Episode 68: Deepfakes, AI, and Accounting Fraud

Listen

The rapid rise of artificial intelligence (AI) is bringing great promise to the world in the form of increased productivity and a better quality of life.


However, as with any new technology, there are people who look to leverage it for nefarious purposes.


Deepfakes are seemingly everywhere now. And while some are being used for humor or general entertainment, many deepfakes are being used to inflict harm.


In this episode of Privacy Files, we welcome Anonyome Labs CFO Naomi Rule to the studio to discuss the challenges facing corporate accounting and finance teams in the face of AI advances, real-time deepfakes and harder-to-detect scams.


We kick of the conversation with the deepfake CFO story that cost one multinational company more than $25 million.


Naomi discusses how thorough processes can help accounting teams thwart the best efforts of sophisticated fraudsters.


We look at how corporations can prepare themselves for increasingly more realistic deepfakes.


In the latter part of the episode, we talk about how AI can positively impact corporate accounting and finance teams in the near future.


With AI technology evolving faster than the legal landscape, it’s critical that companies stay abreast of new developments. Otherwise, organizations could be unknowingly sharing sensitive and proprietary information with the world.


Links Referenced:
https://www.cfo.com/news/deepfake-cfo-hong-kong-25-million-fraud-cyber-crime/706529/
https://www.cfo.com/news/cyber-fraud-2023-survey-trustpair/705928/
https://www.scmp.com/news/hong-kong/law-and-crime/article/3250851/everyone-looked-real-multinational-firms-hong-kong-office-loses-hk200-million-after-scammers-stage
https://www.cfo.com/spons/the-hidden-hazard-how-fraud-is-impacting-fleets-bottom-line/707818/
https://www.cfo.com/trendline/artificial-intelligence-AI-finance/415/

Related Episodes

Episode 72: Reusable Digital Identity

Episode 72: Reusable Digital Identity

In the United States, fraud and identity theft together result in tens of billions of dollars in losses annually. Contributing to this growing problem is the continued use of usernames and passwords stored in giant, centralized databases owned by large companies....

Episode 71: The Practice of Privacy Law

Episode 71: The Practice of Privacy Law

When it comes to data privacy, the legal and regulatory environment is changing faster than ever. While in the United States, no federal privacy law exists, there's a growing sentiment from those who are watching closely that things are about to change. In this...