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HomeFinance NewsRomanian National Bank's Alert on Deepfake Videos for Consumers

Romanian National Bank’s Alert on Deepfake Videos for Consumers


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In Romania, the world’s longest-serving central bank chief, Mugur Isarescu, fell victim to a deepfake video that falsely associated him with fraudulent financial recommendations. Deepfake attacks, which utilize artificial intelligence to manipulate audio and video content, are becoming increasingly prevalent and are cause for concern in the country. The National Bank of Romania issued a warning to consumers in response to the deepfake video, emphasizing that neither Isarescu nor the central bank provides investment advice.

The deepfake incident comes at a time when Romania is seeing a surge in interest in equity investments, with the largest initial public offering in the country occurring last year. Despite this growth, cybercriminals are exploiting the situation due to Romania’s relatively low financial mediation standards. Deepfake attacks are expected to intensify, particularly in the lead-up to Romania’s upcoming elections. Prime Minister Marcel Ciolacu has also faced cybersecurity challenges, particularly in connection with Russia’s invasion of Ukraine. The rise in deepfake attacks has raised concerns about their potential impact on elections and the need for increased defenses against AI-generated disinformation.

The use of AI to create deepfakes not only poses a threat to financial institutions like the National Bank of Romania, but also to global elections. Companies like OpenAI are already taking steps to prevent the misuse of AI technology in future elections by proactively addressing potential abuses like deepfakes. With the increasing democratization of access to cybercrimes, it is crucial to implement effective measures to protect against deepfake fraud and other forms of AI-driven disinformation.

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