The Tech Policy Press Podcast How to Regulate Deepfake Financial Fraud
Mar 13, 2026
Anya Schiffrin, Columbia SIPA tech policy co-director who led regional consultations, and Alice Marwick, Data & Society research director studying online misinformation. They map industrialized deepfake financial fraud, trace the scam supply chain and platform ad roles. They discuss telecom and banking interventions, cross-border organized crime challenges, and policy ideas like watermarking and advertiser KYC.
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Deepfake Fraud Is Industrialized and Growing Fast
- Deepfake financial fraud is industrialized and rapidly scaling with generative AI enabling convincing synthetic media.
- Deloitte projects generative AI banking fraud could reach about $40 billion in the US by 2027, driven by cheaper, more convincing tools.
How The Report Started From A Class Project
- The report began from a class project and outreach showing Taiwan's regulatory experiments and student research.
- Anya convened students and regulators; Janet Haven at Data & Society helped publish and connect Alice to the project.
Scams Function Like A Criminal Supply Chain
- Scams operate as a multi-stage supply chain from creation to laundering, with different actors at each stage.
- Roles include creators of synthetic media, distributors (platforms and ads), telecoms, banks, and money launderers sending proceeds into casinos, real estate, or crypto.