With technological advances at an all-time high, it’s crucial to stay on top of new sophisticated security risks to protect your data. Deepfake technology, which uses artificial intelligence to create convincing fake videos and audio recordings, is now being used by cybercriminals to commit financial fraud.
As your trusted financial partner, Amerant Bank wants to ensure you’re equipped with the knowledge and tools to protect yourself from these evolving threats.
What Are Deepfakes?
Deepfakes are artificially created images, videos, and audio recordings designed to convincingly emulate real human characteristics. Using advanced AI technology called deep learning, these synthetic media can make it appear as though someone said or did something they never actually did.
The most common types include:
- Face-swap videos that transpose one person’s facial movements onto another person’s features
- Voice cloning that copies unique vocal patterns to digitally recreate and alter speech in real-time
While this technology has legitimate applications, criminals are increasingly using it for malicious purposes.
How Criminals Use Deepfakes to Target Your Money
Individual Targeting Schemes
Identity Theft and Social Engineering Criminals are using deepfake voice calls and images to contact your financial institution to impersonate you, attempting to update your contact information or initiate fraudulent wire transfers. They may even use synthetic audio or video to create fake bank accounts under false identities.
The Modern Imposter Scam Traditional phone scams are becoming more convincing with deepfake technology. Criminals can now perfectly mimic the voice of a public figure, government official, distressed relative, or technical support expert to pressure victims into making immediate payments.
Remote Work Fraud Increasingly, scammers are using deepfakes combined with stolen personal information to apply for remote positions, particularly in IT and data-sensitive roles where they can access valuable personal and financial information.
Business-Focused Attacks
Enhanced Business Email Compromise While criminals have long impersonated CEOs via email to request urgent wire transfers, deepfake technology now allows them to make these requests via convincing phone calls, adding a layer of authenticity that can fool even cautious employees.
Synthetic Social Media Manipulation Fake social media accounts powered by AI-generated photos and content can manipulate markets and spread misinformation that impacts financial institutions and their customers.
Red Flags: How to Spot a Deepfake
While deepfake technology is advancing rapidly, current iterations still have telltale signs you can watch for:
Video Red Flags
- Jerky, unnatural movements or sudden shifts in lighting between frames
- Audio that doesn’t quite sync with lip movements
- Facial features that appear “off,” particularly around the eyes
- Skin that looks unusually smooth, wrinkled, or shows inconsistent aging compared to hair and eyes
- Unnatural blinking patterns—either too frequent or absent entirely
- Facial hair that appears added or removed unnaturally
- Inconsistent shadows that don’t match natural lighting physics
Audio Red Flags
- Flat, monotone, or slightly unnatural voice qualities
- Speech patterns that don’t match the supposed speaker’s typical cadence
- Background audio that seems inconsistent or artificial
Your Defense Strategy Against Deepfake Fraud
Immediate Steps You Can Take
Practice Healthy Skepticism If a voice message or video call feels even slightly off, trust your instincts. In our era of remote communications, it’s better to be overly cautious than to fall victim to fraud.
Always Verify Through Trusted Channels Before acting on any financial request—no matter how urgent it seems—verify the request using known, trusted contact methods. Call the person back using a number you have on file, not one provided in the suspicious communication.
Establish Family Code Words Create unique phrases or questions with family members that only you would know. This can help verify identity during emergency calls requesting financial assistance.
Limit Your Digital Footprint Be mindful of what photos, videos, and audio recordings you share online. These materials can be used to train deepfake models. Never repost media without verifying its authenticity first.
Advanced Protection Measures
Embrace Zero Trust Verification Apply cybersecurity best practices to your personal life. Verify everything, double-check sources, and use reverse image searches when possible, to trace the original source of suspicious media.
Leverage Technology As deepfake detection technology improves, consider using verification tools and services that can help identify synthetic media.
Our Commitment to Your Security
Amerant Bank continuously invests in advanced fraud detection technologies and monitoring systems to identify and prevent fraud attempts. Our multi-layered security approach includes behavioral analytics, device intelligence, and document verification to protect your accounts.
If you ever receive a communication claiming to be from us that seems suspicious, contact us immediately using the phone number on your debit card or monthly statement.
Stay Informed, Stay Protected
Financial fraud continues to evolve, but by staying informed and maintaining healthy skepticism about unexpected communications, you can protect yourself and your finances. Remember: when in doubt, verify independently before taking any action.
If you suspect you’ve encountered a deepfake fraud attempt or have fallen victim to any type of financial scam, contact us immediately at 306-629-1200 or visit any Amerant banking center.
For more information about protecting yourself from fraud, visit the Security Center.
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