What Are Deepfakes and Why Are They Dangerous?
In short, a “deepfake” is a type of media (like a photo or a video) that has been digitally edited so as to replace a person’s likeness with a faked version.
An example of a deepfake is a video of a famous person that has been edited in order to make it convincingly seem like they said something that they did not actually say.
When it comes to identity verification, deepfakes can pose a genuine security threat. When they are well done, deepfakes can be used to fool low-quality facial biometric verification tools that are designed to verify that a photo or video of a person is legitimate.
Deepfakes, therefore, can sometimes be used to commit serious and costly fraud by creating fake accounts, verifying malicious transactions, and opening lines of credit by using the identity of someone else.
Deepfake Fraud in South Africa – A Rapidly Growing Threat
A new 2023 report on deepfake fraud has revealed its shocking growth across the Middle East and Africa (MEA) region.
In 2023, South Africa experienced a shocking 1,200% increase in deepfake fraud.
South Africa also suffered the highest number of deepfake attacks in Africa and accounted for 19.7% of all attacks.
In the entire Middle East and Africa (MEA) region, South Africa ranks second in the growth of deepfake fraud and is outdone only by the United Arab Emirates, which suffered a 2,200% increase.
South Africa’s 1,200% growth far outstrips the average for the MEA for a deepfake incidence rate of 452%.
These statistics represent a serious threat of fraud that can threaten both companies and individuals.
How to Protect Against Deepfake Fraud
World-class facial biometric verification technologies can still tell the difference between a real person and a deepfake. High-quality facial biometric services, such as those provided by ThisIsMe, offer a way to mitigate the threat of deepfake fraud.
That being said, the most secure form of verification will always be multi-point verification, meaning that a person will be verified using several forms of verification.
For example, a person can be verified by their Identity Document, passport, and an associated cell number and/or bank account. The more forms of verification that are used, the more reliable and secure the final verification will be.
In the past, using multi-point verification used to compromise the customer experience by demanding several stressful and time-consuming forms of verification that made the customer develop a negative perception of the company.
Today, however, multi-point verification has gotten sophisticated and streamlined enough that it can easily be integrated into a world-class customer onboarding experience.
To discover how we can equip your company with all the tools needed to combat deepfake fraud and securely and easily verify your customers, contact our team here.
Identity and Facial Biometric Verification Services for South Africa
By providing world-class identity verification systems, we give businesses the tools they need to effectively mitigate risk and place trust in their transactions.
As South Africa’s leading provider of KYC, due diligence and remote-onboarding solutions, ThisIsMe is proud to be at the forefront of a trust-based and privacy-compliant digital world. To experience how we can help your business ensure regulatory compliance, mitigate risk and secure its transactions, contact our team here.
