The Reserve Bank of India (RBI) recently allowed financial institutions to on–board new customers using video-KYC. This means that financial institutions can now conduct customer identity verification online through live video without requiring a customer to be physically present at a branch office and an unexpected challenge hat these developments will have to face arises from an emerging technique known as the “DeepFake”. DeepFakes are highly realistic faces or voices synthesised using advanced artificial intelligence (AI) tools that enable easy and convincing impersonations. Therefore, it is important to examine: How could DeepFake impact digital financial services?
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