Deepfake videos and wrong use of artificial intelligence have become a big matter of concern as it can create scary situations for not just celebs but common individuals as well and it has also increased the chances of cyber frauds.
The financial services industry is also facing huge challenges as currently the emphasis is on digitizing the banking and for this purpose, many banks are even opening accounts by finishing the formalities online and customers don’t even need to visit the bank.
But deepfakes and AI pose a serious risk in this regard and CEO of Zerodha, Nithin Kamath has posted a video on X in which he has warned the banks and the financial institutions of the dangers that they can face from deepfakes and AI. He has also expressed his concerns over banking shifting to old school methods. In the end of the video, he shocked everyone by saying that the video that they have watched is his deepfake and not an original one.
He posted the video with the caption, “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 aspect is ensuring that the documents and the person opening the account are real. The normal process that’s followed today is to fetch the ID or address proof data from the source using Digilocker and or Aadhaar. Also, match the face from this ID proof with the person opening the account through a webcam. Today, we have a bunch of checks in place to check for liveliness and if the other person is real or not. But as the deepfakes improve, I think it will only become harder over time to validate if the person on the other side is real or AI-generated. This problem will be bigger for banks that have more stringent regulatory requirements during onboarding. It will be interesting to see how the regulations around this evolve. Going back to the physical way of opening accounts will bring the growth of the entire sector to an abrupt stop. And the video isn’t me; it is a deep fake.”
Well, what he said is certainly correct and the last line was epic, what do you say?
