In light of the recent surge in deepfake-related incidents affecting financial institutions (FIs) globally, including impersonation scams and fraudulent activities, MAS has published an information paper on "Cyber Risks Associated with Deepfakes". The paper aims to raise FIs’ awareness by providing a comprehensive overview of the emerging threats and risks posed by deepfakes, their potential impact on the financial sector, and possible mitigation measures that FIs could implement to address these evolving risks.
This information paper complements MAS' earlier publication on “” by providing a detailed view on the implications of deepfakes for the financial services industry.