Cash-rich cybercriminals are learning that the easiest way to make money on the stock markets while laundering cash at the same time is to use deepfake videos to impact share prices, albeit temporarily.

According to Tim Grieveson, Senior Vice President of Global Cyber Risk, BitSight: “Using video and audio deepfakes to manipulate share prices for financial gain is definitely happening, but is something no one is currently talking about.”

“Using a deepfake to announce a takeover could, for instance, drive up a stock in which the threat actor owns shares. Alternatively, a negative announcement such as a dire profits warning could be used to lower the share price so that the threat actor could buy the shares at a knock-down price, only to sell them again when the profits warning was seen to be fake” adds Grieveson.