Navigating the Threat of Deepfakes and Social Engineering
If you’ve kept up with cybersecurity news, you’ve likely heard about deepfakes—those AI-crafted videos or audio clips that can mimic someone’s appearance or voice. While they’re often associated with entertainment or politics, deepfakes are becoming a growing concern in the real estate industry. Scammers can now, with more realism than ever, impersonate real estate agents or other professionals involved in home purchases to try and intercept payments. Scammers can also use deepfakes to create fake property listings, tricking buyers into making payments for properties that don’t exist.
Despite their cutting-edge appearance, deepfakes rely on a classic trick called social engineering—a method that’s been around since the mid-20th century. In this CyberSmart edition, we’ll dive into how deepfakes amplify social engineering tactics and what steps you can take to help protect your real estate transactions and personal security.
Deepfakes and Social Engineering
Social engineering manipulates people into sharing confidential information or taking actions that benefit scammers, often by appealing to emotions. Deepfakes take this to a new level, making deception even more convincing. These synthetic videos, created using advanced AI, can make it appear as though someone is endorsing something they never did. For example, a deepfake video of a trusted financial expert could trick investors into sending money, only for them to realize too late it was fake. Deepfakes are made using deep learning algorithms. A large dataset of images or videos is used to train the AI to replicate a person’s features, expressions, and movements. The result is a manipulated video where the target person's face is swapped onto someone else’s body, creating a realistic deception.
Risks of Deepfakes in Homebuying
As deepfake technology advances, its potential for misuse in real estate transactions grows. Here are some key risks to be aware of when navigating the homebuying process:
Impersonation of Real Estate Agents: Scammers can use deepfake videos or audio to impersonate agents, leading to fraudulent communication and fake property tours.
Fake Listings: Deepfakes can create false property listings or manipulate images to deceive buyers into overpaying.
Identity Theft and Financial Fraud: Deepfakes can help scammers create fake identities and documents, facilitating financial fraud and payment interception.
Manipulating Legal Documents: Scammers may alter or forge contracts and signatures, making it difficult to detect fraudulent agreements.
Detecting Deepfakes and Preventing Deepfake Scams
Detecting deepfakes can be tough, but security companies are developing tech to spot them by analyzing blinking patterns, lip movements, reflections, and other subtle details. Unfortunately, these clues are hard for humans to catch. To stay secure during the homebuying process, follow these social engineering best practices:
Verify Identities: Confirm the identity of the person you're dealing with through multiple channels. If someone claims to be a trusted contact, reach out directly using known contact details rather than the info provided in the communication.
Use Trusted Platforms: Only conduct transactions on secure, verified platforms. Avoid content from unknown sources.
Use Context: Watch for red flags. For example, if your realtor FaceTimes you unexpectedly and the background looks off (e.g., strange shadows, noise), it could signal something inauthentic.
Stay Informed: Stay updated on the latest fraud schemes and teach others to spot deepfakes.
Protect yourself from real estate fraud before it happens. Check out the First on Fraud™ podcast for expert advice and practical tips.