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Finance leaders fight deepfakes

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Finance leaders fight deepfakes

Corporate finance departments are grappling with AI-enabled fraud, according to the results of a new survey by Early Warning Services’ Certos.

Encountering fraud that looks like the workings of an artificial intelligence tool? You’re not alone.

According to a new survey of 230 senior financial leaders conducted by Early Warning Services’ fraud prevention unit Certos, as many as 81% of respondents said their company had experienced an attempted fraud that involved, or appeared to involve, “AI-generated or AI-enhanced content or techniques” within the last year.

A similar share (79%) said they were very concerned that AI-enabled fraud could negatively affect trust in their organization.

The potential repercussions of AI-powered fraud, evidently, are sweeping. In response to an open-ended question about their biggest concerns about AI-enabled fraud or scams, just about one in five respondents (21%) cited the potential for executive deepfake impersonation. The most common response to that question, cited by 43% of respondents, was payment diversion, followed by detection gaps or control lags, named by 38% of respondents.

As one anonymous CFO of a Fortune 500 company put it: “Biggest concern is a convincing fake request slipping through and sending company money to the wrong place.Certos conducted the online survey Aug. 7-21 and received 79 responses from leaders at Fortune 500 companies, 127 from venture-backed companies and 24 from charitable organizations. The survey didn’t include responses from banks and credit unions, investment managers, financial services or fintech firms or those working on AI model development or AI services.



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