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Using deepfake technology can create realistic, imitation videos and make them look authentic. This innovation has been used for some time and has recently become more sophisticated.

Creating deepfakes is relatively simple: The person who wants to create the deepfake takes a few photos of the person they wish to impersonate and then uses artificial intelligence (AI) software to make videos of them saying or doing whatever they want.

Deepfakes are well-known in the film industry, as they have made actors look younger or brought dead actors back to life. But with this capability to impersonate someone else, there is a way to exploit it and use it for fraudulent purposes. 

From Entertainment to Fraud

Fraud is any intentional deception made for personal gain. Yes, deepfake technology began as a tool for entertainment, like making your favorite celebrities partake in quirky activities. However, deepfakes can now be used to commit cybercrime. As this technology improved, it became a dangerous method of committing identity theft.

It is important to note that deepfakes are not inherently fraudulent but can lead to fraud if used with malicious intent. One way this could happen is if someone used a deepfake to claim that you did something you were not involved in. 

A fraudster can make a deepfake video of you saying that you stole money from your company and post it on social media. That could cause your employer to lose trust in you, emphasizing the importance of identity verification.

Four Ways Deepfake Technology is Used to Commit Fraud

With how deepfakes can easily make people believe what they see, there are now a few ways people can exploit this technology to commit fraud.

1. Ghost fraud

Criminals use deepfake technology to steal the data of a deceased person and impersonate them for their financial gain. They can use their stolen identity to access credit cards and loan accounts.

2. New account fraud

Also known as application fraud, new account fraud is when criminals use stolen identities to open new bank accounts. Criminals can create serious financial damage because they can max out credit cards and take out loans without paying them back.

3. Synthetic identity fraud 

One of the more complex methods of fraud is a synthetic identity, which involves mining information from multiple people and combining them with fake personal data to create a “person” who does not exist. Criminals can use this manufactured profile for large transactions or create new credit applications.

4. Hiring fraud

Hiring fraud, also known as recruitment fraud, is when criminals offer a person a fictitious job via unsolicited emails, online recruitment websites, and text messages. They will try to gain access to personal information, do an illegal job, or solicit payments.

The rule of thumb to avoid hiring fraud is to never respond to unknown email addresses and phone numbers. Another is to visit reputable websites where legitimate companies offer job opportunities or head to the company’s official website instead.

Conversely, applicants can also commit fraud by impersonating someone else in video interviews to try to get in. Once the imposter gets hired, they can start stealing valuable company information.

Looking in from a Different Perspective

Deepfake technology has allowed the entertainment industry to be more creative in movies and TV shows, but criminals have exploited that same tech for their personal agendas. All businesses should be wary of these developments to ensure the company’s safety and its employees’ well-being. 

Having the right tools and security protocols can prevent fraudulent activities, so if you are looking for identity verification, authentication, and data security management services, Q5id has the tools to support your business needs. Contact us today.

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