AI-Generated Deepfake Used to Impersonate Bank Executive in Fraud Scheme

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Banco Popular Dominicano detected a deepfake video, created with generative AI, impersonating its president to scam individuals into depositing money on a fraudulent platform. The bank activated cybersecurity protocols, alerted authorities, and is investigating, as the AI-enabled deception led to financial harm and public risk.[AI generated]

Why's our monitor labelling this an incident or hazard?

The event involves the use of an AI system (generative AI) to create a fake video impersonating a real person, which is then used to commit fraud and financial theft. This constitutes harm to people (financial harm) caused indirectly by the AI system's use. Therefore, it qualifies as an AI Incident because the AI system's use directly led to realized harm through deception and financial loss.[AI generated]
AI principles
AccountabilitySafetyRobustness & digital securityTransparency & explainabilityHuman wellbeing
Industries
Financial and insurance servicesDigital security
Affected stakeholders
ConsumersGeneral public
Harm types
Economic/PropertyReputationalPublic interest
AI system task:
Content generation

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