Combatting Deepfakes and Phishing in Finance

This white paper discusses the challenges and threats posed by generative AI, particularly in the finance sector. It outlines how criminals exploit AI technologies to commit fraud, including deepfakes and phishing schemes. The document presents alarming statistics, such as the $10 billion lost to fraud in 2023, with significant contributions from imposter scams and business email compromise (BEC). It details the evolution of deepfakes, which have become sophisticated enough to deceive even experienced professionals. The paper emphasizes the need for finance leaders to adopt proactive measures, such as educating employees about identifying deepfakes and monitoring data patterns for irregularities. Additionally, it suggests restricting the use of generative AI in workplaces to mitigate risks. The document concludes by highlighting the ongoing arms race between those using AI for malicious purposes and those working to counteract these threats, urging finance professionals to stay informed and vigilant.