Generative AI tools have brought the cost of deepfake production low enough that criminals and state-sponsored actors now use them routinely against financial institutions. A joint paper from the American Bankers Association, the Better Identity Coalition, and the Financial Services Sector Coordinating Council lays out the scale of the problem and calls on federal and state policymakers to act across various areas. Deepfake incidents in the fintech sector increased 700% in 2023 compared to 2022. … More
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