The U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an alert on November 13th, to help financial institutions identify fraud schemes associated with the use of deepfake media created with generative artificial intelligence (GenAI) tools.

“Beginning in 2023 and throughout this year, FinCEN said it has seen an increase in suspicious activity reporting from financial institutions describing the suspected use of deepfake media in fraud schemes that target their members and customers.

These phony images are created by bad actors who use generative AI (GenAI) technologies, which have reduced the resources (lower costs and time) needed to produce convincing fake identities, enabling criminals to bypass credit union or bank due diligence protocols. FinCEN noted numerous instances where bad actors used AI-generated images to create counterfeit identity documents, from driver’s licenses to passports, to gain account access.”

Read the full article from the CUTimes here.