Banks must fight deepfakes with better AI, Barr says

Banks must fight deepfakes with better AI, Barr says

One in 10 companies have been targeted in deepfake scams. Banks, on the front lines of fraud detection, must rise to the occasion with better AI tools, according to Fed Gov. Michael Barr.

Barr: Banks should use AI advances to combat deepfakes

Banks should use artificial intelligence to combat the significant rise in AI-fueled deepfakes, said Federal Reserve Gov. Michael Barr. He cited several significant advances made possible by AI — behavioral biometrics, voice analysis and facial recognition — to identify potential deepfakes.   Speaking April 17 in New York City, Barr said banks control transactions by confirming the sender’s identity and the legitimacy of the recipient address. B…