Have you fallen for a deepfake yet?

It’s getting harder and harder to tell what’s real and what's fake in today’s digital world and the rapid advancement of technology. An alarming trend is the increase in "deepfakes”.

These AI-generated audio and video clips are now so realistic they have the potential to fool anyone. They're being used to spread fake news, impersonate others, and even carry out financial fraud.

The better news is that they are not infallible and there are steps that you can take to keep your guard up, as this article will now explain.

Recent deepfake incidents

The misuse of deepfake technology has spanned everything from political deception to elaborate financial crimes.

Earlier this year, a Hong Kong employee was deceived into believing they were on a video call with their boss, leading to a transfer of HK$200 million (£20 million) to criminals¹. Another case in December 2023 saw scammers in Australia using deepfake videos of government officials to promote a fake investment scheme².

New threats are also surfacing, including malware that steals personal data like biometric facial profiles, which can then be used to create tailored deepfakes for identity theft and fraud³. It’s a grim reality we now face.

“The sophistication of deepfakes is growing, and with it, the threat to individuals everywhere,” cautions Tessa Bosschem, a Cyber and Information Security Specialist at Barclays Private Bank. 

“These fake videos and audio clips can manipulate reality, but many people are still unaware of the danger. And as AI technology only gets better, we can expect to see even more realistic and convincing deepfakes in the future.”

Things to be wary of and how to protect yourself

When deepfakes target you directly, the risks can be significant, as impersonation may lead to financial loss and reputational harm.

But regardless of whether these deepfakes involve you, your friends, celebrities, unfamiliar individuals or even your financial adviser, the warning remains the same: you need to be vigilant against financial fraud, blackmail, identity theft and investment scams.

To ensure your safety against these potential threats, it’s important to remain alert during both your online interactions and phone conversations.

• Always exercise caution: Be wary of unexpected calls, emails, or messages – even those that appear to come from friends or family.
• Listen carefully: Pay attention to tone, background sounds and behaviour. Look out for strange pauses or accents that don’t match.
• Verify information: If something feels off, don’t hesitate to reach out to a friend or colleague for a second opinion.
• Secure your accounts: Use strong, unique passwords and enable two-factor authentication whenever possible.
• Stay updated: Keep yourself informed about the latest deepfake threats and learn how to recognise them.

“Follow these guidelines and think about reaching out to a security expert to assess your risks and protect your safety,” recommends Bosschem.

What to do if you’re in a deepfake video?

What should you do if you find yourself in a deepfake video? Realising you’ve been targeted can be extremely upsetting.

To protect yourself and minimise the risk of it happening again, be careful about what you share online. Limit the sharing of personal information, especially high-quality images and videos, to make it more difficult for scammers to create realistic deepfakes. Adjust your privacy settings and only connect with trusted individuals.

“Being a victim of a deepfake can shake your confidence and leave you feeling powerless,” adds Bosschem. “If you find yourself in this situation, make sure you document everything, report the content, and consider seeking legal advice. Recovery includes pursuing justice and finding the support you need.”

Staying aware and exercising caution

While deepfakes are alarming, it’s important to remember that they remain relatively rare. You can greatly minimise your risks by maintaining awareness and exercising caution. 

“High-net-worth individuals are particularly susceptible to deepfake scams,” warns Bosschem. “However, you can safeguard yourself by being vigilant, informed and taking proactive measures.”

And if you’re ever in doubt about an email or call from your bank, feel free to delete it or to hang up. 

You can always call your bank back (or email) through the formal channels, to confirm the authenticity of any message you’re unsure about. Caution should be the name of the game.

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