As artificial intelligence (AI) technology becomes more accessible, deepfakes are increasingly being exploited by cybercriminals. These tools are being used to scam individuals, businesses, and even large institutions out of their money.
According to Mastercard’s Cybersecurity Survey 2025, losses and damages resulting from cyberattacks totaled an astonishing $9.5 trillion in 2024, as reported by Cybersecurity Ventures. This staggering amount positions cybercrime as the third-largest economy in the world. Projections indicate that losses could rise to $10.5 trillion in 2025 and potentially exceed $12 trillion by 2031.
A notable incident involved UK engineering firm Arup, which became a victim of a £20 million deepfake scam. In this case, a Hong Kong employee was tricked into transferring funds to criminals after participating in a video call that featured an AI-generated impersonation of a senior officer.
A recent Medius survey revealed that 53 percent of finance professionals have been targeted by attempted deepfake schemes. Alarmingly, 43 percent of those surveyed admitted to having fallen victim to such attacks.
Fortunately, organizations can safeguard themselves with minimal financial investment by enhancing their knowledge and awareness of these threats. A Finextra article offers valuable insights on how to identify voice cloning, deepfake videos, and social engineering tactics.
