Deepfake technology has become an alarming tool in the world of fraud, posing significant threats to individuals and businesses alike. According to a recent report by Experian, deepfakes, along with other scams such as identity theft and fake charity schemes, are among the biggest scams projected to target people and organizations in 2024.
Generative artificial intelligence (AI) has enabled fraudsters to create deceptive content, including altered videos, voice recordings, and even fraudulent websites, that can mislead individuals and manipulate their actions. This rise in deepfake content has made consumers and businesses more vulnerable to attacks and has paved the way for a “do-it-yourself” approach to fraud.
With over 65% of Americans stating that they have encountered altered videos and images intended to mislead, it is evident that deepfakes have become a pervasive issue. However, Experian’s report provides insights into the various fraud threats that individuals and businesses should be vigilant about in the coming year.
AI scams, including deep fakes and stolen identities, rank as the top concern. The accessibility of generative AI has not only escalated the production of deepfake content but has also allowed fraudsters to engineer social engineering schemes and create fake online identities. This manipulation can lead unsuspecting individuals to lose hundreds or even thousands of dollars.
Another area of concern highlighted in the report is the vulnerability of in-person banking. While digital banking has become increasingly popular, many individuals are returning to credit unions and bank branches to ensure their safety and avoid online security risks. However, the report suggests that banks need to enhance their identity verification methods, as current checks are susceptible to human errors and lack the use of biometrics.
Furthermore, the rise of online shopping has given rise to increased retail fraud, such as empty returns. Fraudsters have devised cunning methods, where customers claim to have returned products that have gone missing in transit, causing businesses to suffer both financial losses and loss of goods.
Additionally, synthetic identity fraud has resurfaced during the pandemic. Fraudsters have created dormant accounts, only to exploit them later and steal funds. Lastly, scams involving fake crowdfunding campaigns and charity schemes that tug at the heartstrings of individuals are also set to surge in the coming years.
As technology advances, fraudsters are becoming more sophisticated, leaving both businesses and consumers at risk. Kathleen Peters, Chief Innovation Officer at Experian Decision Analytics in North America, emphasizes the need for a multilayered approach to identity verification and fraud prevention strategies that leverage the latest technology available.
To protect against these evolving fraud threats, it is crucial for individuals and businesses to stay informed, be vigilant, and implement robust security measures. By understanding the risks and adapting to changing technologies, we can defend ourselves against the rise of deepfakes and other fraudulent schemes in 2024 and beyond.
FAQs on Deepfake Technology and Other Fraud Threats
1. What is deepfake technology?
Deepfake technology refers to the use of generative artificial intelligence (AI) to create deceptive content, such as altered videos, voice recordings, and fraudulent websites. It allows fraudsters to manipulate individuals and deceive them into taking certain actions.
2. How are deepfakes and other scams projected to target people and organizations?
According to a report by Experian, deepfakes, along with identity theft and fake charity schemes, are among the biggest scams expected to target individuals and organizations in 2024.
3. What are the main concerns regarding deepfakes and AI scams?
The accessibility of generative AI has led to an increase in deepfake content and the creation of fake online identities. This, along with social engineering schemes, poses a significant threat to individuals and businesses in terms of monetary loss and manipulation.
4. What is the vulnerability of in-person banking?
Although digital banking has gained popularity, some individuals are returning to credit unions and bank branches for safety reasons. However, the report suggests that banks should enhance their identity verification methods to address human errors and lack of biometrics, which make current checks susceptible to fraud.
5. How has online shopping contributed to retail fraud?
The rise of online shopping has led to increased incidences of retail fraud, such as empty returns. Fraudsters manipulate the system by claiming to have returned products that are missing in transit, causing financial losses for businesses.
6. What is synthetic identity fraud?
Synthetic identity fraud involves the creation of dormant accounts by fraudsters. These accounts are later exploited to steal funds, leading to financial loss and potential harm to individuals affected.
7. What types of scams are expected to surge in the coming years?
The report highlights that scams involving fake crowdfunding campaigns and charity schemes are expected to increase in the coming years. These schemes prey on individuals’ emotions and can lead to significant financial losses.
8. What measures can individuals and businesses take to protect themselves?
It is crucial for individuals and businesses to stay informed, be vigilant, and implement robust security measures. This includes staying updated on the latest fraud threats, adopting a multilayered approach to identity verification, and leveraging technological advancements in fraud prevention strategies.
For more information on fraud prevention and identity protection, you can visit Experian’s website at www.experian.com.
The source of the article is from the blog elblog.pl