Canadian Expert Warns Firms About Deepfake Threats

Deepfake technology poses a significant threat to organizations' finances and reputations, Jonathan Weekes of the Canadian Cybersecurity Network argued in an opinion piece for Financial Post.

The emergence of deepfake technology—AI-generated audio and video mimicking real people—has made scams more sophisticated and difficult to detect.

Fraud, particularly digital fraud, has become a growing concern in Canada. Last year, incidents of digital fraud increased by 40%, with Canadians losing $567 million to cybercriminals in 2023.

The emergence of deepfake technology—AI-generated audio and video mimicking real people—has made scams more sophisticated and difficult to detect.

Weekes cited examples of how deepfake scams are being used to exploit victims. One Ontario man lost over $10,000 after watching a video featuring fabricated endorsements from Justin Trudeau and Elon Musk promoting an investment platform.

In another case, elderly citizens in Newfoundland were defrauded of thousands of dollars after receiving phone calls purporting to be from their grandchildren in distress.

“These cases highlight the urgent need for businesses to invest in technology and training to detect and mitigate deepfake threats,” Weekes advised, emphasizing the importance of proactive measures to safeguard digital security and brand integrity.