Deepfakes can be used to bypass biometric verification that is part of the bank’s KYC vetting process. This article looks at deepfakes as a form of identity theft, how they can abet financial fraud and how the situation can be remedied.
Deepfakes have introduced new
identity management challenges for financial institutions. Especially, deepfakes can be used to bypass biometric verification that is part of the bank’s know-your-customer (KYC) vetting process. This article looks at deepfakes as a form of identity theft, how they can abet financial fraud and how the situation can be remedied, based on Sensity’s State of Deepfakes 2024 report.
What are deepfakes
Deepfakes are AI-generated video clips or images depicting individuals that aren’t really them. Deepfakes are often used in scams, propaganda, political subversion and other similar ...