Cambridge thesis presentation

The impact of Deepfakes

Deepfakes have moved from a technical curiosity to a practical fraud tool. The core risk is not only that media can be fabricated, but that trust, evidence, and identity can be attacked at scale.

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Thesis: The impact of Deepfakes, a study of deepfake fraud and its effects.

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Abstract

This dissertation examines the impact of deepfakes on fraud, institutional trust, and evidentiary confidence. It argues that deepfakes should not be understood simply as manipulated videos, but as a class of synthetic identity technologies that change the economics of deception. By reducing the cost of impersonation and increasing the apparent intimacy of fraudulent communication, deepfakes alter how victims interpret urgency, authority, and authenticity.

The study combines technical analysis of generative models with case-based examination of voice cloning, executive impersonation, non-consensual synthetic imagery, and political disinformation. It finds that the most consequential harms arise not from perfect fakes, but from plausible fakes deployed in moments where verification is inconvenient. The work therefore proposes a shift from content-only detection to process-based resilience: provenance, out-of-band verification, payment controls, and institutional literacy.

Keywords: deepfakes, synthetic media, fraud, identity, provenance, trust.

Synthetic media changes the economics of deception.

A convincing fake voice, face, or video used to require specialist labor. Generative AI lowers the cost, speeds up production, and lets fraudsters personalize attacks. That matters because scams succeed when victims feel urgency, social pressure, or institutional authority.

Deepfakes therefore sit at the intersection of cybersecurity, law, platform governance, and media literacy. The question is less whether a fake can be spotted perfectly, and more how institutions reduce harm when verification is uncertain.

Current signals

Deepfakes are part of a broader fraud surge

$16.6B

reported internet-crime losses in 2024

The FBI IC3 recorded a 33% increase in reported losses compared with 2023.

$13.7B

cyber-enabled fraud losses

Cyber-enabled fraud accounted for 83% of all losses reported to IC3 in 2024.

$2.77B

business email compromise losses

Executive impersonation and payment redirection remain high-value targets for synthetic media.

2024

AI voices in robocalls banned

The FCC ruled that AI-generated voices in robocalls are illegal under the TCPA.

What changes

The main effects of deepfakes

01

Fraud becomes more personal

Voice clones and video impersonations make scams feel socially plausible. A fake manager, parent, bank agent, or public official can create pressure that bypasses ordinary skepticism.

02

Evidence becomes easier to contest

Even genuine recordings can be dismissed as fake. This “liar’s dividend” weakens public accountability because proof must now carry more authentication context.

03

Reputation attacks scale quickly

Synthetic intimate imagery, fake confessions, fabricated news clips, and manipulated workplace recordings can cause harm before a correction reaches the same audience.

04

Security shifts from content to process

Detection tools help, but resilient organizations also need payment controls, trusted callback channels, provenance records, and rehearsed escalation paths.

Case study

The fake video-call executive

In 2024, police in Hong Kong described a case where a finance worker was deceived during a video call with deepfake versions of colleagues and transferred about US$25 million. The case is a warning: the most dangerous deepfakes often appear inside ordinary workflows.

Warning signs

  • Unexpected payment urgency
  • Requests to bypass policy
  • Pressure to keep the task secret
  • Refusal to verify through a known channel

Practical response

How to reduce harm

Verify identity out-of-band

Use a known phone number, secure chat, or pre-agreed phrase before approving sensitive actions.

Separate authority from execution

Require dual approval for transfers, credential changes, publication, and disciplinary action.

Attach provenance to media

Cryptographic provenance, metadata, and chain-of-custody records make authentic material easier to defend.

Train for uncertainty

Staff and students need scripts for pausing, escalating, and verifying rather than simply “spotting fakes.”

Sources used for the statistics