As technology progresses, artificial intelligence (AI) is reshaping our lives, bringing significant benefits but also exposing us to new and sophisticated online threats. Among the more troubling developments is the rise of deepfake scams, where AI is used to create hyper-realistic fake photos, videos or audio. These scams, which exploit human emotions and trust, have become a serious threat, especially in the financial sector, where they are used to manipulate and defraud individuals.
Sridhar Trimala, Co-CEO of Jukshio, an AI-driven verification platform, notes that approximately 3% of KYC fraud cases already involve deepfakes—a number likely to grow if detection methods don’t evolve quickly. “Deepfakes for photographs are especially problematic because fraudsters can easily access and alter images from social media or other public sources. This ease of access makes it challenging to detect fraudulent identities in digital KYC cases, as AI-generated images or videos can evade many current security checks,” said Trimala.
Outside the realm of financial institutions, deepfake scams are also targeting individuals directly. By imitating a person’s voice or image, fraudsters can create convincing distress calls to friends and family. Imagine receiving a video or voice call from a loved one pleading for immediate financial help. The video may look and sound authentic, making it hard to dismiss. The emotional manipulation in these scams is potent, and many unsuspecting individuals have fallen victim to these requests, transferring funds to fraudsters without realizing the deception.
Given how sophisticated deepfake technology has become, identifying these scams is challenging but not impossible. One red flag in video deepfakes is a mismatch between audio and video. “In case of a video deepfake, there is often a lag between the voice and video. Look out for any long pauses during the call. Don’t respond to distress calls immediately. While it is emotionally distressing to find out your loved one is in trouble and needs immediate monetary help, always check with the concerned person. This can greatly reduce your chances of falling victim to such a scam,” said Adhil Shetty, CEO, BankBazaar.com.
Moreover, if you are contacted by someone claiming to represent a business or organization, ask for an official follow-up. Request an email from the company’s official domain, which adds a layer of security. Fraudsters often avoid official channels that leave digital traces, so this step can help expose a scam. Another layer of protection lies in limiting what you share on social media. Every photo, video, or audio clip shared publicly can be harvested by fraudsters to create fake versions of your likeness. Make your social media profiles private, restrict access to friends only, and avoid accepting requests from unknown people. Personal details shared online can become material for deepfake scams targeting you or your family.
With the rapid evolution of AI, it’s essential to stay updated on new scam tactics. Learning about recent deepfake methods can help you spot attempts before they escalate. In addition to being cautious on calls, seek out deepfake detection tools, which can verify video authenticity.
Today’s tools offer varying levels of reliability, but ongoing developments are making them better at identifying doctored media. Falling victim to a deepfake scam can be both emotionally and financially devastating. By understanding the nature of these scams and following cautious practices, you can shield yourself and your loved ones from becoming targets. As AI technology advances, skepticism and vigilance are your best defenses. And as always, think twice before reacting to urgent requests from unfamiliar numbers—especially if the voice or video on the other end seems just a bit too perfect.
