Deepfakes are widely utilized in photography, entertainment, journalism, and other fields, and they are occasionally exploited to defraud individuals. The State Bank of India (SBI) acknowledged this reality and cautioned of deepfake videos of its senior management in a notification.

Growing Deepfakes: SBI Is Concerned

"ALERT PUBLIC CAUTION NOTICE BEWARE OF DEEPFAKE VIDEOS" is a warning that SBI issued on X about deepfakes.

State Bank of India warns all of its clients and the public at large about the spread of deepfake videos of its top executives on social media that purport to announce or endorse certain investment plans. "Using technology, these videos try to persuade viewers to invest in these kinds of schemes. We make it clear that neither SBI nor any of its top officials promote or provide any investment plans that make exaggerated or unheard-of claims for returns. Therefore, the public is advised not to interact with or fall for such deepfake videos that are being shared on social media."

"Please do not share your banking or personal information publicly on this platform for security reasons," SBI added to the article in a separate tweet. Any losses resulting from this will not be the bank's responsibility. We advise you to remove this information right now. You can repost it with this sensitive information removed. Contacting us over Direct Message (DM) is recommended."

According to Keepnet Labs, deepfake fraud efforts made up 6.5% of all fraud attempts in 2023, a 2,137% rise over the previous three years.