The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has issued a critical alert to financial institutions regarding the rising use of deepfake technology in fraud schemes. The advisory focuses on the use of deepfake media in identity theft, particularly to create fraudulent identity documents that bypass standard verification methods.
In response, FinCEN has outlined common tactics used in these schemes, provided red flag indicators to help institutions detect such activity, and reminded banks of their responsibilities under the Bank Secrecy Act. Andrea Gacki, FinCEN’s director, emphasized the importance of vigilance, stating, “By reporting suspicious activity involving deepfakes, financial institutions can help protect the U.S. financial system and shield consumers from potential abuse.”
The issue extends beyond document fraud; earlier this year, researchers flagged hundreds of deepfake videos of prominent figures like Prince William and UK Prime Minister Keir Starmer. These videos, circulated on social media platforms, were used to trick viewers into fraudulent cryptocurrency investments.