The Threat of AI Deepfake Fraud

Why It’s Time to Rethink Your Online Privacy ?

It's noticed how much more intrusive platforms like Google, Facebook, YouTube, Trustpilot, and even WhatsApp have become. These platforms, which once served as spaces for honest, organic conversations, now often feel like they are relentlessly pushing marketing to users. What once reflected real opinions has now evolved into a machine-driven marketing system, and at what cost?

AI, Social Media and Identity Theft

The rise of deepfake technology and other forms of synthetic media is one of the most alarming developments we face today. While these technologies have legitimate uses, they are also being exploited for fraudulent purposes, causing significant financial damage to individuals and businesses alike.

The Deepfake Fraud Epidemic in the UK

Recent news reports have highlighted the growing problem of deepfake fraud in the UK. In 2024, there have been several high-profile cases where criminals used deepfake technology to impersonate CEOs, bank officials, and even family members to steal money and sensitive information.

Recent Case

In 2024, a Hong Kong branch of a multinational company fell victim to an elaborate deepfake fraud during a video conference. Using AI-generated deepfake technology, scammers impersonated the company's CFO and other employees, deceiving a lone employee into transferring 200 million HKD (over £20 million) to fraudulent accounts. The perpetrators mimicked voices and appearances with alarming precision, leveraging publicly available media to fabricate a realistic virtual meeting. This incident highlights the growing threat posed by deepfake technology in financial fraud, especially in cross-border contexts​. (ASIA FINANCIAL)

This case emphasizes the urgency for organizations and individuals, particularly those in finance and accounting, to reevaluate their cybersecurity measures. Your call to explore private, independent channels could resonate well in the wake of such examples.

This is just one example of how deepfakes are being used to manipulate and deceive. With the rise of generative AI and increasingly sophisticated video and audio manipulation tools, the risk is real—and it’s growing every day.

The Dangers of Sharing Personal Information Online

The deepfake problem serves as a stark reminder of the risks we face when we share personal information online. Whether it's on Facebook, Instagram, or any other platform, the data you provide is being used to fuel algorithms that target you with ads, but also, potentially, with manipulation tactics like deepfakes.

In some cases, scammers have used publicly available photos and videos from social media to create fake profiles, deceiving people into thinking they’re communicating with a trusted person, only to later use that trust to scam them out of money.

Is It Time to Move to Independent Own Websites, Private Channels?

Are these platforms really safe to use anymore? With news reports recently of deepfakes and fraud cases, the risk is real and financial. The best move for marketer might be to go independent with own website, private and secure communication channels, and enterprise or self-hosted shared storage, shared drive. Don’t trust those public channels anymore. Maybe they give you more reach, but please protect your privacy and everything you’ve worked for.

Financial professional, accountants should be educated to the latest security measures and lastest trend, technologies. Not all the cases are unavoidable. A simple check of email and IP address, use of secure communication channels, verification of identity and use of secure channels. Awareness and constant update of latest technology and preventive measure should be educated and communicated to the financial management, accountants, CEO and CFO who are holding important financial information.

Simple measuer to be taken. Should individual expose all personal and private information in public channels and social media. Are your email secure enough? Does your email apid good enough to keep your information secure? Have you heard of "FREE IS USUALLY THE MOST EXPENSIVE!". You should be responsible for your own privacy and your own finance. Finding the right professional can help you to achieve this.

*** FREE IS USUALLY THE MOST EXPENSIVE!