Deepfake Threats Getting More Sophisticated, the Financial Industry Must Strengthen These Four Aspects

Deepfake illustration (photo: Kaspersky)

JAKARTA - The increasingly sophisticated and easily accessible AI-based manipulation technology (deepfake) is considered to have triggered a new wave of digital fraud, as well as challenging the resilience of financial infrastructure built in the last decade.

In the high-level Expert Lab and Professional Gathering event held by the Indonesian Fintech Association (AFTECH) together with ADVANCE.AI, at least four main dimensions were mentioned as key challenges in dealing with deepfakes.

The first dimension is the response of regulators. The Financial Services Authority (OJK) emphasized that the supervisory framework must evolve in line with technological developments.

Multi-layered authentication, liveness verification, and real-time anomaly detection are now positioned as basic operational needs, not just complements.

However, regulation alone is not enough. In the second dimension, the detection and verification capabilities of technology become the next line of defense.

ADVANCE.AI highlights that perpetrators of crimes are very adaptive, often even faster than the readiness of institutions. Although anti-deepfake technology is available and evolving, the biggest challenge lies in its thorough implementation - from the onboarding stage to transaction monitoring.

Another equally important thing is collaboration, and ultimately all of these strategies are tested in the fourth dimension, namely the reality in the field.

Secretary General of AFTECH, Firlie Ganinduto explained, each institution has a different level of technological maturity and risk profile. Therefore, strategies to mitigate generative AI threats need to be designed adaptively, contextually, and in line with the characteristics of each organizer's business.

"We believe that synergistic collaboration between associations, regulators, technology solution providers, and all industry stakeholders is a key factor in building an innovative digital economy ecosystem that is resilient to cyber threats," said Firlie.