Can Small Businesses Survive the Rise of Deepfake Scams?

Small businesses are experiencing a rise in scams involving generative AI deepfakes, which enable fraudsters to convincingly impersonate employees and executives. Incidents include a finance clerk at an engineering firm who authorized over $25 million in transfers after being deceived by AI-generated video calls. Data from TRM Labs’ Chinabuse platform shows a 450 percent increase in such scams over the past year, and a Nationwide Insurance survey reports 12 percent of small business owners have faced at least one deepfake scam. Experts attribute the trend to limited cybersecurity resources at smaller companies and recommend increased awareness, staff training, and stronger verification processes to reduce risk.

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