Podcast ¦ Buzz on Bank Automation: How an anti-fraud startup fights deepfake fraud

Key Takeaways

• Herd Security utilizes AI technology to combat voice-based fraud in financial institutions, focusing particularly on social engineering attacks.
• The rise of generative AI has escalated the sophistication and scale of fraudulent activities, with attackers able to impersonate voices convincingly.
• Effective detection of AI in voice communications can occur with just 10 seconds of audio, minimizing the need for extensive training data.
• Herd Security’s technology can be integrated into existing voice communication systems without disrupting current workflows, emphasizing seamless implementation.
• Financial institutions are increasingly aware of voice-based threats, prompting proactive measures rather than reactive responses to fraud.
• Personal voice recognition can be manipulated through AI to bypass verification processes, which is especially harmful in banking environments.
• Human trust in familiar voices can be exploited in fraud scenarios, as attackers can convincingly impersonate bank tellers or executives.
• The volume of deep fake-based attacks has reportedly increased significantly, with claims of over a 700% rise noted in recent years.
• Strategies to confront voice fraud include multi-layered verification processes that can be enhanced with AI detection scores.
• The podcast includes a preview of a live demo at the Bank Automation Summit 2025, showcasing real-world applications of the technology.
• Participants at the summit will gain insights into the fast-evolving landscape of voice-based fraud and its implications for security strategy.
• Herd Security is developing innovative tools for protecting executives against voice impersonation and ensuring the integrity of financial communications.

Key Statistics

• Over a 700% increase in deep fake-based attacks noted in recent years.
• Detection of AI using Herd Security’s technology can be accomplished with less than 10 seconds of audio.
• Implementation of Herd Security’s product can occur within 30 minutes, allowing immediate function without long setup times.

Key Discussion Points

1. Definition and implications of social engineering in cybersecurity.
2. The role of AI and generative AI in enhancing the capabilities of fraudsters.
3. Different methods of voice-based attacks on financial institutions.
4. The growing trend of voice impersonation fraud and its consequences.
5. The importance of proactive measures for addressing cybersecurity threats.
6. Techniques employed by fraudsters to imitate trusted voices in banking.
7. The balance between security and operational efficiency in contact centers.
8. The role of user awareness and training in preventing voice-based fraud.
9. Risk assessment strategies that can be implemented for voice communications.
10. Awareness and detection as critical components in the fight against voice-based fraud.
11. Innovations in cybersecurity tools focusing on mobile protection and communication security.
12. Significant rise in voice fraud targeting banks and the urgency to respond.

Podcast Description

In this episode of The Buzz, host Whitney McDonald engages with Brandon Min, co-founder and CEO of Herd Security. The discussion centers around the impact of AI technology on voice-based fraud in the banking sector. Brandon elaborates on the sophisticated methods employed by fraudsters using generative AI to impersonate individuals and conduct social engineering attacks. Attendees will learn about the innovative detection capabilities of Herd Security’s technology, which can identify AI manipulation in real-time and support banks in enhancing their cybersecurity measures. Moreover, insight is provided into proactive strategies financial institutions can adopt to safeguard their operations and customer trust in an evolving digital landscape.