A recent survey by financial software provider Medius reveals that over half (53%) of businesses in the U.S. and U.K. were targets of financial scams involving “deepfake” technology.
The survey gathered insights from 1,533 finance professionals and found that 85% consider these scams an “existential” threat to their organization’s financial security.
Deepfakes are highly realistic, artificial intelligence-generated images, videos or audio recordings designed to deceive.
As deepfake technology becomes more sophisticated and accessible, its use in financial scams is growing, posing new and significant risks to businesses worldwide.
In response to these escalating threats, the survey emphasizes the importance of a multi-layered defense strategy built on three core pillars: education, process, and technology.