It’s not just Aussie consumers feeling the threat of deepfake scams. Mastercard’s commissioned research shows at least 20% of Australian businesses have been targeted by the scams in the last 12 months. Of those, 12% have fallen for the manipulated content.
To trick businesses out of money, the deepfake scams reported in the research commonly posed as customer service (44%), clients (38%) and suppliers/vendors (34%). Employees, CEOs, board members, and law enforcement were also impersonated in scams.
There are many measures businesses can take to prevent deepfake scams:
- Intification verification to access sensitive information
- 45% provide their team with cybersecurity training
- 34% have conducted financial transaction training
- 29% have implemented identification protocols for payment requests
- 16% report not taking any measures to protect against deepfake scams
However, with 19% of business decision makers lacking confidence that staff can detect deepfake scams, there remains a need for improved digital literacy.
“Never give out your personal information or account data without verifying the identity of who you are talking to. You should monitor your accounts and statements for transactions you don’t recognise, and if you suspect there has been fraudulent activity, contact the financial institution that issued your card immediately,” said Sathi.
As an expert in protecting payments, Mastercard is committed to stopping scams and protecting consumers from cybercrime. It is investing heavily in innovative technology and expertise to educate, empower and protect consumers worldwide. Recently, Mastercard announced its agreement to acquire threat intelligence company, Recorded Future.
“Scammers have become more brazen and sophisticated, taking advantage of the latest technologies like AI and other means to deceive consumers. Mastercard is committed to providing Aussies with the insights and tools to help protect themselves and their loved ones from scams,” said Sathi.
