Understanding deepfakes and their implications for your business Written on
Deepfakes aren't new, and since this AI-powered technology emerged, we at Youverse perceived it as a pervasive threat in spreading misinformation and increasing identity fraud. Keep reading to dive into this topic and understand the implications of deepfakes in your business.
A technology in rapid ascension
Deep fake technology uses deep learning — a sophisticated artificial intelligence (AI) - to create fake images, video, or audio fragments. This way, fraudsters can "make" people say or do things they have not said or done by digitally altering a video of a person. And beware: it is also already used for financial fraud at scale.
Deep fake content has been historically created by using two algorithms that compete with one another. One is called a generator, and the other is called a discriminator. The generator creates fake digital content and asks the discriminator to find out if the content is real or artificial. Such technology has seen tremendous evolution over the past decade. Currently, it is almost impossible for a human to spot the difference between fake and real face images.
The technology has evolved so fast over the past couple of years that video and speech generation can now be used to create realistic interactions with minimal source data for training using sophisticated techniques like face swap with super-resolution.
The Generative AI revolution has taken the world by storm, for the good and bad. The tremendous evolution in deepfakes creation tools and their general availability on the web makes creating identities more accessible and of higher quality. In addition, video verification and other KYC steps are more vulnerable.
Some existing modules can take a photograph and create a video deep fake to fool less sophisticated liveness checks. Fraudsters can assume synthetic and stolen identities more quickly and at scale, thus resulting in loan fraud, money laundering, and dozens of other types of fraud and scams.
Deepfakes can cause material damage to organizations through financial loss, reputational damage, and diminished customer experiences.
Financial loss: Studies report that fraud costs the global economy around $5.38 trillion. With most scams happening online, businesses must allocate proper resources to defend their customers, or the loss of not being prepared will largely exceed the investment to avoid deepfakes.
Reputation management: Information inflicted from deepfakes is hard-to-repair damage and severely impacts the organization's reputation. Successful fraudulent activities result in financial loss in the long and short time and, in the long time, profound impact on the company’s reputation.
Impact on customer experiences: The fraud-fighting tools developed until now have targeted only presentation attack detection, such as printed photos, video, and 3D masks. However, deepfakes have super high resolutions now and can mimic actions making active liveness useless when stopping this type of fraud. The vulnerability to deepfakes can harm customer relationships, causing consumers to be misled and eroding their trust in the company.
How to protect your business and your customers?
Educate employees and customers about how deefakes work and the challenges they pose. The best protection is to follow good security procedures. Keep your company educated on the topic by using good quality news sources and following good basic protocols - "trust, but verify".
Robust biometric verification
Biometric verification is key for the onboarding processing since it enables companies to verify the customer. Provide your users with an extended document verification process during onboarding via document authenticity checks containing all the security features in IDs.
Our offer has an entirely passive solution that can handle the most advanced type of content attack, such as face morphing, face swap, and any existing and future deep fake generation technology. We have developed a solution through the careful combination of hardware and AI-powered software-level analysis to tackle these increasing fraud vectors.
YouID compares documents against 10K+ templates in the database and can detect any mismatches in data from the visual zone, MRZ, RFID chips, barcodes, and holograms, making the customer identity verification process seamless for both customers and the organization without compromising security.
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To learn more about leveraging our recent technology and solving your identity fraud problem for good, book a demo with our team of experts. We’re happy to facilitate free testing of our solution and bring your biometric authentication to the next level.
