In 2019, the CEO of a major European company received what seemed to be a phone call from his boss. Trusting the familiar voice, he authorised an urgent transfer of €220,000. Only later did he realise he had been defrauded through the use of audio deepfakes.
This technology, powered by artificial intelligence to produce convincingly falsified content, is being increasingly exploited by cybercriminals to impersonate identities, manipulate information, and deceive both companies and individuals.
Another form of deepfake fraud involves manipulated videos that fabricate false scenarios, such as people making compromising statements or agreeing to fraudulent deals.
Deepfakes can also be used in emails and text messages to impersonate individuals and trick employees into granting access to systems or sensitive information. In the business world, these incidents are far from isolated anecdotes. They pose significant risks to security, reputation, and financial operations.
According to a global report by Veridas, an estimated 85% of business fraud involves synthetic identities or false digital profiles. The same report reveals that 70% of companies are concerned about potential fraud enabled by artificial intelligence.
Digital Manipulations
Audio deepfakes are particularly effective tools for “vishing” (voice phishing), a type of fraud where cybercriminals imitate the voices of senior executives to request urgent fund transfers.
As the earlier example illustrates, these tactics exploit employee trust and traditional authorisation systems with alarming ease.
Another critical threat comes from visual manipulation. There have been documented cases of fake conferences in which fabricated footage of business leaders announcing false decisions has led to share price drops and market disruptions.
Such acts of sabotage not only cause immediate financial losses but also undermine long-term brand trust. Deepfake technology has also been used to manipulate financial markets by disseminating false information and, in human resources, to commit identity theft during job interviews, endangering both companies and genuine candidates.
Tools to Detect the Undetectable
In response to these threats, technological tools for detecting deepfakes are constantly evolving. AI-powered solutions analyse patterns of light, motion, or micro-expressions to identify manipulations.
Some platforms use neural networks to detect inconsistencies in video and audio, while others deploy digital watermarking systems to trace the origins and modifications of multimedia content.
However, these technologies require continual updates to keep pace with increasingly sophisticated deepfake generation techniques.
Technology alone cannot combat the problem. Businesses must train their teams to recognise warning signs, validate information through secure channels, and establish rigorous verification protocols.
Many organisations are adopting multi-factor authentication, advanced biometric systems, and internal identity verification guidelines to mitigate risks in critical communications. Clear regulations are urgently needed to address the malicious use of deepfakes, providing legal frameworks that protect both businesses and individuals.
Collaboration between the public and private sectors will be vital to developing global standards and encouraging best practices. Initiatives such as the Content Authenticity Initiative (CAI) are already working to establish technical standards for verifying the authenticity of digital content.
A Global Challenge
Education and awareness are equally essential. Organisations like the Media Forensics Hub are creating training programmes for journalists and communication professionals, while social media platforms are integrating fact-checking systems and labels for synthetic content.
Digital literacy, particularly the ability to verify sources, has become a critical skill in this era of pervasive digital disinformation.
Deepfakes represent an unprecedented challenge to the business world, undermining trust—a cornerstone of commercial relationships. Yet, they also underscore the need for businesses to anticipate and adapt to an ever-changing digital landscape.
By investing in detection technologies, prioritising education, and collaborating on effective regulation, companies can enhance their resilience against this emerging threat.
The solution lies in framing the challenge not only as a technological issue but also as an opportunity to reinforce the principles of trust and transparency in the digital age.
stronger than one