Deepfakes have emerged as one of the fastest-growing forms of adversarial AI, with projected losses reaching $40 billion by 2027. This marks a significant increase from the $12.3 billion in losses reported in 2023. As adversarial AI continues to gain momentum, the threat posed by deepfakes is becoming more pronounced.

The Deepfake Landscape

Deepfakes typify the cutting edge of adversarial AI attacks, achieving a 3,000% increase last year alone. These manipulated videos and audio clips use sophisticated generative AI models to impersonate individuals convincingly. No one is immune to their impact from political figures to corporate executives.

Banking and Financial Services Under Siege

Banking and financial services are particularly vulnerable. Deepfakes can be used for fraudulent transactions, identity theft, and even manipulating stock markets. The latest generation of generative AI apps, tools, and platforms provides attackers with what they need to create deepfake videos, impersonated voices, and fraudulent documents quickly and at a very low cost.

Escalating Threats

It’s projected that deepfake incidents will go up by 50% to 60% in 2024, with 140,000-150,000 cases globally predicted this year. Pindrop’s 2024 Voice Intelligence and Security Report estimates that deepfake fraud aimed at contact centers is costing an estimated $5 billion annually.

Enterprises aren’t fully prepared for this onslaught. One in three enterprises lacks a strategy to address the risks of an adversarial AI attack, which often begins with deepfakes of key executives. The threat landscape is complex, nuanced, and identity-driven.

The Road Ahead

As technologies become more accessible, the incidence of identity fraud is rising. Enterprises must prioritize defense against adversarial AI threats. The countdown to VB Transform 2024 is a reminder that we need to connect, explore, and integrate AI applications into our industries to stay ahead of the curve.

Remember: The danger of deepfakes is real, and our response must be equally real and proactive.