The Rise of Deepfake Technology in Scams: What You Need to Know

Recently, a finance employee transferred $25 million after a video conference with the company’s CFO and other senior executives. However, none of the people were real. They were digitally created through video and audio cloning using AI.

This isn’t an isolated incident.

A 2024 Medius survey found that 53% of finance professionals have been targeted by such deepfake scams.

As the number of cases grows exponentially, taking steps to protect yourself has become a necessity, so here’s everything you need to know about deepfake scams, how they work, and how you can keep yourself safe.

What are deepfake scams?

In simple words, deepfakes are fake digital recreations of a person’s image or voice. Think of a loved one calling in a state of crisis asking for money or your boss authorizing a transaction, but in both cases, the person on the other end of the line isn’t real. It’s an AI generation of their likeness, meant to convince you to hand over money or sensitive information.

Facial-mapping software analyses key features (eye shape, mouth movement, lighting, skin texture) from a target person and overlays or blends them into someone else’s video. Meanwhile, voice-cloning algorithms learn speech patterns, cadence, tone, and can recreate someone’s voice almost perfectly.

The result: videos or audio clips that look and sound like someone you know or trust, which makes it much harder to detect the fraud.

Types of deepfake scams

Here are some of the most common deepfake scams to watch out for:

Corporate fraud

As shown in the example above, this typically involves scammers impersonating senior officials within a company to authorize major transactions or extract sensitive corporate information. It’s like someone sneaks into a boardroom meeting, impersonates the CEO, and says, “Yes, approve the deal.”

To combat this: Always verify via a separate channel (e.g., a known phone number) when a “big boss” suddenly asks for money or action outside normal procedure.

Loved ones in distress

Here, the scammer uses a cloned video and voice of a loved one and creates a fake emergency: “I’m in trouble, send money now!”

To combat this: No matter how urgent it sounds, always pause, step back, and contact that loved one via a trusted channel before acting.

Romance scams

Scammers use fake personas (sometimes AI-generated attractive faces + deep‐cloned voices) to build trust, then steer victims into bogus investment schemes or “emergency” money transfers.

To combat this: Be extra cautious if someone you “met” online suddenly wants money, especially via crypto, obscure transfers, or while promising big returns.

The prevalence and impact of deepfake scams

Deepfake incidents are growing fast: In a Q1 2024 study, the U.S. saw a 303% year-on-year increase in detected deepfake cases. In addition, the World Economic Forum ranked AI-driven disinformation as the #1 global risk for 2024.

Deloitte projection estimates the U.S. could see fraud losses tied to generative-AI (including deepfakes) climb from ~$12.3 billion in 2023 to over $40 billion by 2027.

Why deepfake scams are rapidly rising

Technology barrier is collapsing

The tools once reserved for specialists are now widely available. You no longer need expensive tools and a large team to fake a CEO’s voice and video. A voice clone can be done with mere seconds of audio; a convincing face-swap video can be turned around in minutes. Much of this can be done with free or cheap and widely available digital tools, which has opened the doors for even beginners to pull off devastating scams.

Trust is being weaponised

Humans are wired to trust voices and faces we know. That’s why our loved ones and the people around us are cloned to convince us into action. The worker in the example above made the transaction because his boss told him to. This tendency to believe and follow instructions from people we trust is exactly what scammers are exploiting through deepfake scams.

Multiple vectors (and increased scale)

It’s not just email anymore. The fraud plays out through voice calls, video calls, social media DMs, fake ads, and even cloned celebrity campaigns.

Examples:

Deepfake voices used in “emergency calls” asking for money from a “relative”
Fake celebrity endorsements in social-media ads pitching bogus investment schemes and crypto
Voice biometrics and facial recognition systems being spoofed.

Because these scams unfold across multiple channels, they spread faster and more effectively than ever before. A fake video can drive users to a fraudulent website, where an AI chatbot handles the follow-up conversation, while simultaneous text or voice messages add credibility.

This way, scammers can reach more targets, build layers of false authenticity, and scale their operations globally with minimal cost. In this new environment, fraud has moved beyond a single scam into an ecosystem of deception powered by AI, automation, and social engineering.

Weak spots in verification

Companies and individuals rely on standard verification methods (e.g., face recognition) but deepfakes are now good enough to fool many of these systems.

The impact: Financial, psychological, cultural

One of the biggest and most obvious impacts of the rise in deepfake scams is the massive financial cost.

