1. Deepfakes and Synthetic Media in the Financial System: Assessing Threat Scenarios
- Author:
- Jon Bateman
- Publication Date:
- 07-2020
- Content Type:
- Working Paper
- Institution:
- Carnegie Endowment for International Peace
- Abstract:
- Bad actors could use deepfakes—synthetic video or audio—to commit a range of financial crimes. Here are ten feasible scenarios and what the financial sector should do to protect itself. Rapid advances in artificial intelligence (AI) are enabling novel forms of deception. AI algorithms can produce realistic “deepfake” videos, as well as authentic-looking fake photos and writing. Collectively called synthetic media, these tools have triggered widespread concern about their potential in spreading political disinformation. Yet the same technology can also facilitate financial harm. Recent months have seen the first publicly documented cases of deepfakes used for fraud and extortion. Today the financial threat from synthetic media is low, so the key policy question is how much this threat will grow over time. Leading industry experts diverge widely in their assessments. Some believe firms and regulators should act now to head off serious risks. Others believe the threat will likely remain minor and the financial system should focus on more pressing technology challenges. A lack of data has stymied the discussion.
- Topic:
- Security, Cybersecurity, Artificial Intelligence, and Non-Traditional Threats
- Political Geography:
- Global Focus