Episode 439 - Deepfake fraud threats to financial institutions

Cyber Security Weekly Podcast

Group-IB has released a fascinating case investigation on deep fake fraud.

Group-IB’s Fraud Protection team published a report on how threat actors use deepfake technology to bypass biometric security in financial institutions, including facial recognition and liveness detection. It also details how they recently assisted a major Indonesian financial institution in identifying over 1,100 deepfake fraud attempts.

Criminals used AI-generated deepfake photos to bypass the institutions digital KYC process. Fraudsters are increasingly using deepfake technology to bypass biometric security systems in financial institutions. These criminals are using AI-altered deepfake images, emulators, app cloning, and even virtual cameras to breach multiple layers of security.

We speak with Yuan Huang, Group-IB’s Cyber Fraud Analyst for APAC and discuss the significant social and financial impact of deepfake fraud, with recent losses in Indonesia alone estimated at $138.5 million USD.

The advanced deepfake techniques include app cloning, AI-powered face-swapping and virtual camera applications and we discuss the growing challenges financial institutions face in detecting AI-driven deepfakes and proactive measures financial institutions must take to mitigate risks caused by evolving deepfake technology.

For more information visit https://www.group-ib.com/blog/deepfake-fraud/

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