“As someone who doesn't understand a damn thing about it, it has enormous potential for good and enormous potential for harm.”
These are the words of Warren Buffet, the legendary investor and one of the richest men in the world, on the topic of deepfake AI technology. Deepfake is a term that refers to the use of artificial intelligence (AI) to manipulate audiovisual content, such as faces, voices, or expressions, in realistic ways.
MediaMatters reported on a Deepfake AI video allegedly featuring Warren Buffet endorsing cryptocurrency, which was accompanied by a fraudulent crypto market link.
“Based on one I saw recently,” Buffet told investors earlier this year, “I practically would send money to myself repeatedly in some crazy country."
Business.com surveyed C-level executives and found that one in 10 say they’ve already “faced successful or attempted deepfake fraud”.
Moreover, Mark Read, CEO of WPP, the largest ad company in the world, recently deepfaked himself. A WhatsApp account was allegedly created by threat actors who then got another executive at the company to join a meeting with them. During the meeting, Read’s voice was digitally emulated by using existing YouTube footage of him to create a model of his voice, with the camera turned off.
The fellow exec knew something was up, and before long Read was letting others know to be vigilant of this new kind of threat.
This example shows how dangerous deepfake technology can be for businesses, especially are unaware that it is even an issue. Always verify the identity and authenticity of the caller or sender, using multiple channels of communication, such as email, phone, or video conferencing. Educate employees and stakeholders about the existence and threat of deepfake technology, and encourage them to report any suspicious or unusual activity.
Deepfake technology is a double-edged sword that can be used for good or evil. As Warren Buffet said, it has enormous potential for both. Therefore, businesses need to be aware, vigilant, and proactive in protecting themselves and their customers from this emerging and evolving threat.