10/28/2024 | Press release | Distributed by Public on 10/28/2024 22:16
The financial industry group FS-ISAC has released a white paper to help financial and other institutions understand the risks posed by deepfake technology: "Deepfakes in the Financial Sector: Understanding the Threats, Managing the Risks."
A "deepfake" (a combination of "deep learning" from computers/artificial intelligence (AI) and "fake") is media produced by GenAI (generative AI) to mimic a person's likeness in images/video, used to commit fraud or crimes. The report provides guidance to aid cybersecurity teams in enacting preventative measures and control mitigations to protect customers, reputations, and public trust.
The report covers:
According to the FBI's Internet Crime Complaint Center, Americans and organizations lost $12.5 billion online to fraud last year, with an estimated 39% of victims due to "deepfake" or doctored videos that use AI technology. The losses are believed to me much higher as an estimated less than 50% of victims report the crimes.
To read the paperclick here.