Supreme Audit & Risk Management Consultancy-SARM, LLC.

The Financial Crimes Enforcement Network, US Treasury (FinCEN) has released an alert on ‘Fraud Schemes Involving Deepfake Media Targeting Financial Institutions’. Here are some key highlights:

🔹 SARs reporting has identified a growth in the suspected use of deepfake media in fraud schemes, by criminals alerting or creating fraudulent ID to circumvent bank controls.

🔹 Deepfakes and the abuse of generative AI are being abused by criminals to create false documents, sometimes based on stolen PII, to get around customer verification and CDD in order to receive and launder the proceeds of fraud.

🔹 The alert highlights tactics for FIs to identify deepfakes such as reverse image searches or examining images’ metadata, as well as a series of indicators of suspicious activity.

🔹 GenAI tools are also being employed by criminals to engage in social engineering scams such as Business Email Compromise (BEC) and romance scams including pig butchering.

🔹 Earlier this year, ACAMS identified cyber-enabled fraud as the third most pressing threat to the financial crime community and the offensive use of technology by criminals as the ninth greatest threat based on polling and engagement with AFC professionals.

Read the alert here: https://bit.ly/4eotZLi

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