NEWS
NEWS
FS-ISAC provides guidance about Deepfake Technology to financial institutions
FS-ISAC , the not-for-profit organisation focused on cybersecurity for the global financial system , has released a groundbreaking report titled Deepfakes in the Financial Sector : Understanding the Threats , Managing the Risks .
This report introduces the first-ever Deepfake Taxonomy , designed to help senior leaders and cybersecurity professionals navigate the emerging risks posed by deepfake technology .
Deepfakes , synthetic media generated through advanced AI , are increasingly used by cybercriminals to mimic executives , employees , or customers , bypassing traditional security measures .
These impersonations exploit the trust inherent in financial transactions , facilitating fraud , data theft and disinformation , potentially costing financial institutions billions . Projections indicate that losses from deepfake fraud could hit US $ 40 billion in the US by 2027 .
Michael Silverman , FS-ISAC ’ s Chief Strategy and Innovation Officer , emphasised the broader risks : “ The potential damage of deepfakes goes well beyond financial costs to undermining trust in the financial system itself .”
The report ’ s taxonomy equips financial firms to identify the highestrisk deepfake threats and implement adaptive security controls .
FS-ISAC will soon release additional guidance for technical staff to reinforce the measures outlined in this report .
You can download the paper here .
‘ Pig butchering ’ scammers targeting job seekers with cryptocurrency fraud
Proofpoint threat researchers have released new insights uncovering a concerning rise in cryptocurrency scams targeting job seekers with fake job offers .
For years , Pig Butcher scammers have swindled victims out of billions by luring them into fake cryptocurrency investments . Recently , Proofpoint observed a shift towards job scamming , tapping into a market of financially insecure victims .
The scam exploits psychological mechanisms such as the Sunk Cost Fallacy , Loss Aversion and the Principle of Reciprocity , making it alarmingly effective , and according to Chainalysis – a cryptocurrency investigation company – these scams have already netted substantial amounts in cryptocurrency . For example , a fake site impersonating Daptone Records made over US $ 300,000 in just two months .
Key findings from the research include :
• There has been an increase in cryptocurrency fraud using fake job lures , impersonating well-known organisations .
• These begin with unsolicited messages on social media , SMS , or messaging apps such as WhatsApp and Telegram promising work-from-home opportunities , exploiting the popularity of remote jobs .
• Victims are directed to register on malicious websites , often requiring referral codes . Once registered , victims perform tasks like fake reviews or product orders .
• Eventually , victims encounter ‘ errors ’ requiring them to pay into fake accounts , lured by promises of bonuses .
• A high confidence that these scams are linked to ‘ Pig Butchering ’, a romance-based cryptocurrency investment fraud : the job fraud offers smaller but more frequent returns for scammers compared to traditional Pig Butchering .
• Scammers leverage brand recognition instead of long romance scams and use flexible platforms for various lure types .
In conclusion , the report found that cryptocurrency investment and job-related scams are extremely prevalent and use sophisticated social engineering techniques to convince people they are legitimate . Just like confidence scammers have done for centuries , fraudsters continue to promise easy money to unsuspecting targets to swindle them . �
12 www . intelligentfin . tech