Deepfake fraud attempts grow over 2,000 percent

Financial institutions are facing a significant increase in deepfake fraud attempts, which have grown by a staggering 2,137 percent in the last three years. Data from Signicat based on responses from 1,200 people in the financial and payment sectors across seven European countries, including the UK, shows that account takeover is the leading type of fraud their customers are exposed to, followed by card payment fraud and phishing. It finds that 42.5 percent of fraud attempts detected in the financial sector are now due to AI. Deepfake fraud divides into two categories of attack. Presentation attacks include fraudsters wearing masks… [Continue Reading]