In an era where artificial intelligence (AI) can mimic voices, faces, and even emotions, fraud has taken on a new—and deeply deceptive—form. Welcome to the world of deepfake scams, where what you see and hear may not be real. When it comes to scams, awareness is your first line of defense. Let’s unpack what deepfakes can mean for you, your family, and your financial security.
What Are Deepfakes?
Deepfakes are AI-generated or manipulated videos, images, or audio that convincingly imitate real people. They’re not just science fiction anymore. Today, scammers use deepfakes to impersonate:
Why Deepfake Scams Are Surging
The technology behind deepfakes is becoming cheaper, faster, and more accessible. Combine that with the vast amount of personal content we share online—photos, videos, voice clips—and scammers have everything they need to build convincing fakes.
According to the FBI, fraud reports have skyrocketed since 2020, with over $50 billion in losses. Imposter scams, fueled by deepfake tech, are a major contributor.
The Psychology Behind the Scam
Deepfake scams don’t just rely on tech, they rely on emotional manipulation. Scammers often use fear, urgency, or secrecy to override your judgment. Here are some examples of how a deepfake could look:
How You Can Protect Yourself
Remember that BankFive will never call you, text you, or email you and ask for sensitive information. If you receive a message stating that your account has been compromised, or that specific information is needed from you, don’t panic. Hang up, or exit out of the message, and contact us through one of our secure channels:
The American Bankers Association has put together a helpful infographic that offers a visual guide to spotting deepfakes and protecting yourself. It’s a great resource to share with friends and family, especially those who may be especially vulnerable to scams.
Fraud is evolving—but so are we. Stay informed, stay skeptical, and visit our Security page for helpful tips and scam alerts.
What Are Deepfakes?
Deepfakes are AI-generated or manipulated videos, images, or audio that convincingly imitate real people. They’re not just science fiction anymore. Today, scammers use deepfakes to impersonate:
- Your boss asking for a wire transfer
- A loved one in distress needing money
- A celebrity endorsing a fake investment
- A government official issuing false warnings
Why Deepfake Scams Are Surging
The technology behind deepfakes is becoming cheaper, faster, and more accessible. Combine that with the vast amount of personal content we share online—photos, videos, voice clips—and scammers have everything they need to build convincing fakes.
According to the FBI, fraud reports have skyrocketed since 2020, with over $50 billion in losses. Imposter scams, fueled by deepfake tech, are a major contributor.
The Psychology Behind the Scam
Deepfake scams don’t just rely on tech, they rely on emotional manipulation. Scammers often use fear, urgency, or secrecy to override your judgment. Here are some examples of how a deepfake could look:
- A voice or video call from your child saying they’re in trouble and need money now—but it’s not really your child.
- A text message containing a photo of one of your loved ones in a dire situation, stating you need to send money ASAP so they can get treatment.
- A phone call from your “bank” stating that your account has been compromised and you need to provide your password or PIN to verify your identity and secure it.
- A video call that appears to be your boss, saying you need to make an urgent bank transfer.
How You Can Protect Yourself
Remember that BankFive will never call you, text you, or email you and ask for sensitive information. If you receive a message stating that your account has been compromised, or that specific information is needed from you, don’t panic. Hang up, or exit out of the message, and contact us through one of our secure channels:
- By phone at 774-888-6100
- By secure mail or secure chat (available within Online Banking)
- By starting a Video Banking session at https://www.bankfive.com/videobanking
- Limit what you share online
- Use strong, unique passwords
- Verify requests through trusted sources
- Talk to your family about creating codewords for emergencies, so you can verify it’s really them contacting you
The American Bankers Association has put together a helpful infographic that offers a visual guide to spotting deepfakes and protecting yourself. It’s a great resource to share with friends and family, especially those who may be especially vulnerable to scams.
Fraud is evolving—but so are we. Stay informed, stay skeptical, and visit our Security page for helpful tips and scam alerts.