Six Weapons for Marketers in the Deep-Fake Fraud Fight

If the US is anything to go by (and it usually is) in South Africa, where technical innovation often pals up with criminal ingenuity, the financial services industry is about to experience a rapid evolution in fraud.

The Rise of Deep Fake Fraud Technology

Deepfake technology and voice cloning are the latest weapons in the fraudster's arsenal, enabling them to impersonate customers with unnerving accuracy. These technologies have transformed from novelties into notorious techniques for deception. By crafting hyper-realistic videos or audio recordings, scammers can now lure individuals to malicious websites designed to pilfer their personal information and finances.

The line between genuine and fake is becoming blurrier by the click, forcing South African banks, lenders, insurance companies and regulators to be more vigilant in the post-truth world of AI-powered fraud innovation.

Leveraging Technology to Fight Back

For the financial sector, AI and machine learning are at the forefront of this battle.

Companies like TransUnion already offer exceptional capabilities in detecting anomalies and authenticating user identities.[1] These technologies use the usual gamut of facial recognition and other biometrics, but perhaps more importantly in fighting a deep fake, they also deploy alternative data sources to analyse patterns and behaviours to help identify fraudulent activities.

By continually learning and adapting, AI systems using ‘trended data’ can help stay ahead of scammers and safeguard financial institutions and their customers. In fact, one source says that integrating machine learning with rule-based systems can help improve detection accuracy by up to 30%​​.[2]

The Role of Marketers and Communications Professionals

For marketers and communication experts, the rise of the deep fake is a worthy opponent in our ongoing war against misinformation.

It calls for a next-level approach to clear and creative consumer education and trust-building. We must leverage the platforms we have, and build new ones in the virtual spaces consumers are hanging out.

By integrating clearly communicated transparently helpful content into our internal, external B2B and B2C marketing, we can do our bit to help build awareness and reinforce the security stance of our finance industry brands.

Six thought starters:

Educate and Engage: Create engaging, informative content that demystifies complex digital security issues to empower our audience to protect themselves more effectively.

Promote Transparency: Communicate openly about the measures our institutions are taking to combat fraud.

Innovate in Communication: As fraudsters innovate, so too must our communication strategies include the latest technologies to craft personalised, timely messages.

Collaborate and Share Insights: Sharing insights, successes, and even failures within the industry can help inform and fortify our forces against common threats.

Embrace Data Protection: With great data comes great responsibility. (Sorry, I couldn’t help it). Ensuring our marketing practices comply with data protection is non-negotiable.

Lead with Empathy: At the heart of every transaction, interaction and communication, there's a person with a need. Helping to minimise the often horrific human impact of digital fraud will feel like a good day’s work.

Stand by.

[1] Full disclosure, TransUnion is my anchor client

[2] Mitigating Fraud in a Digital World: What Can be Learned From Fintech Firms