News
Cybercriminals Turn to Deepfakes, Target Enterprise Networks
The year 2020 will see a new level of cyber-attacks – fake audio-visuals are forecast to be increasingly used by criminals as a social engineering tactic to extort money from companies and individuals.
This is according to security experts, who warn that deepfakes will transition from being predominantly used to create fake celebrity pornographic videos to the new threat used to sabotage enterprises for financial gains.
Anna Collard, founder and MD of KnowBe4 company Popcorn Training, says deepfakes are spilling beyond the world of celebrity cyber bullying and into company systems.
“Most deepfake technologies use existing media, video or audio typically to train an AI to create a virtual model of the item they want to change. While they can be used for entertainment in applications such as those on phones that swap faces, they can also be used for deception and fraud, to deceive employees into transferring funds or making critical decisions.
“Imagine getting a phone call or voicemail from an executive asking you to transfer money into a bank account. If you believe the person calling is the executive, why would you question the request?” Collard asks.
According to experts, only one social media profile picture is sufficient to create a deepfake video.
Deepfake can also be used for anything from traditional blackmail of politicians, to election influencing through releasing fake videos of candidates, to cyber bullying victims.
According to Forrester’s 2020 Predictions, deepfakes alone will cost businesses over a quarter of a billion dollars, as attackers use AI, machine learning and natural language tools to generate fake audio and video designed to deceive employees into releasing company funds.
Jonathan Miles, head of strategic intelligence and security research at Mimecast, says in the same ways as threat actors impersonate e-mail addresses, domains, subdomains, landing pages, Web sites, mobile apps, and social media profiles, deepfakes are emerging as a new threat, targeting enterprises.
“Deepfake attacks, or voice phishing attacks, are an extension of business e-mail compromise (BEC) and have introduced a new dimension to the attacker’s arsenal. This methodology is becoming more prevalent as an additional vector used for eliciting fraudulent fund transfers.
“Many people are aware of fake videos of politicians, carefully crafted to convey false messages and statements that call their integrity into question. But with companies becoming more vocal and visible on social media, and CEOs speaking out about purpose-driven brand strategies using videos and images, there is a risk that influential business leaders will provide source material for kicking off possible deepfake attacks,” he explains.
According to security firm Trend Micro, deepfake ransomware is among the top ten security trends to watch out for in 2020.
Deepfake audio fraud is a new cyber attack tool, further highlighting how AI can be abused by cyber criminals to make scams harder to detect, often used alongside BEC scams, notes the report.
“For years, email-based scams have been largely perpetrated by fraudsters in West Africa – and we do not expect this to change. We do foresee fraud advancing in 2020, with AI technology being used to create highly believable counterfeits in image, video, or audio format that depict individuals saying or doing things that did not occur.
“The rise of deepfakes raises concern. It inevitably moves from creating fake celebrity pornographic videos to manipulating company employees and procedures.”
This was exemplified when a fake, AI-generated voice of an energy firm’s CEO was used to defraud the company of $243 000.
Experts also believe newsrooms, journalists in particular, could also become a prime target for deepfake creators.
Preventing deepfakes
According to Reuters, China has introduced a new lawgoverning video and audio content online, banning the publishing and distribution of “fake news” created with technologies such as AI and virtual reality, effective from January 2020.
Google, in partnership with Jigsaw, has released a vast dataset of deepfake videos to help researchers in detecting forgeries. It includes 3 000 AI-generated videos that were made using various publicly available algorithms.
Collard believes as scammers constantly seek new ways of earning trust from their victims, the crime is expected to also be increasingly used as part of online dating scams.
CWG Plc has announced a significant milestone in its commitment to delivering value to shareholders. Following a thorough review of the company’s financial performance and outlook, the Board of Directors has approved a substantial increase of 400per cent in dividend payout to shareholders.
This decision reflects CWG’s confidence in its financial stability, growth trajectory, and ability to generate sustainable returns. By enhancing the dividend payout, CWG aims to reward shareholders for their continued trust and support while reaffirming its commitment to creating long-term value.
Mr. Philip Obioha, Chairman of the Board of Directors at CWG Plc, said, “The decision to approve a 400% increase in dividend payout underscores our confidence in CWG’s performance and outlook. We are dedicated to delivering value to our shareholders and believe that this significant dividend increase is a testament to our commitment to shareholder value creation.”
This increase in dividend payout aligns with CWG’s strategic objectives to prioritize shareholder interests and maintain strong financial discipline. The Board remains committed to prudent financial management and sustainable growth, ensuring that CWG continues to be a reliable investment for shareholders.
As CWG continues to execute its growth strategy and expand its presence in the market, the Board anticipates that the increased dividend payout will further strengthen investor confidence and support CWG’s vision for the future.
