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Deepfakes and Financial Fraud: How to Recognize it, Protect Yourself and Avoid it: Webinar Recap

oswaldcompanies April 11, 2024

Deepfakes, shallowfakes, cheapfakes. Cybercriminals are amongst us in many forms, but there are ways to protect yourself and your organization.

Oswald Companies teamed up with KeyBank and Inversion6 for a webinar on how to spot the warning signs that you might be a target and how to protect yourself to avoid becoming a victim.

Bad actors seemingly target every portion of our lives, from stealing an individual’s identity to faking a video of an influential leader. In fact, the United States is the leading target of cybercriminals, with 42% of such crimes being against Americans. The United Kingdom comes in at a distant second with only 10.3%.

Shallowfakes or cheapfakes are how these cybercriminals learn their craft. They start small by manipulating images or hacking into a conference call, but they have moved into more sophisticated territory.

Earlier this year, a finance worker of a multinational firm paid out $25 million after he thought he was on a video call with the company’s chief financial officer and several colleagues. It turned out all the people he saw weren’t real at all, they were deepfake recreations.

Though difficult to grasp and frightening to consider, everyone is a potential target, but there are ways to stay ahead of the game.

For individuals

  • Limit the photos and videos you share.
  • Keep your social media pages private.
  • Use a credit card for online purchases.
  • Use a Virtual Private Network (VPN) to protect online activity.

For organizations

  • Be vigilant about new vendor requests, especially if you already have a vendor for those specific needs. Ensure you follow your vendor authentication process for new vendors and any changes. Call your personal contact at your existing vendor to make sure they are making a request. Bad actors are creating businesses of the same name in another state, so make sure you’re talking to the person and the company you know.
  • Have a cybersecurity plan in place and test it by periodically conducting table-top exercises. Consider including your bank’s fraud contact in addition to your other important contacts.
  • Provide consistent phishing training for employees so they know the signs of a fake email, phone call or video.
  • Deepfakes are especially popular in an election year. Cybercriminals will deepfake a candidate or government official to make them sound bad or to get you to donate to their campaign.
  • There are many more ways to protect your business. Watch the full webinar to learn more from this experienced panel.

Not all cyberattacks can be avoided. Oswald can help you obtain the proper insurance to safeguard your company in the event of a cybercrime.

Fill out the form below to request the full webinar to learn more from this experienced panel.

Cyber Risk Webcast | Oswald Companies