12 PSU banks come together to counter deepfake-related fraud; PSB Alliance to develop platform

As many as 12 major public sector banks in the country have reportedly joined hands to tackle growing instances of deepfake-related frauds in digital banking operations. In light of several instances of customers being duped of their funds or personal details, the 12 PSU banks are developing a special platform enabling the accurate detection of deepfake video and audio content.  The development comes against the backdrop of increasing cases of fraudulent activities where miscreants use artificial intelligence (AI)-powered deepfake video to trick the customer into compromising the security of their bank accounts. 

Here’s everything you need to know about this story: 

First things first, what is a deepfake video?

A deepfake video is a fake video created using AI-powered tools to make it look authentic. Sophisticated AI technology makes it really difficult for most people to question the authenticity of the video. 

Fight Against Deepfake Banking Videos | How are fraudsters using deepfake videos to harm the humble bank customer?

Fraudsters are reportedly using deepfake videos to deceive bank customers into sharing sensitive KYC information, enabling unauthorised banking activities such as account opening, fund withdrawals, and large transaction approvals.

What will the 12 banks’ special platform do?

The platform, being designed by the 12 lenders, will reportedly be capable of rating a deepfake video or audio clip within 30 seconds. A lower rating will indicate the possibility of the video or audio clip being a deepfake. 

Where will the platform be deployed?

This special platform will be used to carry out KYV-related or other authenthication activities in digital banking, enabling banks to detect instances of fraud and deploy countermeasures to protect their customers. 

12 PSU banks, 1 common platform

Under this special arrangement, the 12 lenders will use the common platform. This will ensure higher security at a lower cost. 

Who will develop the deepfake video- and audio-detecting platform?

The central government has approved the PSU bank’s selection of PSB Alliance Pvt Ltd as the developer for this project. 

The platform is set to promote the safety and trustworthiness of digital banking operations in the country.