Regula’s Deepfake Trends 2024 report found that over 90% of businesses have reported financial losses from deepfake scams. And this isn’t a small amount. Businesses lose around half a million dollars on average per such fraud. Nearly 30% of businesses have reported losing even more!

According to Resemble AI’s Q1 2025 Deepfake Incident Report, losses from deepfake-enabled fraud have reached $200 million+ in the first four months of 2025 alone.

But it’s not only the money. The deeper impact of this epidemic is the corrosion of trust itself. We are rapidly approaching a point where no piece of evidence—a video, a phone call, a photo—can be taken at face value. Now, even authentic recordings can be dismissed as fakes.

People who experienced deepfake scams often report doubting not only strangers, but also genuine communications from family, friends, and institutions. Some victims report feeling haunted by the sound or image of the “person” who deceived them, replaying the interaction in their minds, questioning how they could have missed the signs.

The more deepfakes blur the line between truth and illusion, the more economic and emotional cost we all must expend to verify what’s authentic.

How to protect yourself against deepfake scams

Deepfake scams prey on trust, urgency, and emotion but awareness and calm skepticism can go a long way toward protection. Here are some steps you can take to keep yourself, your loved ones, and your organizations safe.

Pause before you react

If you receive an urgent message, call, or video from someone you know asking for money or sensitive information, stop and breathe. Scammers exploit panic to short-circuit logic. Take a moment to verify the situation through another trusted channel: call the person directly on a known number, or reach out to another family member to confirm.

Verify through multiple channels

Never trust one form of communication alone. If a voice call sounds off or a video looks strange, cross-check using another platform (for example, a text, FaceTime, or in-person contact).

Look for subtle anomalies

Deepfakes can be eerily realistic, but small inconsistencies often slip through: unnatural blinking, awkward lighting, mismatched reflections, or speech that’s slightly out of sync. In voice calls, listen for odd pacing or emotional tone that doesn’t match the person’s usual mannerisms.

Use “safe words” or verification phrases

Families and close friends can establish a simple code word or question that only real contacts would know. Make sure to avoid common information like the name of the family pet or loved ones’ birthdays.

The more content you post — videos, selfies, voice recordings — the more raw material scammers have to clone you. Review privacy settings and be mindful about what personal data or media you make public.

Use trusted news and official channels

If a celebrity or company makes a shocking claim in a video or ad, verify it on their official website or verified account before engaging. Deepfake marketing scams thrive on virality and emotional reactions.

If you encounter a deepfake or suspect a scam, report it to the platform and warn others. Awareness spreads protection. The more people recognize the signs, the less power these deceptions have.

Best practices for organizations

1. Educational workshops: Host regular training sessions to inform employees about the nature of deepfakes and their potential impact. Creating awareness is the first line of defense against deceptive AI media.

2. Simulated deepfake scenarios: Security teams can develop exercises involving deepfake content that employees may encounter. These drills can improve their ability to discern authentic communications from fraudulent ones.

3. Stringent verification protocols: Reinforce identity verification processes, particularly for critical actions like financial transactions or the sharing of sensitive information. Ensure there are multiple checkpoints that validate the identity of individuals issuing instructions.

4. Incident response planning: Formulate a clear plan detailing the steps to be taken in the event of a suspected deepfake attempt. A response team should be ready to contain and assess potential breaches swiftly.

5. Whistleblower protection: Encourage a culture where employees can report potential deepfake incidents without fear of retribution. Fast reporting can limit damage and aid in quicker response.

6. Promotion of skepticism: Foster an organizational culture that values questioning and verification. Urgency should not override security protocols, especially in communications that require transferring funds or sensitive data.

7. Update security systems: Regularly upgrade cybersecurity measures with the latest software patches and security updates to protect against evolving deepfake techniques.

8. Multi-factor authentication: Use multi-factor authentication that requires additional verification beyond passwords, which could be compromised by deepfake-enabled social engineering.

Verify information with ReversePhone

In a world where deception can sound and look increasingly real, verification might be your best defense.

That’s where ReversePhone can help.

When you receive an unexpected call or message, even one that sounds familiar, ReversePhone lets you instantly look up who’s on the other end of the line.

Whether it’s a “relative” calling in an emergency, a supposed company representative, or a celebrity, ReversePhone can help you separate real connections from deepfakes. Using the tool, you can quickly check if the number has been reported for scams, see related profiles, or flag suspicious activity — all before you engage.

Technology created the problem, but the right technology can also be part of the solution!