Generative AI is expected to magnify the risk of deepfakes and other fraud in banking

Deloitte's 2024 report highlights the escalating threat of deepfake-enabled fraud in the banking sector, exacerbated by advancements in generative AI. The report notes a 700% surge in deepfake incidents within financial technology in 2023, underscoring the increasing sophistication of fraudulent schemes.

To combat these evolving threats, the report recommends that banks: Invest in AI and Detection Technologies: Implement advanced systems capable of identifying and mitigating fraudulent activities. Enhance Employee Training: Educate staff to recognize and respond to potential deepfake threats. Develop Robust Policies: Establish comprehensive procedures to address and manage deepfake-related incidents.

By adopting these measures, financial institutions can strengthen their defenses against the growing risks posed by deepfake technologies.

Read the full analysis to learn more.