What Are Deepfake Scams?

Deepfake scams are a new breed of fraud where criminals use artificial intelligence (AI) to create fake videos, voices, or images that mimic real people. These fakes are so convincing that they can impersonate CEOs, loved ones, or even public officials — in real-time or through recorded content, to deceive and defraud victims.

Unlike phishing emails or traditional spoofing, deepfake scams attack what we trust most: faces, voices, and human presence.
It’s not just about tricking the mind — it’s about tricking the senses.

Why Deepfakes Work So Well

Deepfakes hijack our most basic trust instincts. When we see someone’s face or hear their voice, our brain assumes it’s authentic — especially if it comes from a familiar source. Scammers exploit this trust to push people into high-stakes decisions, like transferring funds or sharing sensitive data.

Here’s how they do it:

• Visual Authority: “You saw the CFO in the video — it must be real.”
• Vocal Familiarity: “That voice sounded just like my boss.”
• Contextual Deception: “The call was about our M&A — only insiders would know that.”

Deepfake scams aren’t just clever. They’re contextual, immersive, and dangerously persuasive.

Common Types of Deepfake Scams

1. Executive Deepfake Scam

A finance team receives a video call or voice message from what looks and sounds like their CEO or CFO, requesting an urgent fund transfer. But it’s an AI-generated impersonation designed to bypass verification checks.

2. Voice Cloning Fraud

A scammer records a few seconds of someone’s voice (often found online) and uses AI to generate a full conversation. Victims receive a call or voicemail that sounds exactly like someone they trust — asking them to act fast.

3. Celebrity Endorsement Scams

Deepfake videos of famous personalities are used to promote fake investment platforms, often on social media. Victims are lured in by the familiar face and voice, unaware the entire endorsement is AI-generated.

4. Romance Scams Using Deepfakes

Scammers create highly realistic fake profiles using AI-generated images and voices. Victims are drawn into emotional relationships through chats, voicemails, or even pre-recorded video messages, and eventually convinced to send money.

5. Fake Job Interviews and HR Scams

Impersonating recruiters or executives using deepfake video/voice, scammers conduct fake interviews to collect personal information or trick victims into paying for fake onboarding services.

6. KYC and Onboarding Fraud

Synthetic identities — built using deepfaked selfies, documents, and live videos — are used to bypass video KYC and open accounts at banks, fintech platforms, or exchanges.

7. Legal and Inheritance Fraud

Victims are contacted by fake “lawyers” or “government officials” through deepfaked video calls or voice notes, claiming an inheritance or legal matter is pending — but upfront payments or processing fees are required.

Real-World Example

In 2025, a finance director at a multinational company authorised a US$499,000 payment during a video call with what appeared to be senior executives. The Zoom call looked and sounded authentic — but the entire meeting was fake, powered by deepfake avatars of the CFO and other leaders. By the time the fraud was discovered, the money was gone.

Red Flags: How to Spot a Deepfake Scam

• A video or voice message feels real but comes with urgent financial requests
• Lip movements don’t match speech perfectly in video calls
• Visuals look “too smooth” or robotic in low light
• “Executives” insist on secrecy or bypassing standard approval flows
• Unusual payment instructions from known contacts or sudden account changes

Protecting Yourself and Your Organisation

For Individuals:

• Always verify high-value requests using a known, secure channel
• Don’t assume video calls are proof of identity — confirm separately
• Avoid sharing personal audio or video publicly if possible
• Use multi-factor authentication and account limits
• Report suspicious calls, videos, or messages immediately

For Financial Institutions:

• Implement real-time behavioural analytics to detect unusual patterns
• Train staff, especially finance and operations, on deepfake red flags
• Enforce strict multi-person approvals for large payments
• Use deepfake detection software during KYC and onboarding
• Collaborate across the industry through shared threat intelligence

Conclusion: Fighting Fraud in the Age of Synthetic Reality

Deepfake scams represent a dangerous leap in the evolution of financial crime. They don’t just trick systems — they exploit people, emotions, and perception. And they’re getting more convincing by the day.

That’s why the future of fraud detection must be smarter, faster, and collective.

Tookitaki’s FinCense platform is purpose-built to stay ahead of this shift.

How FinCense Helps:

• Typology-Driven Detection: Flags patterns typical of deepfake scams, like urgent transfers, high-value requests, and synthetic identities
• Federated Intelligence: Continuously updated with real-world scenarios from global institutions via the AFC Ecosystem
• AI Simulation & Testing: Allows institutions to simulate deepfake scenarios and stress-test their controls
• Smart Case Narration: Helps compliance officers detect and respond quickly to unusual events using contextual insights

When identity can be faked and fraud moves at the speed of AI, detection can’t afford to be reactive.
It needs to be intelligent, collaborative, and relentless.

Because in the world of deepfake scams, even the most familiar face might be a fraud.