Deepfakes – Can they harm your business?

Deepfakes are a form of synthetic media that use artificial intelligence (AI) to create realistic graphics, videos, or audio recordings of people saying or doing things they never said or did.

Irish SMEs are not immune to the growing threat of deepfakes, which are sophisticated AI-generated videos or audio recordings that can be used to impersonate people.

These malicious creations can damage the reputations of SMEs, erode customer trust, and even lead to financial losses.

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While deepfakes can be used for legitimate purposes, such as entertainment and education, they are also increasingly being used for malicious purposes, such as commercial scams.

There are several different types of commercial scams that use deepfakes.

Some of the most common include:

CEO fraud

In this type of scam, scammers create a deepfake video of a company’s CEO authorising a fraudulent transaction.

The scammers then send the video to an employee of the company, who is tricked into approving the transaction.

Tech support scams

In this type of scam, scammers create a deepfake video of a tech support employee from a well-known company.

The scammers then call victims and pretend to be from the tech support company.

They then convince the victims to give them remote access to their computers, which the scammers then use to steal personal information or install malware.

Investment scams

In this type of scam, scammers create a deepfake video of a financial expert or celebrity endorsing a fraudulent investment scheme.

The scammers then use the video to lure victims into investing in the scheme.

Did You Know? Irish businesses lost an estimated €20 million to deepfake scams in 2022.


How to Protect Your Business from Deepfakes

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There are a number of things that businesses can do to protect themselves,

  • Educate employees – Make sure your employees are aware of what deepfakes are and how they can be used to scam people.
  • Implement multi-factor authentication (MFA): This can help to prevent scammers from gaining access to accounts even if they have a deepfake video of the account owner.
  • Use deepfake detection technology – These technologies can be used to scan videos and other media for signs of manipulation.
  • Monitor social media – Keep an eye on social media for deepfakes that may be targeting your company. If you see a deepfake of your CEO or another company executive, report it to the social media platform immediately.


The Future of Deepfakes

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Deepfakes are a rapidly evolving technology, and it is likely that they will become even more sophisticated in the future.

38% of European businesses have been targeted by deepfake scams over the past 3 years.

This means that businesses will need to be even more vigilant in protecting themselves.

In addition to the tips above, businesses can also consider:

  1. Partnering with a cybersecurity firm – A cybersecurity firm can help your business to develop a deepfake detection and mitigation plan.
  2. Conduct regular security audits – Regular security audits can help to identify vulnerabilities in your systems that could be exploited by scammers.
  3. Stay up-to-date on the latest deepfake threats – The landscape of deepfake threats is constantly evolving, so it is important to stay up-to-date.

By following these tips, businesses can help to protect themselves from such cyber threats.

Deepfakes are a serious threat to businesses of all sizes.

By taking steps to protect themselves from deepfakes, businesses can help to protect their reputation, their customers, and their bottom line.

We hope that you enjoyed our blog regarding Deepfakes and how to protect your business, and if you want to discuss any of the above points further – please get in touch.

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