Finance has become a top target for deepfake-enabled fraud in the KYC process, undermining the integrity of identity-verification frameworks that help counter-terrorism financing (CTF) and anti-money laundering (AML) systems.
Experts have found a rise in suspicious activity using AI-generated media, highlighting that threat actors exploit GenAI to “defraud… financial institutions and their customers.”
Wall Street’s FINRA has warned that deepfake audio and video scams can cause losses of $40 billion by 2027 in the finance sector.
Biometric safety measures do not work anymore. A 2024 Regula research revealed that 49% businesses throughout industries such as fintech and banking have faced fraud attacks using deepfakes, with average losses of $450,000 per incident.
As these numbers rise, it becomes important to understand how deepfake invasion can be prevented to protect customers and the financial industry globally.
More than 1,100 deepfake attacks in Indonesia
Last year, an Indonesian bank r
[…]
Content was cut in order to protect the source.Please visit the source for the rest of the article.