New research reveals majority of financial services cyber security chiefs are concerned about the growing threat of deepfakes

29 January 2020

London, 29 January 2020 – A brand new study from iProov has revealed that 77% of cyber security decision-makers in financial services are concerned about the threat deepfakes pose to their industry. However, just 28% say they have already implemented measures to combat such a threat.

Key findings:
• Over three-quarters (77%) of cyber security decision-makers in financial services organisations are concerned about the potential fraudulent use of deepfakes
• However, just 28% say they have implemented measures to combat the threat
• 50% believe that online payments are most at risk from the deepfake threat, whilst 46% believe it is personal banking services
• 71% think their customers are at least somewhat concerned about the deepfake threat, and almost two-thirds (64%) think it is due to worsen

Deepfakes: The Threat To Financial Services, conducted by the market leader in biometric authentication, polled over 100 experts responsible for overseeing cyber-security operations in financial services organisations. The results highlight how seriously the technology’s ever-growing threat is perceived, whilst also revealing a distinct lack of action having been taken to mitigate it.

Commenting on the findings, Andrew Bud, Founder & CEO, iProov, said: “Whilst it’s encouraging to see the industry acknowledge the scale of the dangers posed by deepfakes, the tangible measures being taken to defend against them are what really matter.

“It's likely that so few organisations have taken such action because they’re unaware of how quickly this technology is evolving. The latest deepfakes are so good they will convince most people and systems, and they’re only going to become more realistic.”

The use of deepfake technology in fake news, pornographic videos, hoaxes and fraud, has created a storm of controversy. For example, earlier this month, Facebook announced plans to ban deepfakes from its platform, with concerns mounting about their influence on the impending US election.

As both artificial intelligence and machine learning technologies have become more advanced and readily available, deepfakes have also been increasingly deployed by fraudsters in a commercial context too. In fact, just under half (43%) of the experts polled cited deepfakes as the tactic most likely to compromise facial authentication defences.

This is especially concerning in a personal finance context, given that respondents expected those making online payments (50%), and those using personal banking services (46%), to be most at risk from deepfakes.
Bud added: “The era in which we can believe the evidence of our own eyes is ending. Without technology to help us identify fakery, every moving and still image will, in future, become suspect. That’s hard for all of us as consumers to learn, so we’re going to have to rely on really good technology to protect us.”

About iProov Founded in 2011, iProov is a world leader in spoof-resistant, biometric facial authentication technology. Its technology is used by banks and governments around the world for secure customer onboarding, logon and authentication, to ensure new and returning users are genuine and to guard them against fraudulent attempts to gain access to personal data or use a stolen identity.

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Connor Mitchell
+44 203 026 0000

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