Deepfake scams could make millions, cybersecurity experts warn of growing threat

Deepfake scams have become a major threat, with criminals using generative AI to manipulate videos, audio and images of real people, causing huge financial losses, and experts warn that the situation is likely to get worse as AI technology continues to evolve.

what happenedThe rise of deepfake scams has caused businesses around the world to lose millions of dollars, and cybersecurity experts warn that the situation could get worse as criminals increasingly use generative AI for fraudulent activities, according to CNBC.

In one high-profile case earlier this year, a financial professional in Hong Kong was defrauded of more than $25 million by a fraudster who used deepfake technology to impersonate a colleague during a video call. The case, involving British engineering firm Arup, is just one example of the growing threat of deepfake fraud.

David FairmanThe chief information security officer at cybersecurity firm Netskope believes the surge in these threats is due to the popularity of OpenAI's ChatGPT, which has popularized generative AI techniques.

“The public availability of these services has lowered the barrier to entry for cybercriminals and they no longer require special technical skills,” Fairman said.

Arup, the company involved in the Hong Kong attacks, acknowledged that “fake audio and imagery” were used and that “the number and sophistication of these attacks has increased sharply in recent months”.

Related article: Mark Gurman says latecomer Apple could become the biggest AI company overnight — and how Cupertino can rise to the top

Such scams are not new: In 2019, the CEO of a British energy supplier transferred 220,000 euros ($238,000) to a fraudster who digitally impersonated the head of the parent company.

Last year, researchers at Google-owned cybersecurity firm Mandiant documented several cases of bad actors using AI and deepfake technology for phishing scams, disinformation and other illicit purposes.

Jason HoggA cyber security expert, Great Hill Partnerspoints out that deepfakes featuring top company executives could be used to spread false information, manipulate stock prices, damage a company's reputation or sales, and spread harmful disinformation.

Why is this important?The rise of deepfake scams comes as concerns grow over election misinformation, particularly in Asia.

The use of deepfake technology for fraud has also become a hot topic in the tech industry. Meta Deepfake video of the president has forced policy review Joe Biden It was distributed on the company's platform.

The potential for deepfake technology to be used for malicious purposes has also drawn attention in the entertainment industry. Taylor Swift Becoming a victim of deepfake videos.

Read next: Steve Jobs and Tesla CEO biographer says Elon Musk is in a league of his own: “He's a serial tasker.”

Image credit: Unsplash

This story was produced by Benzinga Neuro. Kaustubh Bagalkote