Unmasking Deepfake Fraud: Protect Your Financial Transactions Now
11 July, 2025
Synopsis
Deepfakes are used to manipulate financial transactions.
Scammers may synthetic media frauds including face swapping or voice cloning to manipulate data.
By keeping yourself aware of deepfake scams, you are better equipped to prevent them.
A deepfake is a synthetic video or audio file created using artificial intelligence (AI) that can mimic a real individual. This technology can clone voices, facial expressions and even movements. Deepfakes blur the lines between reality and fiction which can make it difficult for you to discern legitimate transactions from fraudulent ones. In this article, we will explore how scammers are using deepfake in financial institutions to steal data.
How Scammers Use Deepfakes in Financial Fraud
Scammers may use deepfakes in financial fraud in various ways:
Face Swapping
Today, many financial institutions tend to rely on video calls for identity verification. Scammers can use deepfake videos to impersonate you or someone else, allowing them to pass these checks without raising suspicion. They can trick the system into thinking they are you, access your accounts or make financial decisions on your behalf.
Voice Cloning
With the rise of voice-activated banking systems and payment authorisation via phone, scammers can use audio deepfakes to mimic your voice. If a financial institution calls you to verify a transaction, deepfake technology could allow fraudsters to generate audio clips that sound exactly like you. This can be used to bypass voice-verification systems, giving scammers access to your funds.
Scammers also use deepfake technology to impersonate bank officials or financial advisors. Imagine receiving a video or voice call from someone who appears or sounds to be your bank’s representative, offering you a special promotion or requesting urgent information about your account. This convincing impersonation could lead you to disclose sensitive data.
How to Watch Out for Deepfake Fraud in Financial Transactions
Given the advanced nature of deepfake technology, identifying fraud is not always easy. However, there are some steps you can take to protect yourself and spot potential scams:
Double-Check Unusual Requests
If you receive a video call, email, or phone call from someone claiming to be from your bank, always verify their identity by calling the official bank number. Never trust someone asking for sensitive information or approval of a transaction without verifying through trusted channels first.
Monitor Your Accounts Regularly
Keep a close eye on your accounts. Set up alerts for any unauthorised transactions, even small ones. By staying vigilant, you can catch fraudulent activity early and notify your bank before it goes too far.
Use Multi-Factor Authentication (MFA)
Multi-factor authentication adds an extra layer of security by requiring more than just a password to access your accounts. Most banks offer this feature, which might include biometric verification, a one-time password (OTP) or additional security questions.
Question Video and Audio Communication
With deepfakes becoming more common, it’s critical to be skeptical of video and audio communications involving financial transactions. If your bank or any financial institution requests information via these channels, ensure the communication comes from an official source. Even if the video looks convincing, it’s safer to confirm details directly through trusted methods like a phone call or in-person visit.
Stay Alert and Safeguard Yourself from Deepfake Threats
Due to the almost-realistic nature of a deepfake scam, it is easy to fall victim to it. The best thing you can do to protect yourself is to stay on top of your finances and educate yourself about the latest scams.
Join Vigil Army, where Vigil Aunty will decode various frauds and give people a heads-up on the dos and don’ts of combating frauds online. To join the Vigil Army, send ‘Hi’ to her via WhatsApp number: 7290030000.
*Disclaimer: Terms and conditions apply. The information provided in this article is generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances.
