The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) recently issued an alert to help financial institutions identify fraud schemes associated with the use of deepfake media created with generative artificial intelligence tools.
The alert explains typologies associated with these schemes, provides red flag indicators to assist with identifying and reporting related suspicious activity, and reminds financial institutions of their reporting requirements under the Bank Secrecy Act (BSA).
As highlighted in the alert, FinCEN has observed an increase in suspicious activity reporting by financial institutions describing the suspected use of deepfake media, particularly the use of fraudulent identity documents to circumvent identity verification and authentication methods.
You can read more here.
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