Cybercrime is developing at an incredibly rapid pace, and an incredibly daunting thing that can instill fear in individuals and corporate alike is the word “deepfakes.”
In this age where digital ID verification and biometric technology are used for consumer transactions and account security, having a hacker copy your vital details can be quite frightening. Unfortunately, the increasing reliance of businesses and individuals on smartphones, computers, and digital systems has left many vulnerable to the threat of deepfakes.
The question is, how worried should business owners be about deepfakes?
To best understand just how threatening deepfakes can be, it’s critical to establish what they actually are.
A deepfake refers to a manipulated video or other forms of digital representation produced by sophisticated artificial intelligence (AI). Through AI technology, malicious third parties can create false representations that lead to fabricated images and sounds that appear real. Deepfakes can be used to defraud on a small or large scale.
Currently, video deepfakes are arguably the most common manifestation because the software has become relatively accessible. However, modern advancements in technology have allowed fraudsters to start using audio deepfaking that can be used for verification measures and transactions.
How Deepfakes Are Used
At this time of writing, deepfakes are more prevalent than ever, and they come in the form of various violations of privacy which are both troublesome and insightful.
Manipulated photos of celebrities and famous public figures in the public domain are incredibly popular right now. The most common examples are warped versions of existing footage of figures like Barack Obama, Vladimir Putin, and Tom Cruise—generally playful examples that display the potentially darker side of deepfake technology.
One significant example of deepfaking as a means to defraud occurred in the United Kingdom in 2019. According to reports, criminals used deepfake audio technology to target a U.K.-based energy firm. The perpetrator impersonated a chief executive’s voice to demand a fraudulent transfer of €220,000 from a company executive. Unfortunately, the cybercriminals were partly successful in their effort. This shows just how effective fraudsters can be at using AI to target anyone they want.
How to Protect Your Firm Against the Threat of Deepfakes
After reading all about deepfakes and the kind of damage that they can do to an unprepared business, you may be wondering how you can protect yourself from this threat.
One thing you need to look at is using multi-factor authentication to protect your identity. This will be your best friend in keeping yourself and your firm safe from cyber attacks. With a combination of your voice, facial recognition, and a unique PIN code, you can keep your biometric identity protected because faking all three in the same instance is virtually impossible.
Beyond undertaking individual measures to protect your biometric identity, data, and company, it’s ideal that you enlist the services of a brand protection company to assist you.
With deepfakes on the rise and terrorising businesses both big and small, you must start taking the necessary steps towards protecting your company and all of its valuable data. Once you begin to work towards building a robust security strategy around your firm, you’ll be able to avoid any biometric identity threat in the future!
We’re an Australia based, global digital brand protection company specialising in helping businesses all over the world with our anti-phishing, anti-piracy solutions, and cyber-attack prevention services. Get in touch with us today to learn more about how we can help keep your business safe online!