Deepfakes have already disrupted the consumption of mass media as we know it. Scammers are creating deepfakes of popular celebrities and famous figures in a bid to defraud innocent individuals on multiple platforms.
And, as we head into 2024, an election year, the looming threat of deepfakes is only going to get worse. It’s imperative for organizations and individuals to come up with a strategy to combat misinformation and fraud in 2024 and invest in technology to neutralize this attack vector in 2024.
But, as we bring down the curtains on this year and head into 2024, here are some interesting things that you should know about deepfakes.
More Investments in AI Expected in 2024
According to a report by McKinsey, 40% of business respondents are expected to make further investments into AI and cybersecurity, and 28% have already made it a hot topic for their business agendas going into the new year.
As generative AI becomes a household term, cybersecurity professionals also expect to see a rise in different types of phone scams.
We already know just how ruthless scammers can be in their attempts to gain access to someone’s financial information. With the threat of deepfake attacks now becoming clearer, now is the time for companies to invest in AI and protect themselves.
In fact, the government is already taking notice of the evolving landscape. The Deep FAKES Accountability Act, typically known as the “Deepfake Accountability Act,” was introduced as a legislative proposal introduced to address the challenges posed by deepfake technology in 2023.
The Deepfake Accountability Act aims to regulate the creation and distribution of deepfakes, which are sophisticated artificial intelligence-generated images, videos, or audio recordings that make it appear as though someone is doing or saying something they did not.
As we see it, the Deepfake Accountability Act represents a significant step towards addressing the complex challenges posed by deepfake technology. However, it also raises questions about the balance between regulation and freedom of expression, the technical feasibility of enforcing such regulations, and the potential for global enforcement given the borderless nature of the internet.
With the nature of phone scams changing and becoming increasingly more advanced, it’s imperative that companies start investing combating misinformation and fraud and take steps to protect themselves from such attacks.
Deepfake Identity Fraud Doubled from 2022 to Q1 2023
As the year comes to a close, we’ve seen some startling facts come to light. An independent research study conducted by Sumsub showed that deepfake identity fraud scams doubled from 2022 to just the first quarter of 2023.
As new technologies become more accessible, this is only going to rise further (keep in mind we still don’t have all the stats from 2023 yet!).
In September 2023, the NSA, CSI, and CISA joined together to release a Cybersecurity Information Sheet entitled Contextualizing Deepfake Threats to Organizations.
The report was created to help organizations better understand just how powerful deepfakes and the threat of generative AI can be, and it also recommended the use of passive authentication technologies.
For instance, in the contact center space, companies can use passive voice authentication to seamlessly identify callers. This not only saves time, but also helps reduce operational costs in the contact center.
Deepfake Audio Samples are Increasingly Hard to Detect
90% of consumers have raised concerns about deepfake attacks, as revealed in our Deepfake and Voice Clone Consumer Report. But, did you know that most people already have a hard time identifying deepfake audio samples?
According to a study that was recently published on PLOS One, it was revealed that one in four people can’t identify a deepfake from an actual audio sample.
This is a serious concern, especially in industries where data security is of paramount importance. As deepfakes are likely to become more realistic in the near future, companies have to step up and take appropriate measures to protect consumer data.
What Threats Do Deepfakes Pose in 2024?
Deepfakes have escalated the spread of misinformation and propaganda. By creating realistic videos or audio clips, malicious actors can easily fabricate statements or actions of public figures, leading to false information being rapidly spread.
This can have serious implications for politics, where deepfakes could be used to damage reputations, influence public opinion, or interfere with elections.
Rising Cybersecurity Threats
Deepfakes aren’t just hyper-realistic digital manipulations of video content, but scammers are also able to create audio content and gain access to a person’s bank accounts.
The use of deepfakes in cybercrime has risen significantly. Cybercriminals can create deepfake videos or audio of key personnel to gain unauthorized access to secure environments.
This includes using deepfakes for social engineering attacks, where individuals are tricked into revealing sensitive information or transferring funds to fraudulent accounts.
Impact on Personal Privacy
The proliferation of deepfakes presents numerous legal and ethical challenges. Determining the authenticity of digital content has become more complex, complicating legal proceedings and journalistic integrity.
Additionally, the creation and distribution of deepfakes raise questions about the right to privacy, consent, and the ethical implications of manipulating digital content.
Erosion of Trust
In case a contact center is compromised due to deepfakes, one of the biggest challenges that they face is rebuilding consumer trust. In high-security industries like finance and banking, trust is everything.
There have been many cases where hacks have led businesses to being heavily fined and losing long-term relationships with their clients.
Deepfakes contribute to the erosion of trust in media and institutions. As it becomes increasingly difficult to distinguish between real and fake content, public trust in media sources and digital content declines.
Pindrop’s Deep Voice biometric engine can be used to combat deepfake threats in contact centers. It helps companies prevent cybersecurity attacks and can be used to simplify voice authentication in call centers.
Protect Your Organization from Deepfake Attacks in 2024
Pindrop offers advanced deepfake detection, with a 99% detection rate. This can help contact centers in combating the threats posed by generative AI and help minimize the risk of losses. Request a demo today to see how it works!