From Bank Accounts to Dating, You Can Suffer Losses Because of Deepfake

Deepfakes, originally used in the film industry, can turn out to be detrimental to other aspects. Deepfake is a fake photo, video, and audio reproduced from its original source using artificial intelligence (AI). Because deepfake content closely resembles the original, it becomes a threat in our daily lives, ranging from finances to online dating. Here are the losses of deepfake that may occur in your life.

1. Financial Industry (Fintech)
Imagine if your account were hacked because someone created a false identity in your name? It can happen because of deepfake. In the financial industry where privacy and data security are crucial, the emergence of deepfake raises concerns about identity theft, transaction fraud, and other financial manipulation. Deepfake allows fraudsters to use fake photos, videos, or recordings to request fund transfers, illegally access accounts, or commit identity fraud.
2. E-commerce

The world of e-commerce heavily relies on visual content in sales and transactions with consumers. Sumsub reports that any industry related to consumers is highly vulnerable to content-based synthetic or deepfake fraud. Thus, e-commerce becomes a vulnerable target for deepfake attacks. Criminals can use deepfake to impersonate sellers or buyers and then conduct fake transactions. The danger of deepfake in e-commerce potentially harms both sellers and buyers, and it can damage consumer trust in e-commerce platforms.

Have you ever been a victim of online dating when someone's photo on the app differs from reality? According to the Times of India, the use of deepfake in online dating in India is on the rise. Tenable reports that 66% of people are victims of online dating fraud in India. In 2023, 43% of Indians became voice fraud victims, and 83% of them lost money. Although not all of them are due to deepfake, deepfake has significant implications for online dating platforms. Deepfake is usually used to deceive victims in terms of appearance and personality. Moreover, dating involves personal emotions, so those who are not careful can become victims.

The healthcare and pharmaceutical sectors are not immune to deepfake threats, ranging from fake news about drugs and vaccines to the manipulation of medical records. This can cause public panic, misdiagnosis, or improper medication use. The healthcare industry needs to educate the public and verify information to address this issue. In this regard, legal protection is essential to enforce compliance with privacy regulations, prevent the spread of false medical information, and protect healthcare data.

As part of the data protection solution, VIDA offers the latest technology development, namely VIDA Deepfake Shield. In this case, VIDA has been strengthened with the ability to control the entire process in the biometric system, so that even the smallest fraud loopholes can be quickly prevented. Facing evolving cyberattacks, adopting solutions like VIDA Deepfake Shield is no longer an option but a necessity.

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