Once a novelty in entertainment and education, deepfake technology is now being used by scammers to deceive consumers and compromise personal and financial security. Leveraging artificial intelligence (AI), deepfakes can create convincing images, videos, and even audio recordings that blur the line between real and fake—making it easier for fraudsters to manipulate and exploit unsuspecting victims.
According to a report by Signicat, AI-powered fraud attempts now make up 42.5% of all detected fraud, with nearly one-third of those scams proving successful. Alarmingly, deepfake fraud has increased by 2,137% over the past three years, making it more important than ever for individuals to stay informed and vigilant. FinCEN has even issued alerts about Deepfake Media targeting Financial Institutions and consumers.
Scammers are using deepfake technology to impersonate trusted individuals, such as family members, friends, or financial advisors, in order to access sensitive personal or financial information. This includes cloned voices, manipulated video calls, and fake social media accounts—all designed to trick victims into revealing private information or transferring funds.
Farmers State Bank recommends the following tips to protect yourself and your family:
- Educate Yourself and Loved Ones
Understand what deepfakes are and how they can be misused. Be alert for subtle distortions in videos or images, and always verify sensational claims or unexpected requests—especially if they seem too good to be true. - Limit Your Online Footprint
Be cautious about what you share online. Scammers can use personal photos, voice clips, or even social posts to create convincing deepfakes. Review and adjust your privacy settings, and consider adding watermarks to your images. - Monitor Use of Your Name and Likeness
Set up alerts to notify you if your name or image is used online without your consent. Identity monitoring tools can help you detect misuse and take action quickly. - Use Advanced Security Features
Take advantage of enhanced security tools like two-factor authentication, facial recognition with additional verification steps, and identity monitoring software to help guard against fraud attempts involving deepfakes.
Learn More
Protecting your accounts and personal information is our priority. For more information on security measures or fraud prevention, contact Farmers State Bank at 641-439-2221. We’re here to help you stay safe.
