Deepfakes as credit risks
It’s not just cybersecurity experts who are warning about the business risk from deepfakes. In May, credit rating agency Moody’s issued a warning about deepfakes, saying they were creating new credit risks. The Moody’s report details a number of phishing scams, including fake video calls, that have targeted the financial sector over the past two years.
“Financial losses caused by deep-pocketed fraud are rapidly emerging as a prominent threat to this emerging technology,” the report said. “Deepfakes can be used to create fake videos of bank officials, corporate officials, or government officials to facilitate financial transactions or commit payment fraud.”
Serious scams are already happening, but the size of the problem is difficult to estimate, said Jake Williams, a faculty member at IANS Research, a cybersecurity research and advisory firm. In some cases, scams go unreported to protect the victim’s reputation, and in other cases, victims of other types of scams may suspect deepfakes as a convenient cover for their actions, he says.
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