Fraudsters are reportedly utilising Artificial Intelligence to create deepfake videos featuring trusted figures, in an attempt to scam victims. These videos can effectively manipulate the words of individuals, directing people towards websites designed to collect personal and financial information.
In some instances, targets have been tricked into parting with cash for fraudulent investment schemes. It's well known that scammers use recognisable faces, such as Martin Lewis, Lorraine Kelly or Dragons' Den investors, in online ads to target victims. However, fraudsters are now exploiting AI to advance their scams by creating videos with manipulated voices. Santander has highlighted a significant lack of awareness around this issue, with new data revealing that 53 percent of people either haven't heard of the term 'deepfake' or don't fully understand what it means.
The same research discovered that only 17 percent of people are confident they could easily identify a deepfake video. The bank's research also found that 54 percent are concerned about deepfakes being used for fraud, with 51 percent worried that a family member could fall victim to a deepfake scam. To raise awareness, Santander is creating its own deepfake videos featuring financial influencer Mr Money Jar, Timi Merriman-Johnson, and Santander fraud lead Chris Ainsley, demonstrating just how realistic they can be. These videos will be shared on social media.
A deepfake is a digitally manipulated representation of a real person, created using artificial intelligence (AI), that convincingly misrepresents an individual or organisation. Fraudsters can easily create these deepfakes with the help of generators and software, using authentic footage or audio of their intended victim, often sourced from online platforms or social media.
Chris Ainsley, Head of Fraud Risk Management at Santander, warned: "Generative AI is developing at breakneck speed, and we know it's 'when' rather than 'if' we start to see an influx of scams with deepfakes lurking behind them. We already know fraudsters flood social media with fake investment opportunities and bogus love interests, and unfortunately, it's highly likely that deepfakes will begin to be used to create even more convincing scams of these types."
"More than ever, be on your guard and just because something might appear legitimate at first sight doesn't mean it is. Look out for those telltale signs and if something or someone appears too good to be true, it's probably just that."
According to the bank's research, 54 percent of people are worried about deepfake technology being used to steal money, a higher percentage than the 46 percent who are concerned about its potential use in manipulating elections. A significant 78 percent anticipate fraudsters utilising this technology, while 59 percent admit they have become more suspicious of things they see or hear due to the rise of deepfakes.
The online 'finfluencer' Timi Merriman-Johnson, known as @mrmoneyjar, voiced his concerns saying: "The rate at which generative AI is developing is equal parts fascinating and terrifying."
"It is already very difficult to spot the difference between deepfake videos and 'real' ones, and this technology will only get better from this point forward. This is why it's very important for users to be aware of the ways in which fraudsters use technology like this to scam people. If something sounds too good to be true, it probably is. People don't tend to broadcast lucrative investment opportunities on the internet."
"If you are ever in doubt as to whether a company or individual is legitimate, you can always search for them on the Financial Conduct Authority Register."
Advice on how to protect oneself against deepfake scams includes being vigilant for imperfect elements like mouth blurring, unnatural blinking, or strange reflections. As the quality of deepfakes continue to improve, assessing the context becomes crucial, it is important to question the reality of offers that appear overly advantageous or situations demanding dishonesty towards one's family or bank.
Be aware of the types of scams where deepfakes are likely to be used. Criminals are likely to use deepfakes in investment scams and impersonation fraud, including romance scams. By knowing the telltale signs of these scams, you'll be able to spot them - even if a deepfake has been used.
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