CommunicationsWeek Media Limited, a certified global ICT company with over two million online subscribers, is delighted and proud to announce Prof. Yakub Aliyu, as the keynote speaker at Africa’s Beacon of ICT Merit and Leadership Distinguished Lecture series 2024.
Aliyu, will be speaking on the theme: Artificial Intelligence (AI): The Good, The Complex and The Anticipated”, this leans heavily on the fact that AI changing our lives– we just need to know where to look today.
This year’s rebranded Africa’s Beacon of ICT Merit and Leadership Distinguished Lecture/Awards Series is slated for Saturday, May 25, 2024 at the Four Points by Sheraton, Lagos.
The event is the most prestigious annual event that brings together captains of industry in both technology and financial worlds.
According to Ken Nwogbo, CEO, Communication Week Media Ltd, organisers of the ABoICT Distinguished Lecture/Awards Series, “the choice of Prof. Yakub Aliyu is deliberate because of his exceptional career in Artificial Intelligence (AI)”.
He added that, AI is considered to have the potential to instigate a fourth industrial revolution,1 and is dramatically changing people’s patterns of interaction and economic activities.
“The traditional factors of production and physical capital and labour may no longer promote substantial economic growth. It is generally believed that AI will be one of the most important factors determining future economic growth,” he said.
A professor of microelectronics and a scholar-practitioner in artificial intelligence and deep machine learning for industrial applications and high-speed application processors. His research interests include Multimodal AI models for high-efficiency industrial robot applications and Human AI interactions.
He also has adjunct academic professorships at five African, USA, and UK universities. Holds a BS in Applied Physics Electronics from Karlsruhe and A Bello Universities in Germany and Nigeria, an MBA in International Business Management from the University of London, an MSEE (Master of Engineering, Electronics), and a Ph.D. in Electronics Engineering from the University of Wales.
Prof. Aliyu is the global quality director for Bourns Inc., Riverside, California, USA, an electronics system, and components manufacturer. I oversee quality functions in 21 factories worldwide.
He has also held quality and operational management leadership positions at National Semiconductors, Bell Labs-Lucent Technology, Texas Instrument, Global Foundries, and Roper Technologies USA.
Authored and coauthored over 30 Advanced Technology United States-issued patents in High-Speed Application Processors and Contributed to over 40 international impact Journals, chapters, and conferences; FASI, SMIEEE USA, MIEE UK, M. Inst pf Physics Chartered Phys and C Eng UK.
Past lecturers included Dr. Ernest Ndukwe, then executive vice chairman, Nigeria Communications Commission (NCC); Engr. Yomi Bolarinwa, former Director-General of National Broadcasting Commission (NBC); Dr. Jean Luc Fort, CEO at OR System France and a specialist in Counterparty Risk; and Professor Chris Nwagboso, Chairman, Knowledge Factory International, United Kingdom.
Others are: Uche Orji, managing director/chief executive officer, Nigeria Sovereign Investment Authority (NSIA); Biodu Omoniyi, Managing Director/CEO, VDT Communications; Ayotunde Coker, Managing Director, Rack Centre Limited; Peter Adedayo Arogundade, managing director and chief executive officer, Sidmach Technologies Nigeria Limited; Dr. Adewale Obadare, chief visionary officer, Digital Encode and John Obaro, CEO and founder of Systemspecs; Prof. Isa Pantanmi, minister of Communications and Digital Economy; Dr. Seyi Akindeind, co-founder, Digital Encode; Dr Krishnan Ranganath, Regional Director, Africa Data Centres.
Legit.ng recently joined forces with the Shade of Life Foundation to become a voice of autism, and drive advocacy for improved media support during Autism Awareness Month.
Participants at the event
Conversations around media support exploration was led by Joseph Omotayo, head of Department for Human Interest Stories at Legit.ng, and Dr. Eziafakaku Nwokolo, founder and CEO of the Shade of Life Foundation,
This partnership is a response to the concerns raised by organizations like the Shade of Life Foundation about the level of support received from the media in discussing autism as a disability.
While other disabilities may receive attention, autism, with its critical developmental implications often lacks adequate representation in mainstream media.
Recognizing the importance of addressing these concerns, Legit.ng took proactive steps by integrating itself into the essence of autism awareness.
It facilitated a one-hour workshop with Dr. Nwokolo, the founder of the foundation, to deepen our understanding of autism, its various spectrums, and the language boundaries associated with it.
Other steps we took in advocating autism awareness in the media, can be seen in our attached press release.
Legit.ng believes that by amplifying the voices of autism and advocating for better media representation, we can contribute to creating a more inclusive and accepting society for all.
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