Overview
Deepfakes are not new to the financial services industry, nor are they a new threat to consumers. But artificial intelligence has contributed to the rapid increase in deepfake-related fraud and scams that are being inflicted on U.S. consumers. New legislation out of Pennsylvania criminalizing deepfakes intended to defraud consumers may lead to a new wave of regulation. Financial institutions must enhance existing processes, employee training, and consumer awareness in defense against the further proliferation of deepfakes.
Companies Mentioned:
Identity Theft Resource Center, FBI, OpenAI
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