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Publish Date: February 2025
In a world where seeing is no longer believing, deepfake technology is emerging as a serious threat to personal security and financial well-being.
Through artificial intelligence (AI), deepfakes can produce eerily realistic images, videos or audio recordings that blur the lines between reality and manipulation.
According to a report by Signicat, AI-powered fraud attempts now account for 42.5% of all detected fraud, with nearly one-third successfully executed. Deepfake fraud has skyrocketed by an astonishing 2,137% over the past three years, demonstrating the need for increased awareness and vigilance as this technology spreads. Mike Hamel, Vice President of Technology at Fidelity Bank & Trust, says, “As these deepfake scams become more frequent, it’s important to make sure our customers are aware of what they are and how to protect themselves.”
Deepfake scams often involve impersonating trusted individuals – such as family members, friends or financial advisors – to gain access to personal or financial information. Criminals have used this technology to clone voices, manipulate video calls and even create fake social media accounts to target unsuspecting victims. “The communication used in these scams can be very convincing and hard to spot,” Hamel adds. “Even so, deepfake scams, just like other common fraud scams, are motivated by urgency and can often be accompanied by offers of free items, threats of something bad happening to you or someone you know or promises of something good coming your way like a refund.” It’s important to keep yourself aware by taking the proper precautions.
To help protect yourself and your family, Fidelity Bank & Trust recommends these key steps:
Educate yourself and your family – Understanding what deepfakes are and how they’re misused is the first step to staying safe. Teach loved ones to look for unusual distortions in videos or images, examine content for signs of manipulation and avoid acting on sensational or “too-good-to-be-true” information without verification.
Limit your online footprint – Be mindful of what you share online. Personal photos, voice clips and even casual posts can be used to create convincing deepfakes. Adjust privacy settings on social media to limit who can see and share your content and consider using watermarks on photos to discourage unauthorized use.
Monitor your name and likeness – Set up alerts for your name or image to quickly identify unauthorized use. Identity monitoring tools can also help you track and address misuse.
Leverage advanced security measures – Stay ahead of evolving threats by using technologies such as facial recognition with additional verification steps or identity monitoring software. These tools can help detect and mitigate fraud attempts involving deepfakes.
SLOW DOWN - If a situation does arise, DO NOT react based on fear, excitement, or convenience. Take time to SLOW DOWN, think and verify what you are seeing and/or hearing first before acting.
Confirm source –Again, if a situation arises, ALWAYS confirm the source by using contact information you have on hand and/or can verify. DO NOT use the contact information that is provided in the unexpected communication.
As Deepfake scams continue to rise, financial risks and personal safety concerns remain at the forefront of people’s minds. As Your Hometown Bank, it is of utmost importance to keep you and your finances safe. Stay informed and reduce your risk of being exploited by taking advantage of our financial security resources or by contacting us today!