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HomePEOPLERashmika Mandanna Deep Fake Controversy: Can This Technology be Misused in Financial...

Rashmika Mandanna Deep Fake Controversy: Can This Technology be Misused in Financial Sector? How to stay safe

Earlier this week, a morphed video of Bollywood celeb Rashmika Mandanna was uploaded to X. The uploaded video was modified to look as the actress. Deepfake technology can also be used for financial fraud by wrongdoers. Check out how to stay safe from such frauds happening with you.

Rashmika Mandanna Deep Fake Controversy: With the Rapid advancement in technology in the modern world. We frequently come across several events of misusing the new technology with the wrong intentions. A new incident of such misuse happened earlier this week with the popular celebrity Rashmika Mandanna when a fake video of her was uploaded on X in which she was shown wearing a sportswear and entering into an elevator. This incident became a topic of discourse on social media platforms. Everyone on the social media platform reacted to the celeb’s viral video as per their own understanding.

Soon after the incident, people came to know that the viral content was a deepfake video as the original clip of the video belonged to the Instagram Influencer Zara Patel. Zara Patel has over 4 lakh followers on her Instagram handle and some wrong doers created a morphed image of Mandanna’s face over the Patel’s facelift.

How Deepfakes Can Impact the Financial System?

Globally, the number of deepfake content is growing significantly from 2019 till now. This technology can also hit the financial system globally as there are still some instances of deepfake phishing attacks. Fraudster have also seen misusing the deepfakes in video conversations. If you are also worried about the risk of being trapped in a financial fraud due to deepfakes. Check out some major ways in which deepfake technology can be used for financial fraud.

Ghost Fraud

In Ghost Fraud, Fraudsters use personal data of a dead person for getting access to his or her online services, checking the person’s savings and gain credit scores. Fraudsters can also make fake loan applications and have online video kYC sessions with the help of deepfake technology.

Application Fraud

This fraud is also known as New Account Fraud, this takes place with someone when fraudsters make use of stolen or fake identities of the victim to open a bank account. Getting all the formalities done digitally criminals can apply for huge amounts of loan and avail all the benefits in the name of victim which later needs to incurred by the victim.

Synthetic Identity Fraud

One of the major techniques of misusing deepfake technology is Synthetic identity fraud. Fraudsters generate or create valid identities of a person who doesn’t even exist. After getting real like fake identities ready in their hands, they apply for credit and debit cards and make fake transactions with these cards in the name of non-existent customers.

Fraud Claims

Fraudsters can also proceed with insurance and other claims of an expired person. With the deepfakes they can complete all the formalities with the authorities to get pensions and life insurance for longer periods.

How to Prevent Such Financial Frauds?

In order to stay safe from this type of Fraudulent events. You need to adopt some takeaways that can prevent such incidents from taking place with you which are as follows:

  • Keep all your government issued identities safe.
  • Cross verify all your spendings.
  • Keep a check on your bank account activity.
  • Avoid answering video calls from unknown contacts.

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