Concerns have arisen surrounding the use of artificial intelligence (AI) in perpetrating fraud, with the latest victim of deepfake impersonation being none other than the Indian cricket legend Sachin Tendulkar.
Sachin Tendulkar’s Unwanted Stint with Deepfake Promotion
In a shocking incident, a gaming company employed deepfake technology to create promotional material featuring Tendulkar’s likeness without his consent, leading to his justifiable outrage. In response, he called on the public to report such instances, urging social media platforms to swiftly address the issue.
This incident sheds light on a growing problem where celebrities unwittingly find themselves featured in deepfake advertisements, underscoring the potential impact of the misuse of AI technology. In recent years, AI advancements have presented numerous challenges, resulting in prominent individuals inadvertently endorsing products they do not endorse through the use of deepfake technology.
Rajeev Chandrasekhar, the Minister for IT, expressed his concerns regarding the deepfake video featuring Tendulkar, noting that it could lead to legal complications and damages due to its reliance on misleading AI-generated content. The misuse of AI technology in creating deepfakes jeopardizes user trust and safety, necessitating preemptive actions against misinformation and its removal.
Shaun Smith-Taylor, Group Director of Product Management at Eastnets, highlighted the pervasive impact of deepfakes, extending beyond the advertising industry. Financial service companies may encounter difficulties in their identification processes when confronted with deepfake technology. Smith-Taylor emphasized the crucial role of artificial intelligence in combating this evolving form of fraud.
Furthermore, Smith-Taylor recommended that firms implement identity checks on various customer data points, including online behaviour patterns, among others. Unlike one-time checks, AI facilitates the efficient analysis of vast amounts of data, enabling real-time monitoring.
IOSCO Warns of Internet Fraud
The International Organization of Securities Commissions (IOSCO) has previously issued warnings about the increasing incidence of fraud, particularly related to internet-based investment scams and misleading social media advertisements. Today, retail investors face elevated risks due to the easy accessibility of investment products on the Internet, making them vulnerable to fraudulent schemes and significant financial losses.
Jean-Paul Servais, Chairman of IOSCO, stressed the necessity of concerted efforts to enforce regulations and raise investor awareness as effective measures against online fraud. IOSCO also advised investors to rely on trustworthy sources of information, exercise caution when allocating their investments, and avoid overextending their financial means.