Deepfakes and AI-generated content have proliferated the very fabric of social media platforms. Not only do we increasingly see more and more such content, but it is also a growing concern that it is being used to facilitate malicious intent.
Time and again, multiple AI and industry experts have warned internet users to be wary of what they come across, and now, Zerodha CEO and co-founder Nithin is again warning people about the large risk associated with AI and deepfakes, and how it can affect financial institutions.
The rise of AI technology and deepfakes pose a large risk to the financial services industry.The tipping point for Indian financial services businesses was when onboarding became completely digital, thanks to Aadhaar, etc. For businesses onboarding a new customer, an important… pic.twitter.com/DI9Z1Q3jxY
— Nithin Kamath (@Nithin0dha) December 13, 2023
He says that the “tipping point” for the same was when onboarding became digital. Simply put, digital means of identification such as Aadhaar are now used to enroll new customers, along with a few documents to verify if a person is real. Meanwhile, he notes that there are “checks in place to check for liveliness and if the other person is real or not,” but thanks to the advancement in AI and deepfakes, it will be increasingly hard to validate if a said person is real or AI-generated.
Kamath further notes, “This problem will be bigger for banks that have more stringent regulatory requirements during onboarding.”
Kamath, in the video, also drops a bombshell when he confides that the video of him speaking all of this is a deepfake itself—further proving his point.
His warning comes at a time when we have seen convincing deepfakes of notable people like Rashmika Mandanna, Alia Bhatt, and even Infosys. These deepfakes are created primarily to misinform people, make them fall victims to new scams, and hence, for monetary gain.
