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FRAUD AWARENESS

Don’t Be Fooled by Deepfakes

AI has truly changed the game when it comes to online scams. Only a few short years ago, it was much easier to detect fraudulent texts and emails due to poor grammar, unconvincing graphics and other mistakes. However now, due to advances in technology and video and voice simulation software, scammers are able to impersonate anyone – even someone you know and speak to regularly. As with any scam, the first step is to arm ourselves with information we need to help us determine whether or not a call or video message is legitimate. Let’s dig into deepfakes and find out what they may look and sound like.

What exactly is a deepfake?

A deepfake is a video or audio recording which has been digitally altered to look and/or sound like someone else. This type of software is usually used for scams and other nefarious means, and due to their effectiveness, deepfakes are unfortunately becoming more common all the time. It isn’t only celebrities and well-known people who can have their likeness ‘stolen’; with only a few seconds of video or audio footage from someone you know in your personal life, a scammer can create a very realistic impersonation of them that they could use to target friends and family with a deepfake video scam.

How does a deepfake scam usually play out?

In a typical deepfake scenario, the scammer will target an individual by collecting a video and audio clip (often from social media, recorded phone calls, company websites or other files available to them) and create a realistic likeness of that person. Then, by writing a script that often includes an urgent request for payment, the scammer will contact friends, family or business associates of the individual in an attempt to coerce them into sending them a payment. Some examples could be a relative having a medical or legal emergency and needing money, or an employee being asked to move money or purchase gift cards by their boss.

How can someone protect themselves from deepfake scams?

If you are contacted by phone or video call and the circumstances of the call are unexpected, suspicious, or urgent – be wary. Do not provide any personal details (such as names or information that the scammer could use to build a more accurate profile of the person they are impersonating. Never send money or provide information, instead hang up and verify that you have indeed been contacted by this person legitimately; this can be done by calling them, or someone close to them, directly. Never communicate with a possible scammer through the means they provide you with – they will often provide a fraudulent email or phone number to trick you into communicating with them that way. Even if someone claims their phone or email account has been compromised, do not use the new contact information given to you in a suspicious conversation, and always verify the details outside of the call by speaking with that person directly or someone else you trust.

Remember to trust your instincts and be suspicious of any urgent or unusual requests for money or information, even if it looks to be coming from someone you know. It only takes a few minutes to hang up and check with someone outside the call to see if you have been targeted by a scam. If you believe you have been scammed, or an attempt was made, contact the Canadian Anti-Fraud Centre for helpful details and how to report the incident if needed.

 


For more articles like this one, check out MONEY MINDSET.

2-step verification (2SV), is a second way to confirm your identity to help keep your personal and financial information from being compromised or stolen. To confirm your identity, you may be asked for a security code after you log in to online banking.  You will recieve this security code either by email or on a mobile device.

This ensures it’s really you accessing your accounts and helps protect your personal information. When 2SV is set up on your account, even if someone has your username and password, they won't be able to access your account without getting through this extra barrier.

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Tandia is committed to protecting your privacy and safeguarding your personal and financial information. While the Internet is revolutionizing the way that we do business - providing convenient access to financial services from your home or office - we also recognize that it may bring legitimate concerns about privacy and security.

 

Learn how to protect yourself.

Being aware and proactive can save you from becoming a victim and help create a safer environment for everyone. With the rise of digital transactions and online interactions, scammers are constantly finding new ways to deceive people. Knowing how to protect yourself from fraud—such as recognizing phishing attempts, safeguarding personal information, and using secure payment methods—can prevent financial harm and ensure your personal and financial security.

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