Cybercrime is evolving at a fast pace, and one of the most dangerous trends is the rise of deepfakes. These are audio and video files generated by artificial intelligence to convincingly mimic real people. Fraudsters use this technology to impersonate trusted figures such as company executives or family members, creating scenarios that pressure victims into transferring money or revealing sensitive banking details.
Deepfake scams often take the form of CEO fraud, where criminals pose as senior executives and instruct employees to make urgent payments. A recent example involved Ferrari, where scammers used AI-generated audio to imitate the CEO’s voice with the aim of tricking staff into authorising fraudulent transfers. Another common tactic is the so-called family emergency scam, where criminals pretend to be a relative in distress, asking for immediate financial help. These attacks exploit trust and urgency, making victims act before they have time to think.
Spotting a deepfake can be challenging because the technology is designed to look and sound authentic. However, there are subtle signs that something is wrong. Speech may sound slightly unnatural, with odd pauses or robotic tones. Video may show lip movements that do not perfectly match the words being spoken. Often, the message will carry an unusual sense of urgency, demanding immediate action and discouraging verification. These psychological triggers are deliberate, aiming to override caution.
The best defence is verification. Never rely solely on the communication you receive, no matter how convincing it appears. If you receive an urgent request for a payment or sensitive information, pause and confirm through official channels such as a known phone number or email address. Do not use the contact details provided in the suspicious message. For businesses, implementing multi-step approval processes for financial transactions can significantly reduce risk. For individuals, staying informed about emerging scams and discussing them with family members can prevent panic-driven decisions.
If you suspect a deepfake scam, stop immediately and report it to your bank and the relevant authorities. Acting quickly can limit damage and help prevent others from falling victim. Deepfakes are a real and growing threat to your financial security and awareness and vigilance are your strongest protection.
