Deepfakes have the potential to disrupt financial markets, not just fake your bank ID, experts say

Experts say deepfakes have the potential to disrupt financial markets and aid fraud, but there remain few real-world examples so far. People in China are growing increasingly concerned about deepfakes and biometric data leaks as the use of facial recognition grows. — SCMP

Experts have been sounding the alarm about weak biometric data security for years. The problem has looked especially pernicious in China, where facial recognition is now a ubiquitous form of identification. Now the rise of deepfakes could be creating new problems, experts say.

Despite widespread concern about technology, which allows a person’s likeness to be imitated through audio and video, there are few real-world examples of hackers successfully exploiting it for monetary gain.