Santander has launched a campaign highlighting the risks posed to consumers by ‘deepfake’ videos circulating on social media platforms.
As part of this initiative, Santander created deepfake videos featuring ‘finfluencer’ Mr. Money Jar and Chris Ainsley, the bank’s fraud lead, to illustrate the realism of deepfakes and provide guidance on how Brits can protect themselves.
Recent research from Santander reveals that over half of Brits (53%) are either unfamiliar with the term deepfake or have misunderstood its meaning. Only 17% of respondents felt confident in their ability to identify a deepfake video.
In May of last year, a Santander customer lost £60,000 after transferring funds to a criminal impersonating Ainsley. While this incident involved a traditional impersonation scam, Ainsley warns that the rise of deepfake technology presents an even greater threat to unsuspecting consumers.
“Generative AI is advancing rapidly, and it’s a matter of ‘when,’ not ‘if,’ we start witnessing a surge in scams exploiting deepfakes,” he states. “Fraudsters already inundate social media with fraudulent investment schemes and fake romantic interests; it’s highly likely that deepfakes will enhance the believability of such scams.”
He adds, “Now more than ever, it’s crucial to stay vigilant. Just because something seems legitimate at first glance doesn’t mean it is. Be alert to warning signs, and if something or someone appears too good to be true, it probably is.”
Santander’s campaign comes in response to reports from financial regulators in New Zealand about an increase in complaints from consumers deceived by fake advertisements featuring deepfake endorsements of local political leaders.
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