Deepfakes and synthetic identity: More reasons to worry about identity theft

How can we maintain control over digital identity In a world where it is being blurred and abused by fraudsters?

An insurance company recently reported a successful scam against one of its clients that was a new and improved version of CEO fraud. A British CEO was tricked into transferring $240,000 to a fraudster. The trick used the technique known as a deepfake to make the CEO believe he was dealing with a legitimate person.

Some doubt the insurance company’s account, but deepfake technology is perfect for scams because it leverages the trust we have in our relationships. Trust is a crucial aspect of any transaction both off- and online, which arguably makes deepfakes the most dangerous addition to the cybercriminal's toolkit when it comes to identity theft.

Identity theft storm a-brewing

Digital identity is a market driver and, according to McKinsey, increases overall economic value of a country by up to 13%. However, Javelin Strategy reported that in 2017 16.7 million US adult identities were stolen. In 2018, imposter scams were the most frequent complaint made to the Federal Trade Commission (FTC).

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