Deepfakes are becoming a clear and present danger for financial institutions and they need robust strategies to protect their integrity and customer trust, says Daniel Isaacs, chief commercial officer at Comcorp.
Deepfake scams have targeted 64% of finance professionals in the UK and USA, according to the. These AI-generated deepfakes, perfect digital replicas of C-suite executives and financial decision-makers, are being used by cyber criminal organisations to authorise false transactions and access institutions, causing immense reputational and financial damage.
Isaacs believes the first step is to introduce a reliable biometric detection method capable of running any digital video against biometrically captured data to ensure the person on the call is not a digital replica.
“Protecting against deepfakes includes layering your processes with multiple checks and balances, all designed to make it increasingly complicated for fraudsters to pull off a successful scam,” says Isaacs. “Incorporate user identity and accessibility checks, introduce seamless customer biometric identity verification systems that don’t feel intrusive but do offer increased trust, and invest in processes that prioritise the protection of customer and corporate data.
“Companies need a strict onboarding process that asks for both biometric and physical proof of identity; that way, security systems can immediately verify someone’s identity,” suggests Isaacs. “They also need to introduce technology designed specifically to ensure seamless authentication and verification.
Daniel Isaacs Comcorp Fintechs Kaspersky Biometric Identity Verification Proof Of Identity
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