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Deloitte predicts losses of up to $40B from generative AI-powered fraud
In January 2024, an employee at a Hong Kong-based firm sent US$25 million to fraudsters after being instructed to do so by her chief financial officer on a video call that also included other colleagues. It turned out, however, that she wasn’t on a call with any of these people: Fraudsters created a deepfake that replicated their likenesses to trick her into sending the money.
Deloitte’s Center for Financial Services predicts that gen AI could enable fraud losses to reach US$40 billion in the United States by 2027, from US$12.3 billion in 2023, a compound annual growth rate of 32% (figure).
Facts for CFO
- 1 in 4 leaders unfamiliar with deepfakes
- 31% underestimate deepfake fraud risk
- 32% doubt employee ability to detect deepfakes
- 1 in 10 executives have already faced deepfake threats
- 10x increase in deepfakes detected globally across all industries in 2023.
How can we help?
Deepfake detection algorithms provide significant value across various industries by ensuring the authenticity and integrity of digital content.
Liveness detection algorithms, when integrated into call center software, can significantly enhance security and improve overall business performance
Preventing Fraud and Identity Theft: Deepfake detection can protect against fraudulent activities thereby securing financial transactions and customer accounts.
Media companies can use deepfake detection to verify the authenticity of videos and audio content before broadcast, preventing the dissemination of fake news.
Legal Firms
Legal professionals can use these algorithms to ensuring that the digital media evidence is not manipulated and upholding the integrity of the legal process.
Healthcare
Healthcare providers can use deepfake detection to secure telemedicine consultations and patient interactions, ensuring that the identities of both doctors and patients are authentic.
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