Deepfake Technology & Financial Frauds: Awareness, Risks and Prevention Strategies

Abstract

This study explores public perception, awareness, and readiness towards deepfake- associated financial fraud. Although individuals are wary of scams, their knowledge of deepfake fraud is minimal, and most want more information. Most of them depend on reactive approaches, such as not responding to unfamiliar contacts, instead of employing proactive security devices or reporting a scam. Total 83 participants with varying backgrounds were assessed to evaluate awareness, attitudes towards deepfake fraud and security behaviour. The research highlights the knowledge gaps and security steps, with a focus on more rigorous education and fraud prevention.