In the current digital era, the financial sector is highly vulnerable due to new types of technological fraud. Among these, the most discussed and alarming is Deepfake. Using artificial intelligence (AI), this technology has become a powerful tool in the hands of fraudsters. Falling victim to deepfake scams can result in both personal and financial losses. Some malicious actors exploit technological advancements for financial fraud, attempting to access sensitive information that allows them to infiltrate various financial or banking platforms and misappropriate funds. Every system is potentially vulnerable; no matter how advanced technology becomes, weaknesses exist, and therefore, vigilance is indispensable.
At Card Expert Hub, we will explore deepfake scams in detail. Although such cyberattacks are relatively recent, some criminal networks have increasingly engaged in these activities.
What is a Deepfake Scam?
A deepfake scam is a type of fraud in which artificial intelligence (AI) is used to perfectly replicate a person’s face, voice, or video. Typically, it is used for financial fraud, identity theft, or reputational damage. Criminals may use video calls, social media, or email to present fake videos or audio clips, persuading the victim to make payments or share sensitive information. To stay safe, users must verify sources, avoid suspicious requests, and never share personal details.
Example: A fraudster may create a fake video or voice of a bank customer service representative (e.g., Standard Chartered) using deepfake technology and contact you via phone or social messenger. They may make false requests for sensitive account or credit card information, attempting to cause social, psychological, and financial harm.
Potential Damages Caused by Deepfake Scam
▣ Fraudulent Bank Officer Identity
Scammers impersonate bank officers via phone or video calls. Using a cloned voice or face, they trick victims into revealing OTPs, PINs, or account/credit card information.
▣ Internal Financial Loss for Organizations
Fraudsters can mimic the voices of high-ranking executives to instruct employees to transfer funds, leading to significant financial losses. They may also pose as police or government officials, or falsely claim legal benefits such as releasing an inmate, exploiting loopholes to extract money. Such incidents may not be immediately visible to the public but can have severe consequences.
▣ Fake Offers and Promotions
Deepfake videos are used to advertise fake cashback, discounts, or promotional offers, enticing customers to part with their money. Online betting and gambling platforms often exploit such campaigns.
▣ Fabricated Evidence
Using someone’s face and voice, scammers can create fake financial transaction records, causing confusion during audits or verification. High-profile targets—celebrities, established business figures, industrialists, or government officials—are especially vulnerable. Fraudsters employ AI and artificial voice artists to perfectly replicate their faces and voices, showing misleading offers, services, or performance guarantees. Due to their public recognition and numerous followers, people often trust these messages, making substantial investments or decisions based on fraudulent content.
How to Stay Safe from Deepfake Scams
▣ Trust Official Sources Only
Never trust videos, calls, or messages without verification from official websites, bank apps, or helplines.
▣ Never Share OTPs, PINs, or Passwords
Banks will never ask for these details. If requested, consider it a scam.
▣ Use Two-Factor Authentication
Always enable extra security for online transactions.
▣ Report Suspicious Content
Notify the bank or law enforcement if you receive fake content or suspicious calls.
▣ Increase Training and Awareness
Organizations should train employees to recognize deepfake fraud and regularly conduct cybersecurity awareness sessions.
So, Deepfake technology poses a significant threat to the financial sector. The only way to safeguard against fraud is through vigilance, verification, and reliance on official sources. As a financial content creator, I emphasize that technology is not a curse but a blessing. Just as traditional financial services carry risks such as theft or robbery, digital financial systems may have vulnerabilities that fraudsters can exploit if we are careless. Therefore, awareness is crucial. I always say: verify before you trust, and protect your financial security.