The year 2024 began with a jaw-dropping incident demonstrating the devastating affect of deepfakes that made it into the international headlines. On February 2024, a company in Hong Kong became victim to deepfake fraud to the tune of $25 million (HK$ 195 million). A finance executive transferred the funds from the company account after being directed by the deepfake of CFO and several colleagues in a video call.
The year 2024 began with a jaw-dropping incident demonstrating the devastating affect of deepfakes that made it into the international headlines. On February 2024, a company in Hong Kong became victim to deepfake fraud to the tune of $25 million (HK$ 195 million). A finance executive transferred the funds from the company account after being directed by the deepfake of CFO and several colleagues in a video call.
After the huge warning shot, deepfakes continued to crop up and prey on several victims throughout the year in 2024. Deepfakes grew in precision and scope spreading across the internet and reducing the integrity of the platform. While 2023 ended with deepfake of Tom Hank pitching a dental plan, 2024 crowned Elon Musk as the undisputed king of deepfake. Deepfake of Elon Musk is the most popular impersonation utilised by cybercriminals while Deepfake porn in the most frequent deepfake attack. While deepfakes aimed at men are targeted towards obtaining a financial advantage like in case of financial fraud, investment or crypto currency scam, deepfakes of women are mainly deepfake porn.
In 2024, deepfake technology has continued to make headlines around the world, posing significant challenges to both individuals and organizations. From political manipulation to fraud, deepfakes have evolved in sophistication and scale, creating new avenues for cybercriminals to exploit. A surge in incidents—from the widespread distribution of deepfake pornography in South Korea to the use of manipulated videos in political campaigns in India and the United States—has brought the dangers of this technology to the forefront. These developments highlight the growing need for robust deepfake detection tools, as the risk of manipulation and fraud in both personal and professional spheres escalates. As the technology advances, so too must the defenses against it, with experts and regulators calling for immediate action to prevent its misuse.
In 2024, Deepfake pornography was at its worst when young girls in South Korea became victims on a large scale. In 2021, South Korea had 156 reports of deepfake-related sex offences. Between January to September 2024, this jumped to 812 reports, with 387 suspects apprehended — 83.7% of whom were minors. After students of over 500 schools were found impacted by deepfake, the public outcry forced South Korea to criminalise deepfake pornography consumption on 26 September. Apart from exposing the large-scale damage to reputation that can be caused by deepfake, the scandal also brought to light the inept usage policy of messenger apps like Telegram.
In 2024, elections were conducted in the biggest democracy of the world and oldest democracy, i.e. India and the US, respectively. In India, deepfakes of Home Minister Amit Shah were utilized to spread the misperception that the incumbent government is in favour of repealing reservations – a sensitive topic in the country. In the case of the USA, deepfake audio clips of Joe Biden were spread to deter Democrats from voting for Joe Biden when he was to be re-nominated by his party. The election season also saw spread of deepfakes of Presidential candidates Donald Trump’s and Kamala Harris potentially diluting their campaign message or sabotaging their efforts.
2024 saw a rise of mass scale frauds when deepfakes of Tim Cook, Elon Musk, Warren Buffett and Mukesh Ambani were used to spread information about scam investment opportunities at scale. Apart from these, even pinpointed targeted scams increased. Making WhatsApp audio calls or video calls to ask money by deepfaking friends or colleagues was a common strategy to befool the individuals successfully.
eKYC, through video mediums or liveliness tests, is emerging as an unreliable technique for verification because of the steep rise and sophistication of deepfake tools. The National Stock Exchange had to issue a clarification after a deepfake of its CEO was circulating on the internet. RBI has repeatedly released circulars on deepfakes of its officials spreading misinformation. Under these circumstances, regulators are re-evaluating whether the compliance norms and internal controls of banks and NBFC’s are deepfake-proof. Deepfake detection tools are expected to move from “recommended” to “must-have quickly”. In 2025, regulators may mandate AI-based deepfake detection tools integrated into IT system of every bank.
AI Deepfakes can be combated only by using AI to detect and red flag the same using detection tools. Deepfake detection is a cat-and-mouse game where cybercriminals constantly refine and stay ahead in their tech and modus operandi. It’s a fast-moving target, and companies that stay one step ahead can’t really reflect on their lead or bask in their glory. The crooks will always vie to adapt and stay ahead, while the Big Techs will invest heavily to ensure that the integrity of their platforms and systems are protected. Several AI startups are mushrooming worldwide with their novel technology that constantly keeps up the curve. For a non-AI company to remain protected from deepfakes, the only meaningful way to stay ahead is to join the bandwagon and develop their in-house deepfake detection technology or buy subscription from existing tech players. Deepfake detection software should become an integral part of your systems in 2025 just like Anti-virus softwares and firewalls were a must-have before the arrival of AI.
