MAS publishes information paper on Cyber Risks Associated with Deepfakes

29 October 2025

On 18 September 2025, the Monetary Authority of Singapore (“MAS”) published an information paper on Cyber Risks Associated with Deepfakes (“Deepfakes paper”). 

The Deepfakes paper is published in light of the recent surge in deepfake-related incidents affecting financial institutions (“FIs”) globally, including impersonation scams and fraudulent activities. The paper aims to raise FIs’ awareness by providing a comprehensive overview of the emerging threats and risks posed by deepfakes, their potential impact on the financial sector, and possible mitigation measures that FIs could implement to address these evolving risks. 

Deepfakes pose a threat to the financial sector’s use of biometric authentication, email, video, and voice-based communication systems. These systems present multiple entry points for deepfake exploitation, including possible circumvention of security measures and manipulation of decision-making processes by malicious actors. 

The Deepfakes paper complements MAS’ earlier information paper published in July 2024 on Cyber Risks Associated with Generative Artificial Intelligence (GenAI) (“GenAI paper”) which provides an overview of key cyber threats arising from GenAI. For more on the GenAI paper, please see our article “MAS publishes information paper on cyber risks associated with generative AI”. 

Reference materials 

The information paper on Cyber Risks Associated with Deepfakes is available on this webpage of the MAS website www.mas.gov.sg.