CLEVELAND, November 4, 2026 — KeyBank is sounding the alarm on AI-driven deepfake fraud, urging businesses to tighten verification protocols as scammers exploit advanced technology to target corporate accounts.
The Rising Threat of Deepfake Fraud
Deepfake technology, which uses artificial intelligence to create highly realistic but fake audio and video content, is increasingly being weaponized by fraudsters. Scammers can now mimic the voice and appearance of executives or trusted partners to deceive employees into authorizing fraudulent transactions. According to cybersecurity experts, these schemes have cost businesses millions, with losses climbing as the technology becomes more accessible.
How Scams Target Business Accounts
Fraudsters often use deepfakes in social engineering attacks, where they impersonate a company executive or vendor in a video call or voicemail. The goal is to trick employees into wiring funds or sharing sensitive information. For instance, a CFO might receive a video call from what appears to be the CEO, urgently requesting a wire transfer to a supposedly critical vendor. Without robust verification, these requests can seem legitimate.
KeyBank’s Strategic Warnings
KeyBank, the 27th largest bank in the U.S. with nearly 1,000 branches, is advising businesses to implement multi-factor authentication and establish clear verification procedures for financial transactions. The bank emphasizes the importance of confirming requests through multiple channels, such as a follow-up phone call or email, before acting on them.
Practical Verification Steps for Businesses
To combat deepfake fraud, KeyBank recommends:
1. **Multi-Channel Verification**: Always confirm financial requests through a secondary method.
2. **Employee Training**: Educate staff on the signs of deepfake scams and the importance of skepticism.
3. **Secure Communication Protocols**: Use encrypted platforms for sensitive communications.
4. **Regular Audits**: Monitor transactions for anomalies and flag suspicious activity immediately.
Building a Culture of Skepticism
KeyBank stresses that fostering a culture of skepticism is critical. Employees should feel empowered to question unusual requests, even if they appear to come from top executives. By combining technology with human vigilance, businesses can significantly reduce their vulnerability to deepfake fraud.
The figure that matters: 20% of retail bank customers moved money from their primary bank in the last three months of 2026, according to a J.D. Power study, highlighting the growing demand for secure and innovative banking solutions.
Sources
- KeyBank
- KeyBank: Why More Americans Are Switching Checking Accounts in 2026
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