- New data reveals over half of Brits (53%) have either not heard of the term deepfake, or misunderstood what it meant, with just 17% of people confident they could easily identify a deepfake video.
- Over half (54%) of Brits worry about deepfakes being used for fraud, with 51% fearful that a family member could fall for a deepfake scam.
- With continued advances in generative AI fuelling more realistic deepfakes, Santander fraud lead Chris Ainsley and ‘finfluencer’ Mr Money Jar get deepfaked in awareness drive.
- Santander fraud experts share top-tips on how to spot a deepfake and how to best protect yourself.
Santander has teamed up with ‘finfluencer’ Mr Money Jar to deliver a stark warning against falling victim to AI deepfake scams, an up-and-coming tactic deployed by fraudsters.
As part of the initiative, Santander has created deepfake videos of Mr Money Jar and Santander fraud lead Chris Ainsley, to show just how realistic deepfakes already are, and how Brits can best protect themselves. The videos are available on social media to raise awareness.
A deepfake is a video, sound, or image of a real person that has been digitally manipulated through artificial intelligence (AI), to convincingly misrepresent an individual or organisation. With deepfake generators and software widely available, fraudsters simply require authentic footage or audio of their intended victim – often found online or through social media – to create their deepfake.
New research from Santander shows over half of Brits (53%) have either not heard of the term deepfake, or misunderstood what it meant, with just 17% of people confident they could easily identify a deepfake video.
The data also shows that many have previously come across a deepfake, with over a third (36%) of Brits already knowingly watched a deepfake. Many of which have been seen on social media, with 28% of respondents reported having seen a deepfake on Facebook, followed by 26% on X (formerly Twitter), 23% on TikTok, and 22% on Instagram.
Chris Ainsley, Head of Fraud Risk Management at Santander said: “Generative AI is developing at breakneck speed, and we know it’s ‘when’ rather than ‘if’ we start to see an influx of scams with deepfakes lurking behind them. We already know fraudsters flood social media with fake investment opportunities and bogus love interests, and unfortunately, it’s highly likely that deepfakes will begin to be used to create even more convincing scams of these types.
“More than ever, be on your guard and just because something might appear legitimate at first sight – doesn't mean it is. Look out for those telltale signs and if something – or someone – appears too good to be true, it’s probably just that.”
Data published today also reveals:
- Brits’ top concern when it comes to deepfake technology is that it will be used by to steal people’s money (54%) – ahead of other concerns, such as manipulation in elections (46%) and the generation of fake biometric data (43%).
- Four in five people (78%) expect fraudsters to use the technology and six in 10 people (59%) say they are already more suspicious of things they see or hear because of deepfakes.
Online ‘finfluencer’ Timi Merriman-Johnson (@mrmoneyjar) said: “The rate at which generative AI is developing is equal parts fascinating and terrifying. It is already very difficult to spot the difference between deepfake videos and ‘real’ ones, and this technology will only get better from this point forward. This is why it’s very important for users to be aware of the ways in which fraudsters use technology like this to scam people.
"As I said in the video, if something sounds too good to be true, it probably is. People don’t tend to broadcast lucrative investment opportunities on the internet. If you are ever in doubt as to whether a company or individual is legitimate, you can always search for them on the Financial Conduct Authority Register."
Top tips to avoid falling victim to a deepfake scam include:
- Most deepfakes are still imperfect. Whether there’s blurring around the mouth, less blinking than normal, or odd reflections - look out for the giveaways.
- But at some point, deepfakes will become impossible to distinguish from real videos, so context is important. Ask yourself the same common-sense questions you do now. Is this too good to be true? If this is real, why isn’t everybody doing this? If this is legitimate, why are they asking me lie to my family and/ or bank?
- Know what types of scams deepfakes are likely to be used for. Deepfakes are likely to be used by criminals to scam people through investment scams and impersonation fraud, such as romance scams. If you know the telltale signs of these scams, you’ll know how to spot them - even if a deepfake has been used.
More information about different types of fraud and how to spot a scam is available on the Santander website.
- Ends –
The information contained in our press releases is intended solely for journalists and should not be used by consumers to make financial decisions.
Notes to editors
- Opinium research for Santander surveying 2,000 18+ people in July 2024.
Santander UK is a financial services provider in the UK that offers a wide range of personal and commercial financial products and services. At 30 June 2024, the bank had around 19,600 employees and serves around 14 million active customers, including 7 million digital customers via a nationwide 444 branch network, telephone, mobile and online banking. Santander UK is subject to the full supervision of the FCA and the PRA in the UK. Santander UK plc customers’ eligible deposits are protected by the FSCS in the UK.
Banco Santander (SAN SM, STD US, BNC.LN) is a leading commercial bank, founded in 1857 and headquartered in Spain and one of the largest banks in the world by market capitalization. The group’s activities are consolidated into five global businesses: Retail & Commercial Banking, Digital Consumer Bank, Corporate & Investment Banking (CIB), Wealth Management & Insurance and Payments (PagoNxt and Cards). This operating model allows the bank to better leverage its unique combination of global scale and local leadership. Banco Santander aims to be the best open financial services platform providing services to individuals, SMEs, corporates, financial institutions and governments. The bank’s purpose is to help people and businesses prosper in a simple, personal and fair way. Banco Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising €220 billion in green financing between 2019 and 2030. In the first quarter of 2024, Banco Santander had €1.3 trillion in total funds, 166 million customers, 8,400 branches and 211,000 employees.
