Hollywood-style image manipulation, which used to require a huge investment and a team of talented people with above-average expertise, can now be done by anyone with a smartphone. Developments like this, which caught attention after a spate of high profile deepfake videos on social media, are emerging as a popular new way for bad guys to commit fraud and spot theft.

This challenge of fraud in the digital world has grown during the pandemic as people in the digital world were forced to do what they used to do in the physical world. As with other digital transformations, this has accelerated the development of fraud and identity theft and created a critical situation for banks and other online businesses.

“This situation catapults us into a completely new paradigm,” Mariona Campmany, Digital Identity and Innovation Lead at Mitek, told PYMNTS. “We have been preparing for this for 10 years or more, but this is now coming with bigger and …

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