The Financial Crimes Enforcement Network (FinCEN) has issued an alert to help financial institutions detect and report fraud involving deepfake media created using generative AI (GenAI).
Recommendations for Financial Institutions:
– Implement multifactor authentication (MFA) and live verification to ensure stronger identity checks
– Use deepfake detection tools to identify suspicious activity
– Conduct enhanced due diligence on accounts with unusual patterns
– Report such activities via Suspicious Activity Reports (SAR) using the keyword “FIN-2024-DEEPFAKEFRAUD”
