As much as 53 per cent of Brits have either never heard of the term deepfake or misunderstood its meaning, British bank Santander has revealed, as part of a new initiative to warn consumers about the dangers of AI deepfake scams.
Santander is teaming up with Timi Merriman-Johnson, a qualified financial advisor and ‘finfluencer’ known as Mr Money Jar to improve public knowledge of the dangers posed by deepfake technology.
Deepfakes, videos, images or sounds of real people digitally manipulated through artificial intelligence (AI), are being used to misrepresent individuals by scammers.
As part of the initiative, Santander has created deepfake videos of Mr Money Jar and Santander fraud lead Chris Ainsley, to highlight how sophisticated and realistic deepfakes are, and how Brits can protect themselves.
Santander research found that just 17 per cent of people are confident in their own ability to identify a deepfake video.
The data also shows that many have previously come across a deepfake, with over a third (36 per cent) of Brits already knowingly watched a deepfake. Many of these were seen on social media, with 28 per cent of respondents reporting they have seen a deepfake on Facebook, followed by 26 per cent on X (formerly Twitter), 23 per cent on TikTok, and 22 per cent on Instagram.
Chris Ainsley, fraud lead at Santander
“Generative AI is developing at breakneck speed, and we know it’s ‘when’ rather than ‘if’ we start to see an influx of scams with deepfakes lurking behind them,” Chris Ainsley, head of fraud risk management at Santander. “We already know fraudsters flood social media with fake investment opportunities and bogus love interests, and unfortunately, it’s highly likely that deepfakes will begin to be used to create even more convincing scams of these types.
“More than ever, be on your guard and just because something might appear legitimate at first sight – doesn’t mean it is. Look out for those telltale signs and if something – or someone – appears too good to be true, it’s probably just that.”
Concerns about deepfakes on the rise
Santander also revealed that Brits are most concerned that deepfake technology will be used to steal people’s money (54 per cent), followed by concerns regarding manipulation in elections (46 per cent) and generating fake biometric data (43 per cent).
Timi Merriman-Johnson or ‘Mr Money Jar’
Merriman-Johnson, added: “The rate at which generative AI is developing is equal parts fascinating and terrifying. It is already very difficult to spot the difference between deepfake videos and ‘real’ ones, and this technology will only get better from this point forward. This is why it’s very important for users to be aware of the ways in which fraudsters use technology like this to scam people.
“As I said in the video, if something sounds too good to be true, it probably is. People don’t tend to broadcast lucrative investment opportunities on the internet. If you are ever in doubt as to whether a company or individual is legitimate, you can always search for them on the Financial Conduct Authority Register.”
Seventy-eight per cent expect fraudsters to use the technology and 59 per cent say they are already more suspicious of things they see or hear because of deepfakes.
Santander’s tips to avoid falling for deepfake scams
As part of its efforts to keep consumers safe against scammers using deepfake technology, Santander has released its top tips to stay safe:
Most deepfakes are still imperfect. Whether there’s blurring around the mouth, less blinking than normal, or odd reflections – look out for the giveaways.
But at some point, deepfakes will become impossible to distinguish from real videos, so context is important. Ask yourself the same common-sense questions you do now. Is this too good to be true? If this is real, why isn’t everybody doing this? If this is legitimate, why are they asking me lie to my family and/ or bank?
Know what types of scams deepfakes are likely to be used for. Deepfakes are likely to be used by criminals to scam people through investment scams and impersonation fraud, such as romance scams. If you know the telltale signs of these scams, you’ll know how to spot them – even if a deepfake has been used.
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