By providing detailed classifications and structured information about the AI technology, the white paper can help improve industry vigilance and defenses

Based on third party resources about deepfake fraud trends, a non-profit organization that advances cybersecurity and resilience in the global financial system” has published some trends and findings about the cyber threat in a white paper.

First, deepfakes have been found to be an increasing source of financial institutions’ risks, including information security breaches, market manipulation, direct fraud against customers and clients, and reputational harm from disinformation campaigns.

Second, while the threats posed by deepfakes to financial institutions are significant and evolving, financial firms can delve into the AI technology’s workings to determine the threat categories of greatest risk to them and implement controls to mitigate those risks via a holistic, methodical and future-proof approach. The white paper, and follow-up guidance on the taxonomy of deepfakes, can be of use to the global financial services industries.

Third, according to the authors, the path forward lies in strengthening existing controls and processes, and educating employees and customers. Also, addressing deepfake technology requires more than just technical solutions — it also demands a cultural shift. Building a workforce that is alert and aware is crucial to safeguarding both security and trust from the potential threats posed by deepfakes.

According to Michael Silverman, Chief Strategy and Innovation Officer, Financial Services Information Sharing and Analysis Center (FS-ISAC), the organization that published its findings in a white paper for the financial services industry: “The potential damage of deepfakes goes well beyond the financial costs to undermining trust in the financial system itself. To address this, organizations need to adopt a comprehensive security strategy that promotes a culture of vigilance and critical thinking to stay ahead of these evolving threats.”

*a June 2024 business.com web survey of 244 business leaders on deepfake awareness, and a Deloitte prediction of fraud and risk factors in the financial services industry