The use of generative artificial intelligence to create highly realistic synthetic video, audio, photos or text to circumvent security measures installed by financial services is on the rise and threatens to cost companies billions of dollars, according to an alert recently issued by the U.S. Department of the Treasury's Financial Crimes Enforcement Network.

So-called deepfakes employ generative AI tools to manipulate an image of a person or a recording of his or her voice to misrepresent the person to do or say something that was not actually said or done.