Rising Deepfakes - Is It Fighting a Losing Battle With Customers’ Real Identity?

✍️ Opinions

Subham Agrawal

Jan 29, 2024 — 6 min read

Rising Deepfakes - is it fighting a losing battle with customers' real identity?

This article has been contributed by Ankit Ratan, Co-founder & CEO at Signzy.

From Gal Gadot to Rashmika Mandana to Sachin Tendulkar, it's disturbing to see famous faces being the victims of deep fake videos. The deepfake is being used to impersonate people, spread fake news, and create misinformation in the ecosystem. The deepfake has further blurred the line between ‘what is authentic and what is not?’. The research shows that deepfake videos can influence our perceptions of individuals, irrespective of our awareness of deepfakes or our ability to detect them. This not only puts business reputation at risk but also has an alarming psychological impact on individuals, especially young ones.

To address the emerging concern, Rajeev Chandrasekhar, Union Minister of State for Electronics and Information Technology, has recently stated that ‘we will notify newly amended rules that are much more specific to the issue of misinformation and deep fakes in particular.’ He also hinted at adding stringent rules for combating deepfakes and section 469 of the Indian Penal Code (IPC) would be applicable in case of forgery.

In the evolving landscape of cybersecurity, the ascent of deepfakes presents an unprecedented challenge. Recent surveys underscore the urgency, revealing a 13% year-on-year increase, with 66% of cybersecurity professionals noting the integration of deepfakes in cyberattacks. Astonishingly, 78% of these sophisticated attacks utilize email as the primary delivery method. However, the gravity of the ‘deepfake technology’ threat becomes even more pronounced when considering that 4 out of 10 people cannot differentiate between a real and deepfake video.

The Broader Menace - How Duping Big Celebrities Of A Fake Identity Is Not A Joke
V-KYC – A Pivotal Defense Against Deepfake Threats
Real-Time Interaction – The Core of V-KYC
Multi-Layered Authentication – Fortifying the Defense
Comprehensive Record-Keeping – Tracing Deepfake Incidents
Best Practices – Safeguarding Against Deepfake Threats
User Consent – Transparency and Trust in the Digital Realm
Quality Training Programs – Empowering the Workforce
A Proactive Adaptation In The Face Of Evolving Threats

The Broader Menace - How Duping Big Celebrities Of A Fake Identity Is Not A Joke

The potential for the manipulation of financial information, the impersonation of key stakeholders, and the ability to mislead automated systems are all factors that pose severe concerns across all sectors of the economy. Since businesses are progressively moving their operations into the digital arena, the vulnerabilities that are highlighted by deepfake technology are becoming more and more evident. Deepfakes have the potential to do a wide range of damage, which is both worrisome and extensive. Deepfakes can deceive investors by manipulating financial data, and they can even impersonate prominent individuals in order to commit fraudulent acts.

V-KYC – A Pivotal Defense Against Deepfake Threats

In response to the escalating threat posed by deepfakes, particularly in sectors where identity verification is crucial like the BFSI sector, the Virtual Know Your Customer (V-KYC) emerges as a pivotal defense mechanism. V-KYC represents a paradigm shift in identity verification, leveraging real-time interactions and advanced verification techniques. By incorporating multi-layered authentication and maintaining detailed audit trails, V-KYC adapts to the evolving threat landscape posed by deepfake technology.

Real-Time Interaction – The Core of V-KYC

V-KYC is an innovative solution that combines the efficiency of digital processes with the security required to combat deepfake threats. Real-time interactions play a crucial role in ensuring the legitimacy of transactions. By engaging with users in real-time, businesses can verify the authenticity of the person on the other end, minimizing the risk of falling victim to deepfake impersonations. This approach introduces a dynamic layer of security that traditional methods often lack.

Multi-Layered Authentication – Fortifying the Defense

Furthermore, the implementation of multi-layered authentication protocols is crucial in fortifying the defense against deepfake attacks. V-KYC's approach involves a combination of various verification methods, such as knowledge-based questions, biometrics, and device authentication. This comprehensive authentication process not only mitigates the risk of deepfake attacks but also enhances overall security in the E-KYC process, making it significantly more resilient to evolving cyber threats.

e-KYC authentication transaction in india

Comprehensive Record-Keeping – Tracing Deepfake Incidents

Maintaining comprehensive record-keeping for audit trails is another key component in the battle against deepfakes. In the unfortunate event of a security breach or fraudulent activity, having detailed logs of interactions and transactions allows companies to trace back and investigate the incident. This not only aids in identifying the source of the breach but also provides valuable insights for improving and adapting security measures, creating a proactive defence against potential deepfake threats.

Best Practices – Safeguarding Against Deepfake Threats

To effectively combat deepfakes, businesses must adhere to best practices that encompass a holistic approach to security. Prioritizing data security is paramount, involving the implementation of robust encryption methods, secure storage practices, and regular security audits. By making data security a top priority, businesses can significantly reduce the risk of unauthorized access and manipulation by deepfake technology.

User Consent – Transparency and Trust in the Digital Realm

Obtaining the consent of the user is also very important. Within the area of digital technology, transparency is of the utmost importance, and organizations must make it clear to users that they employ V-KYC and other deepfake safeguards. By obtaining agreement before adopting such technologies in verification processes, not only is it possible to guarantee compliance with rules, but it also helps to develop confidence with consumers, which in turn helps to foster a sense of transparency in the utilization of modern security measures.

Quality Training Programs – Empowering the Workforce

It is essential to provide staff with high-quality training programs in order to provide them with the ability to identify possible deepfake dangers and respond appropriately to them. When it comes to cybersecurity, the human aspect continues to be an important factor, and a workforce that is watchful is the first line of protection for an organization. The creation of a resilient workforce that actively contributes to the defence against developing cyber threats can be accomplished by enterprises through the education of their employees on the most recent deepfake techniques and the provision of frequent updates on security policies.

A Proactive Adaptation In The Face Of Evolving Threats

In alignment with industry concerns, innovative companies recognize the profound impact of deepfakes on cybersecurity. Industry leaders, adopting a proactive stance, emphasize the necessity of staying ahead of evolving threats. While specific companies, such as one specializing in digital solutions, acknowledge the challenges posed by deepfake technology, they highlight the importance of continuous innovation in fortifying authentication processes without compromising user experience. The consensus within the tech community is clear – a united front against deepfakes requires ongoing vigilance, advanced technologies, and collaborative efforts to safeguard digital landscapes.

Conclusion

In conclusion, the impact of deepfakes on E-KYC processes is a growing concern that demands immediate attention from businesses, especially in the BFSI sector. The integration of V-KYC, along with adherence to best practices and continuous improvement of security measures, is essential in safeguarding against the malicious use of deepfake technology. By taking a proactive approach and embracing innovative solutions, companies can navigate the deepfake dilemma and secure their digital processes against the ever-evolving landscape of cyber threats. As technology continues to advance, so must our defences to stay one step ahead of potential threats and ensure the integrity of identity verification processes in an increasingly digital world.