Deepfake Scams Continuously Hit 20% of Businesses and 36% of Australians

The new survey revealed that deepfake scams are attacking businesses and consumers in Australia and this ratio is increasing. Every one out of five businesses experience the deepfake scams within a year. Similarly, three out of one Australians also fall for such scams and face millions of financial losses. But the experts say this only depicts a part of the story, as most victims are unaware they’ve been cheated.

One alarming aspect of the research is the susceptibility of Australians to this scam. Of the respondents that were approached, 22% confessed that they were victimized by tampered content but only nearly half (48%) reported it. In addition, the study made it clear that deepfake scams are not merely a case of financial loss since 36% of consumers have experienced non-financial effects because they had their identity stolen.

While the threat is intensifying with each passing day, a large section of the population of Australia is still unprepared. As Vice President of Security Solutions at Mastercard Australasia, Sathi quoted that nearly one in five Australians, or 19%, haven’t done anything to safeguard themselves against deepfake scams. According to Sathi, generative AI has two sides: “While generative AI promises incredible potential, we are seeing its misuse grow, particularly in the manipulation of people and businesses”.

Deepfake Scams on the Rise

According to some, older Australians – such as grandfathers and grandmothers – are the most susceptible to falling prey to deepfakes. Most respondents named them the most vulnerable group. This indicates that only 24% have made any effort to educate themselves and their families about this type of fraud, and just 12% feel confident in their ability to recognize it. Australian citizens are also losing trust in online platforms. 60% reported Australians said that social media, on which they once relied, had decreased compared with the previous years of trusting it. Declines in trust have been experienced in phone calls and messaging services as well.

Twenty percent of companies said that deepfake scams were attempted against them in the previous year, mainly in the form of phishing attempts by scammers posing as suppliers or customer service representatives. 

43% of organizations have put identity verification controls in place, while 45% have offered cybersecurity training. Mastercard is also out front of the charge to protect consumers; it has divided its educational program into six parts, while continuing to complete its acquisition of a threat intelligence firm, Recorded Future, to enhance fraud prevention programs.