According to a recent survey, more than one in five organizations say they have experienced payment fraud resulting from artificial intelligence (AI)-driven deepfake or executive impersonation attacks.

The rise of AI and deepfake technology has transformed industries, but it has also introduced new vulnerabilities for businesses. Fraudsters are leveraging advanced tools to create convincing impersonations of executives, manipulate voices or video and exploit business email systems to deceive employees into transferring funds or sharing sensitive information. For business owners, staying informed about these threats—and knowing how to combat them—is critical to safeguarding your company’s financial health and reputation.

Understanding AI and Deepfake Fraud

AI fraud refers to scams that use artificial intelligence to mimic human behavior or identity, often through deepfake technology—highly realistic but fabricated images, videos or audio recordings. These tactics go far beyond traditional phishing emails or phone scams. In some recent cases, criminals have even conducted videoconference calls with employees while posing as company executives using AI-generated avatars.

The scale of this problem is growing. In 2023, the Federal Trade Commission reported a 14% increase in fraud losses compared to the prior year, with imposter scams accounting for nearly $2.7 billion of those losses. And while fraud used to primarily ensnare the unsuspecting, today even experienced professionals are falling victim. The sophistication of these schemes—often powered by social engineering and supported by AI—makes them especially difficult to detect. The message is clear—seeing is no longer believing.

How Businesses Can Defend Against AI and Deepfake Fraud

While fraudsters are becoming more sophisticated, businesses can take proactive steps to reduce their exposure:

• Strengthen verification protocols. Establish multi-factor authentication and independent verification processes for any payment requests, especially those involving wire transfers or executive approvals. Never rely solely on email or phone requests.
• Educate your team. Regular employee training is essential. Teach staff how to spot red flags, such as urgent requests for secrecy, unusual payment instructions or communication that seems slightly off.
• Monitor behavioral patterns. Fraud detection today goes beyond passwords. Many organizations are implementing tools that analyze how users type, move a mouse or log in, thus detecting behavior that differs from a legitimate employee.
• Stay informed about new threats. Just as fraudsters adapt, so must businesses. Awareness is the first line of defense, and keeping up with emerging schemes ensures your team remains vigilant.

By combining technology with human oversight, businesses can significantly reduce the risk of falling prey to AI-driven scams.

How Busey Bank Helps Protect Your Business

At Busey, we recognize that your business’s number one asset is trust. That’s why we offer a comprehensive suite of fraud prevention and treasury management solutions designed to help you safeguard your accounts, payments and information.

Our fraud protection services include tools that help verify the authenticity of transactions, monitor account activity in real time and alert you to unusual behavior before it becomes a loss. Paired with our dedicated team of banking professionals, we provide both the technology and expertise to help you outsmart fraudsters—whether they’re hiding behind a deepfake video or an email impersonation scheme.

We also partner with businesses to deliver ongoing education, empowering your team to recognize and stop scams before damage occurs. Just as importantly, we ensure you have a trusted advisor to turn to when suspicious activity arises.

Staying Ahead of Fraud

As AI and deepfake technology continue to evolve, the challenge for business owners will be keeping one step ahead of criminals. Prevention requires a layered strategy that includes technology, training and trusted partners.

At Busey Bank, we’re committed to helping your business navigate this new era of fraud. Together, we can protect what you’ve built, strengthen your defenses and give you peace of mind. Our Treasury Management team brings a wealth of expertise and experience to the table, offering tailored solutions designed to enhance your organization's security. To learn more about how Busey can help you safeguard your business, visit busey.com/treasurymanagement.

If you are already a Busey customer, please contact your Busey Relationship Manager or Treasury Management Specialist with any questions or for additional details on our fraud protection solutions. You can also check out Busey’s Fraud Prevention FAQs in order to learn more about how to protect yourself, your information and your business from fraudulent activity.