12 PSU banks come together to fight deepfake related fraud; PSB Alliance to develop the platform
As many as 12 major banks in the country have reportedly joined hands to deal with the increasing incidence of deepfake-related fraud in digital banking operations. Due to several cases of customers being defrauded of their funds or personal information, 12 PSU banks have developed a special platform that enables accurate detection of deep video and audio content. The development comes in the wake of increasing cases of fraudulent activities where criminals use artificial intelligence (AI)-powered deepfake videos to trick customers into compromising the security of their bank accounts.
Here’s everything you need to know about this story:
First things first, what is a deepfake video?
An immersive video is a fake video created using powerful AI tools to make it look authentic. The sophisticated AI technology makes it really difficult for many people to question the authenticity of the video.
Fighting Deepfake Bank Videos | How do fraudsters use deepfake videos to harm the humble bank customer?
Fraudsters are reportedly using deepfake videos to trick bank customers into sharing sensitive KYC information, enabling unauthorized banking operations such as opening accounts, withdrawing funds, and making large purchases.
What will the special forum of 12 banks do?
The platform, developed by 12 lenders, will reportedly be able to rate a deep video or audio clip within 30 seconds. A low rating will indicate that the video or audio clip is likely to be a deepfake.
Where will the platform be used?
This special platform will be used to perform KYV-related or other authentication functions in digital banking, allowing banks to detect fraud incidents and implement countermeasures to protect their customers.
12 PSU banks, one common platform
Under this special arrangement, 12 lenders will use a common platform. This will ensure high security at low cost.
Who will develop a deepfake video- and audio-recognition platform?
The central government has approved the selection of PSU bank PSB Alliance Pvt Ltd as the developer for the project.
The platform is designed to improve the security and reliability of digital banking operations in the country.
