Deepfakes

Learn how to detect fraud and protect yourself.

At Bank of Luxemburg, we want to keep you educated on the latest advancements in technology. Most recently, AI (artificial intelligence) has emerged as a groundbreaking tool, providing convenience and efficiency for  consumers by assisting in writing letters and answering complex questions. But, in the wrong hands, AI can present dangerous threats. Today’s scammers can use AI to create “deepfakes”, making fraud easier and more convincing than ever before. Because of this, it’s important to be informed and remain extra vigilant. Read this quick Q&A to learn more.

What is a deepfake?

A deepfake is an image, video or audio produced or manipulated through AI and machine learning. Using AI, scammers can create content that is so accurate it appears real. The goal with a deepfake is to create content (videos, audio, photos) that is so realistic looking, it can pass as being authentic.

Why are deepfakes dangerous?

Aside from its capability to spread misinformation across the internet, deepfake technology can be used to imitate a trusted person (family, bank, law enforcement, etc.) and persuade you to provide personal information, including financial account access. Scammers may also use deepfake technology to imitate you and gain access to your financial accounts.

How can I spot a deepfake?

Beware of any person or campaigns asking for money or personal information, especially those featuring images or videos with outrageous claims. In a video or audio interaction, watch carefully for inconsistent details or indication of non-human response. For a complete list, Google “How to spot a deepfake”.  Always go with your gut. If something doesn’t feel right, disengage and call the person or institution back directly. 

How can I protect myself?

Limit the amount of publicly accessible, high-quality photos and videos of yourself online, including on social media. Consider using watermarks on photos and videos for increased security. Also, limit the amount of personal information you share online and who you share it with. Tighten your privacy settings on all online accounts, enable two-step verification and use strong passwords for all accounts.

What should I do if I encounter a deepfake scam?

If you encounter a deepfake scam involving you or someone you know, report the incident to federal law enforcement. File a complaint with the FBI's Internet Crime Complaint Center (www.ic3.gov) or call your local law enforcement.