Employee training should incorporate recent trends and changes in the nature of deepfake attacks. The most important vulnerability for any cyber security initiative is the human interface that authorizes or conducts any digital activity. The stringency of data protection norms, SOPs on access control, MFA, OTPs and thumb-impression passwords etc. can’t protect a digital system if the employee is gullible to let go of control by a cunning deepfake. Continuous learning and heightened awareness of deepfake threat is surefire way to reduce threat perception to an acceptable level. In fact, upskilled workforce can be an enabler for future deepfake protection initiatives. Ensure that your human resources are one step ahead of the cyber frauds.
Companies that conduct regular audits and pilot programs of new deepfake detection systems always remain ahead of the curve. The IT audits uncover flaws in the systems and also preempt the deepfake attack while also conditioning the company to remain alert to the deepfakes. Pilot Programs that tie-up with AI Startups will not only enhance the efficiency of deepfake detection but also lead to the sharing of know-how. Many Tech companies, including Big Techs, are eager to feed their AI models with realistic and real-time information to improve their products. The companies and IT systems that open themselves up for experimenting will always stay one step ahead of the competition.
Deepfake AI is a nascent technology that is improving at a fast pace. Universities and Startups are furiously tinkering with ideas, chips and algorithms to arrive at a deepfake detection tool that is accurate at least 90% of the time. So far, the big deepfake detection tools have achieved limited accuracy. Companies that actively collaborate with universities, startups and research publications can join the bandwagon and be a step ahead as the accuracy of deepfake detection tools improves constantly.
As we near the end of 2024, the precision and frequency of deepfakes are showing an upward trend and are expected to increase. Staying one step ahead will be challenging for most companies because it’s a probabilistic exercise. Like any other technology, the extent of type of deepfakes cannot be predicted. The deepfake detection startups are catching up with deepfake fraudsters while fraudsters will continue to devise new techniques for that slight advantage to hoodwink the detection tools and government agencies. Until a comprehensive system is developed with an almost 100% accuracy in detecting deepfakes, companies can’t really be sure of their cybersecurity. Given the rapid evolution of AI generative deepfakes in 2024, it’s unlikely that 2025 will provide a final solution, however it is important to have tools like Authentify by pi-labs for the government, enterprise and citizens.
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Your Questions Answered: Navigating Deepfake Detection with pi-labs
Authentify is a deepfake detection tool developed by pi-labs for enterprises to safeguard businesses, governments, and individuals from the rising threats posed by AI-generated synthetic media. It effectively combats deepfake attacks to protect data integrity and privacy.
Authentify uses AI++ and machine learning techniques to detect and neutralise deepfake threats in video KYC calls. Analysing facial recognition patterns, speech, and other subtle inconsistencies ensures that only genuine individuals are verified, protecting organizations from identity theft, financial fraud, and regulatory non-compliance.
As deepfake technology evolves, it has become increasingly difficult to differentiate between real and fabricated identities. Financial institutions and regulatory bodies are grappling with the challenge of ensuring the integrity of KYC processes. Solutions like Authentify help ensure that the rise in deepfake fraud doesn’t compromise the verification process, keeping financial transactions safe and compliant with regulatory standards.
In 2024, deepfake fraud has surged, with cybercriminals targeting businesses for financial fraud, misinformation, and identity theft. These attacks can result in substantial financial losses, damage to reputation, and a breach of customer trust. Authentify mitigates this risk by offering real-time detection and prevention during critical business processes like video KYC and customer verification.
With deepfakes becoming more prevalent in 2024, companies face increasing risks in areas such as fraud, misinformation, and data breaches. Implementing deepfake detection tool like Authentify not only secures the company’s operations but also builds customer trust, ensuring compliance with regulatory requirements and safeguarding brand reputation.
Industries dealing with sensitive customer data and authentication processes, including law enforcement agencies, financial institutions, other government agencies, telecom, healthcare, media and entertainment, and education can benefit from Authentify. It is also particularly essential for video-based identity verifications or online transactions, where the risk of deepfake fraud is most prevalent.
