The Deepfake Dilemma: protecting high-net-worth individuals from the emerging threat
Partner Gideon Benaim comments on how deepfakes, created through manipulated media, pose a growing reputational risk to high-net-worth individuals and what they can do if they become victims, an extract of which was published in Spear’s Magazine.
What sort of risk do deepfakes pose to (ultra) high-net-worth individuals?
"There are so many risks. It depends on what the deepfake depicts or is said to depict, and the context in which it is portrayed. It doesn’t necessarily need to be sexual in nature. Such fake images can be used in many ways. It can depict a meeting that never occurred, the presence at a location where the person never attended. Video deepfakes can give more credence to an allegation. For example, if it depicts both in visual and audio form a particular narrative."
What sort of situations have you seen arise among your client base?
"We have seen fake instances of nudity and sexual activity, fake meetings which are said to demonstrate wrongdoing or hypocrisy."
What is the scale of the problem/do you predict it will become a greater issue?
"It will increasingly become a bigger problem and much more sophisticated. People will find it more difficult to be able to identify a fake and given the speed at which stories spread, time is not on the side of individuals who have been deep faked. At present the issue is in its infancy but I predict it will become widespread."
Is it an area of concern for your clients?
"Yes, it is increasingly becoming an area of concern for clients."
How can (ultra) high-net-worth individuals protect themselves from becoming a victim of a deepfake scam?
"There is no realistic way to prevent something before you are aware of it. Clients will need to have ever more sophisticated monitoring solutions for such issues and react extremely quickly to ensure that such images don’t move from low profile questionable platforms to more reputable ones. A mixture of technical, communications and legal interventions and action will help to ensure that the images in question are removed or discredited swiftly."
How should (ultra) high-net-worth individuals respond if they fear they have been the victim of a deepfake attack, or that their likeness has been used in a scam?
"They should seek advice from an appropriate crisis management person. The relevant disciplines are technical, communications and specialist legal."
An extract of Gideon’s comments was published in Spear's Magazine, 18 July 2024.
