Key Statistics • Deepfake fraud attempts in the financial sector have increased by 2,137% in the last three years. • The financial sector is one of the most targeted industries, accounting for 40% of all deepfake attacks. • Fraud-related losses tied to deepfakes reached $12 billion in 2023 and are projected to soar to $40 billion by 2027. • The average loss for financial institutions due to deepfake fraud is around $600,000 per company. Protecting Against Deepfake Scams Financial institutions and customers must take proactive steps to protect themselves from deepfake scams. These include: • Implementing Advanced Detection Technologies: Financial institutions should invest in AI-powered tools that can detect deepfakes in real-time. • Strengthening Identity Verification Processes: Multi-factor authentication, liveness detection and other advanced verification methods can help prevent deepfakes from bypassing security measures. • Educating Employees and Customers: Training programs can help individuals recognize the red flags of deepfake scams. • Promoting a Culture of Skepticism: Individuals should be wary of unsolicited requests for money or personal information, especially if they seem unusual or urgent. • Verifying Information Through Multiple Channels: Always confirm the legitimacy of requests through alternative channels, such as contacting the supposed sender directly. Educate With Bite-Sized Videos EPCOR is committed to raising awareness about various fraud schemes and scams, including those involving deepfakes. Their latest “Did You Know?” video provides valuable information on how to spot and avoid these scams. The bite-sized format of the “Did You Know?” series is perfect for sharing education forward with staff and clients to raise awareness and prevention tips for deepfakes and other fraud scams. To watch EPCOR’s latest “Did You Know?” video on deepfakes, scan this QR code. https://www.youtube.com/ watch?v=tBzE1ownQv8 To explore the video library on EPCOR’s YouTube channel, scan this QR code. https://www.youtube.com/ user/EPCORPymnts EPCOR is a not-for-profit payments association that provides payments expertise through education, advice and member representation. EPCOR assists banks, credit unions, thrifts and affiliated organizations in maintaining compliance, reducing risk and enhancing the overall operational efficiency of the payments systems. Through our affiliation with industry partners and other associations, EPCOR fosters and promotes improvement of the payments systems which are in the best interest of our members. For more information on EPCOR, visit epcor.org. 17
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