A deepfake scam is a sophisticated fraud in which existing videos or images of a person are manipulated and replaced with someone else’s using AI. It is a sort of synthetic media where the videos look hyper realistic and have the potential to spread misinformation, circulate non-consensual inappropriate videos, commit financial fraud, and even make it appear as if someone said something they never did by using voice manipulation.

Last year, scammers used deepfake technology to impersonate the CEO and another executive of WPP, the world’s largest advertising agency. They took publicly available images, videos, and voice samples to stage a virtual meeting with their targets. Fortunately, this scam attempt was unsuccessful. Another case where the victim wasn’t as lucky is of a finance worker in Hong Kong. He was tricked into transferring $25 million after scammers, using deepfake technology, posed as the company’s CFO in a video conference call. Similar deepfake scams have also been reported in South Korea, Southeast Asia, UK, Canada, USA, India, and Philippines among others.

If you have been scammed through deepfake videos or voice manipulation, act immediately to minimize the damage. Here are the steps you should take:

1. Contact your bank: Contacting your bank immediately can save you significant time and may help recover some of the lost funds. The bank may also be able to freeze your account until the situation is resolved.
2. Gather evidence: Try and accumulate all the evidence of the scam, such as screenshots of conversations, records of payments made, and any suspicious URLs or emails that could help the authorities. It becomes more important if the deepfake features you. Keep all the documents related to your identity to prove your claim.
3. Secure your account: Quickly change your passwords, and if you haven't done it yet, enable two-factor authentication. This will help prevent hackers from causing further damage.
4. Monitor bank accounts and social media: Keep a check on your bank statements and social media accounts. Watch out for fraudulent activities in your name, including identity theft.
5. Report it on relevant platforms: If you come across a deepfake circulating, whether it features you or someone else, report it to the relevant platform for takedown. If the deepfake is being used for defamation, blackmail, or financial fraud, make sure to consult a lawyer. 
6. Inform others: Spread awareness by informing others about deepfake scams. Educate friends, family, and colleagues on how to spot and report suspicious content to prevent further harm. 
7. Report on Truecaller: Report the deepfake AI voice scam on Truecaller app to help raise awareness among others.Change your account passwords if possible, and immediately contact your bank or the customer care of the affected official portals.

Deepfake scams can seriously mess with your head as they use AI to manipulate images, videos, and voices. Scammers exploit this technology for blackmail, financial fraud, and spreading misinformation. These scams are getting so realistic that it’s tough to tell real from fake. That’s why staying informed and alert is crucial. Knowing how to spot inconsistencies, verify sources, and report suspicious content can help protect you and others. The more aware you are, the harder it becomes for scammers to succeed.