We’ve just released a new report, Deepfakes: The Threat To Financial Services, which shows that 77% of financial sector CSOs are concerned about the impact of deepfake video, audio, and images.
The use of deepfakes in fake news, pornography, hoaxes and fraud, has created a storm of controversy. Earlier this month, Facebook announced plans to ban deepfakes from its platform, with concerns mounting about their influence on the impending US election.
We surveyed 105 cyber security experts in the financial sector, who told us that:
- Personal banking and payment transfers were most at risk of deepfake fraud, above social media, online dating, and online shopping
- Only 28% said that they've already put plans in place to protect against deepfakes, with 41% planning to do so in the next two years
- 29% said that deepfakes were a significant or severe threat to their organisation
- 64% said that the deepfake threat is going to get worse
Read Deepfakes: The Threat To Financial Services.
Andrew Bud, Founder and CEO at iProov, said: "It's likely that so few organisations have taken action because they’re unaware of how quickly this technology is evolving. The latest deepfakes are so good they will convince most people and systems, and they’re only going to become more realistic."
"The era in which we can believe the evidence of our own eyes is ending. Without technology to help us identify fakery, every video and image will in future become suspect. That’s hard for all of us as consumers to learn, so we’re going to have to rely on really good technology to protect us."
What are deepfakes?
Deepfakes are videos, images or audio recordings that have been distorted to present an individual saying or doing something that they didn’t say or do.
If you think of the thing that you are least likely to ever say, and then imagine your friends, family or employer being shown a (convincing) video of you saying it, it is easy to see the potential for malicious misuse.
How do deepfakes affect banks and other financial services institutions?
For banks and other financial services providers, deepfakes could impact:
- Onboarding processes could be subverted and fraudulent accounts created to facilitate money-laundering
- Payments or transfers could be authorised fraudulently
- Synthetic identities could be created, whereby criminals take elements of a real or fake identity and attach them to a non-existent individual
Read the report for more examples.
iProov is working with leading banks, including ING and Rabobank, to protect against deepfakes. Our biometric authentication technology has been built with unique anti-spoofing capabilities that establish the 'genuine presence' of a customer. For more information, visit www.iproov.com
By Andrew Bud, Founder and CEO of iProov
I think there are few more exciting sectors than biometrics and digital identity in 2020, and it's a privilege to be in the midst of it all. Many of the themes that we’ve talked about for years, from digital identity as a service to biometric onboarding, will finally make it onto the main stage this year.
My top four predictions for 2020:
Written by Luke Moore, SVP Revenue
I am delighted to welcome Simon Williamson to iProov. Simon joins iProov's Global Sales Team as VP of Sales North America. He is actively hiring a team of Regional Enterprise Sales professionals across America, so get in touch if you'd like to join our mission of increasing trust online with world-class biometric authentication technology.
Welcome, Simon! What attracted you to iProov?
There are three things. Firstly, the technology. iProov has found a completely unique, completely brilliant way of solving a significant challenge in people's lives, namely how do I get access to services with my bank or the government or for travel without having to physically go into a building with my ID documents. The opportunity is huge. It allows businesses to increase customer acquisition, and it makes public sector services more easily available to millions of citizens. It's such a customer-centric idea.
We are immensely proud to announce that Andrew Bud, CEO of iProov, has been recognised by the Queen in the New Year Honours list. He has been made a CBE for services to export.
As the founder of London-based iProov, Andrew has pioneered new methods in biometric and facial authentication to help establish trust online. Banks, governments, and other enterprises worldwide are using technology invented and patented by iProov to simplify the way that consumers securely access online services.
A serial entrepreneur, Andrew has spent his career using cutting edge technology to solve global business challenges. He has been a successful pioneer in the tech industry for 30 years; in 1989 he delivered the world's first digital wireless telephone for consumers, the Zonephone, which is now on permanent display in the Science Museum in London. In the 1990’s he was one of the founders of the mobile communications industry in Italy, and he then founded and led mBlox, a global company which became the world's largest provider of commercial text messaging to enterprises.
You’ve probably heard the term ‘Liveness’ used within the authentication market. But have you heard of ‘Genuine Presence’? At iProov we use the term genuine presence a lot (and not just because we coined it.) It’s printed on our leaflets, our swag… we’ve even had #genuinepresence printed on t-shirts.
Why does Genuine Presence matter?
Determining Genuine Presence is critical to safeguard digital identity. Without Genuine Presence assurance, mass fraudulent authentication claims can and will be passed. Undetectable attacks will be scaled and digital identity compromised.