Deepfake, created with artificial intelligence, is a strong threat to banks

Cases of bank scams are growing at a frightening speed in recent weeks – it is almost impossible not to know someone who has been the victim of an attempted or successful robbery. Incidentally, Brazil leads the Latin American ranking of bank revenue losses caused by identity theft, estimated at BRL 60 billion. It is estimated that, currently, 20% of the online revenue of banks in the region is lost due to fraud.

One of the newest threats to circumvent the back-to-back investments made by the banking system in security to curb fraud is heavy on sophistication. Deepfakes are video, image or audio recordings created synthetically by Artificial Intelligence that change a person’s face, with ultra-realistic quality.

Deep learning techniques are being used to gain unauthorized access to banking applications, warns a study by iProov, a global player in facial biometric verification and authentication technology.

The study reveals that humans are ineffective at detecting deep fakes. While 57% of users worldwide believe they can successfully detect a deepfake, research shows that only 24% do so effectively.

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