How to Protect Yourself Against Deepfake Attacks in Banking
2 July, 2025
Synopsis
Deepfakes use artificial intelligence to create deceptive audio or video content.
Scammers can use deepfakes to deceive you into providing personal and banking information.
Verify bank communications, secure your accounts with multi-factor authentication and always monitor your bank accounts.
Imagine you receive a call from someone who sounds exactly like a bank representative, asking for critical account details. The voice, the tone and the mannerisms – everything about the person on the other side of the call seems real. However, what if we told you this person isn’t real at all? This is deepfake, a rising threat in the world of banking fraud. Deepfakes, created using advanced artificial intelligence to generate realistic video and audio, are making such deceptions possible. As a bank user, you must know how you can safeguard against deepfake.
What Are Deepfakes and How Are They Used in Banking?
Deepfakes use AI to create deceptive audio or video content, mimicking the appearance or voice of someone else. When it comes to banking, scammers might impersonate a trusted bank representative, a company executive or even someone from your personal life. They can trick you into believing that you're communicating with someone legitimate, when in fact, it's a well-executed fake. With deepfakes, fraudsters can steal account details, initiate unauthorised transfers or manipulate you into giving away sensitive information.
How Deepfakes Can Threaten Your Financial Security
Fraudsters might contact you, posing as a bank officer or someone from your bank’s fraud department. Their request might seem completely normal, asking you to verify a transaction or confirm account information. Because the fake audio or video is highly convincing, you’re more likely to believe it’s real and comply with the request. This is just one of many techniques fraudsters are using to target banks and their customers, making it vital for you to know how to safeguard against deepfakes.
Techniques to Prevent Deepfakes in Banking
Here are measures you can take to keep yourself safe from deepfakes and potentially minimise financial loss:
Verify Every Communication
If you receive a call or video message from someone who appears to be your bank’s representative, be vigilant. Always verify the identity of the caller by hanging up and contacting your bank through official channels. This is a key step in protecting against deepfake attacks in banking.
Be Cautious with Information Sharing
Never share sensitive information, like your account numbers, PIN or OTP, over the phone, email, or through video chat unless you’ve verified the request. Scammers may use deepfakes to manipulate you into providing personal data, but maintaining a strict policy on sharing can protect you.
Use Multi-Factor Authentication (MFA)
MFA provides an extra layer of security that can help prevent unauthorised access to your accounts. Authentication involves the use of two or more factors to verify identity. These factors can include: (i) something you know, like a password or PIN; (ii) something you possess, such as token; and (iii) something inherent to you, like fingerprint or facial recognition.
Stay Updated on Fraud Trends
One of the best ways to protect yourself is to stay informed. Many banks release alerts about emerging threats and scams. Make sure to sign up for these alerts and regularly check news related to deepfake technology and banking fraud. Knowing what to look out for is a vital step in safeguarding banking systems against deepfakes.
Regularly Monitor Your Accounts
By keeping a close eye on your accounts, you can quickly spot any suspicious activity. You can set up notifications for any large transactions or account changes. Early detection can minimise the impact of fraud, whether it’s caused by deepfakes or other tactics.
Stay Vigilant and Protect Yourself Against Deepfake Attacks
Deepfakes represent a new frontier in cybercrime. Protecting yourself from this threat requires a combination of caution, education, and the use of available security tools like multi-factor authentication. Verify every communication, especially those that involve your financial accounts, and make sure you are aware of the latest fraud trends.
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.
