half of businesses experiencing audio and video deepfake fraud. These sophisticated scams can lead to significant financial losses. CIOs and IT decision-makers must act now to prioritise the integration of advanced identity verification (IDV) solutions and voice security protocols to detect and prevent deepfake fraud and protect their organisations from financial and reputational damage.
Why You Should Care
- Rising threat of deepfake voice fraud. AI-generated voice scams are surging, with 31% of U.S. consumers encountering deepfake fraud calls, resulting in average losses of $539 per victim. Businesses are equally vulnerable, with 66% of leaders believing that deepfakes pose a serious threat to their business. Additionally, financial institutions and large enterprises have lost nearly $450,000 per business to deepfake-enabled fraud.
- Growing sophistication of cyber criminals. The accessibility of generative AI has made deepfake creation easier, with nearly 50% of businesses experiencing both audio and video deepfake fraud. Criminals are bypassing traditional authentication methods by leveraging voice impersonation to exploit biometric-based identity verification.
- Regulatory and financial implications. Global regulations are evolving to hold businesses accountable for security lapses. In Singapore, proposed frameworks may require organizations to compensate customers defrauded by AI-driven scams. Failure to implement robust verification and fraud detection measures could lead to legal repercussions and increased compliance costs.
- Lack of trust in enterprise telephony. With 75% of Americans refusing to answer unknown calls due to scam concerns, organizations relying on voice communication are facing an operational crisis. Spoofed calls erode customer trust, and enterprises must counter this by deploying caller authentication solutions.
What You Should Do Next
To combat deepfake fraud effectively, IT leaders must implement multi-factor authentication (MFA) and biometric verification methods such as image scans and fingerprints, integrating AI-driven fraud detection and voice liveness verification to detect fraudulent attempts. Assess the most imminent threats to your business and identify the most effective tools to address them in consultation with a trusted advisor. Additionally, fostering awareness by training employees and customers to recognise deepfake threats can prevent social engineering attacks,
Get Started
- Evaluate your current security infrastructure and identify vulnerabilities to deepfake attacks.
- Establish partnerships with analytics providers and carriers to enhance voice security and outbound voice traffic.
- Stay informed about the latest deepfake detection technologies and adapt your security measures accordingly.