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A recent prediction from Deloitte’s Center for Financial Services said generative artificial intelligence could amplify deepfakes and enable fraud losses to reach $40bn by 2027 in the U.S. Top finance executives have already found themselves the subjects of such attacks. A recent video ad campaign on Instagram used a convincing deepfake of Goldman Sachs executives Abby Joseph Cohen and David Kostin, with the aim of tempting amateurs who want to get rich quickly into a stock-buying WhatsApp group. “We have found three severely undervalued technology stocks. Join my group now to get it immediately. Anyone who owns these three stocks in the next five years can retire comfortably," the fake Joseph Cohen is portrayed as saying. Goldman Sachs has confirmed that the video, which has since been taken down by Instagram owner Meta, is fake, adding: “There should always be caution exercised around any unverified communication purporting to come from a Goldman Sachs employee."
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