Advancements in artificial intelligence (AI) have revolutionised how we live and work. But alongside its benefits comes a darker side: the rise of deepfakes. These highly realistic fake videos, audio, and images—created using advanced AI techniques—pose serious risks to small businesses. From financial fraud to reputational harm, understanding and combating deepfakes is crucial to protecting your business. In this virtual reality, what you see really isn’t always what you get.
What are deepfakes?
Deepfakes are synthetic media created using AI, specifically Generative Adversarial Networks (GANs). By analysing photos, videos, or audio of a person, the AI learns to mimic their appearance, expressions, and voice. The result? A realistic portrayal that’s often indistinguishable from reality.
Think of deepfakes as digital chameleons—they mimic, adapt, and blend so well they’re almost impossible to spot.
While deepfake technology has legitimate uses in entertainment and education, cybercriminals are using it to deceive and manipulate businesses. Concerningly, a 2024 report by ISMS.online revealed that 24% of Australian businesses faced deepfake-related security incidents in the previous year.
How deepfakes threaten small businesses
Fraud
Criminals use deepfakes to impersonate executives and authorise fake financial transactions. It’s like having a wolf in sheep’s clothing running your accounts—except this wolf knows your CFO’s voice.
Reputational harm
Fake videos or images can spread false information about your business or employees. A deepfake video can snowball into a PR nightmare, leaving your business scrambling to repair the damage.
Social engineering: Deepfake phishing scams trick employees into sharing sensitive data or making impulsive decisions. They are the ultimate bait-and-switch—tricking employees with what looks like a trusted source.
Social engineering
Deepfake phishing scams trick employees into sharing sensitive data or making impulsive decisions. They are the ultimate bait-and-switch—tricking employees with what looks like a trusted source.
In one real-world case, criminals used a deepfake video conference to impersonate senior executives at a British engineering firm, convincing an employee to transfer $25 million USD. In another, Australian politicians including Penny Wong and Scott Morrison were featured in widely shared, deepfake ads promoting fake investment schemes.
How to protect your business from deepfakes
- Train your team: educate employees about deepfake risks and how to verify requests.
- Implement multi-factor authentication (MFA): add extra layers of security to critical accounts.
- Verify requests: always confirm unusual or sensitive demands through a second channel.
- Limit public media: reduce the availability of photos, videos, and voice recordings online.
Stay ahead of deepfake threats
Deepfakes are evolving, but so are the tools to combat them. With nearly a quarter of Australian businesses already impacted, taking proactive steps is essential.
