Impact of Deepfake Technology on FinTech Applications

Abstract

The distribution of fabricated disinformation through deliberate manipulation of audio/video content by imposters with the intent to affect organization is deepfake. The “infodemic” that spread alongside the COVID-19 pandemic also increased cyber risk in financial technology (FinTech) applications. The continuous evolution of cybercrime has culminated with deepfakes which severely magnify the threats of traditional frauds. Recent evidence indicates that deepfake videos are mainly created with the help of artificial intelligence (AI) or machine learning (ML) techniques. This results in creation of fake videos by merging, superimposing, and replacing actual video clips and images with other videos. There are a lot of people who accept deepfake videos as actual videos without any doubt. The use of AL and ML techniques have made video/image forgery difficult to identify with the help of existing deepfake detection techniques. Deepfake technology is becoming more and more sophisticated, and detection of fake videos is relatively challenged for quite some time.