Businesses face growing threat from deepfake scams, Forrester warns

Deepfakes are presenting increasing challenges for businesses, according to a new report from Forrester Research.

The report outlines how advances in artificial intelligence are enabling the creation of deceptive digital content, posing risks ranging from financial losses to reputational damage for companies operating online. It suggests that deepfake technology is now more accessible and affordable than ever, allowing fraudsters to create convincing fake identities that can bypass traditional security measures.

Forrester's report, "Detecting And Defending Against Deepfakes", provides an in-depth analysis of the ways in which deepfakes are impacting various business operations. It notes that sophisticated deepfakes can be generated for as little as USD $10 to USD $20 and in under 10 minutes using platforms like Gooey.AI or mobile apps such as Reface.

The report highlights how these developments are affecting business functions including onboarding and high-value transactions. An example given is a USD $25 million scam where false directives, crafted through deepfakes, led to major financial loss. Increasingly, social media is being used to propagate identity fraud and disinformation through deepfake content.

Experts at Forrester recommend using advanced AI techniques for detection and defence against deepfakes. These include spectral artefact analysis, which identifies unnatural patterns in audio and video, and liveness detection to confirm the physical presence of individuals during verification processes. Additionally, combining these methods with signal path protection, behavioural monitoring, and the deployment of generative adversarial networks can fortify a multi-layered defence strategy.

The report stresses the importance of education and training in combating deepfake risks. It advises organisations to develop comprehensive training programmes to increase awareness among staff and equip them with the skills to identify and respond to potential deepfakes. This proactive approach aims to mitigate the negative impact of such technologies on businesses and communities.

Collaboration across industries and governments is crucial, the report notes. By fostering partnerships, regulatory frameworks can be established, and resources and expertise shared to counteract the threat of deepfakes effectively. Public and private sectors working together can ensure a more effective and adaptive response to these evolving challenges.

"Asia Pacific has been more heavily impacted by deepfakes, as compared to the US and Europe, due to factors such as rapid digital adoption, higher digital economy penetration, and the cultural and linguistic diversity in the region," said Meng Liu, Senior Analyst at Forrester. "The regulatory landscape in Asia Pacific is diverse and fragmented, making it challenging to implement uniform measures against deepfake technology. To combat against deepfakes, the most effective way is to pit AI against AI."