With the democratization of artificial intelligence (AI) technology, deepfakes are becoming a popular tool among cybercriminals with which to scam consumers, businesses and even institutions, out of their cash.
In Mastercard’s Cybersecurity Survey 2025 it was estimated that losses and damages from cyberattacks came to $9.5 trillion in 2024, according to Cybersecurity Ventures – making cybercrime the third-largest economy in the world. That figure was $10.5 trillion for 2025, and it’s predicted to hit more than $12 trillion in 2031.
In one example, UK engineering firm Arup fell victim to a £20 million deepfake scam in which a Hong Kong employee was duped into sending cash to criminals, having joined a video call led by an AI-generated senior officer.
A recent Medus survey found that the majority (53 percent) of finance professionals have been targeted by attempted deepfake schemes. Even more concerning is the fact that 43 percent admitted to ultimately falling victim to the attack.
The good news is that with the right level of knowledge and awareness, organisations can protect themselves with little capital investment. A Finextra article shares some of the ways to spot the use of voice cloning, deepfake video, and social engineering.
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