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How financial institutions can safeguard against deepfakes

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deepfakes

As the technology to create deepfakes becomes easier and cheaper, the need to guard against these cybercrimes have come to the forefront

JOHANNESBURG, South Africa, August 29, 2023/APO Group/ — 

In a matter of seconds, it is possible to hold your phone up to your face and see what you will look like in 40 years. Or you could fuse the image of your face with that of a celebrity. You could even record a birthday song for a friend in the voice of their favourite artist. With deepfake technology, it is simple and possible to edit a person’s facial and vocal likeness with alarming accuracy. For the most part, this can be seen as harmless entertainment. But what if your likeness was used to drain your savings or commit fraud? As the technology to create deepfakes becomes easier and cheaper, the need to guard against these cybercrimes have come to the forefront.

A deepfake is a video, visual, or audio recording that has been distorted, manipulated, or synthetically created using deep learning techniques to present an individual, or a hybrid of several people, saying or doing something that they did not say or do. These deepfakes are often used in digital injection attacks which are sophisticated, highly scalable, and replicable cyberattacks that bypass the camera on a device or are injected into a data stream.

Murray Collyer, Chief Operating Officer of iiDENTIFii (http://www.iiDENTIFii.com/), says, “Digital injection attacks present the highest threat to financial services, as the AI technology behind it is affordable, and the attacks are rapidly scalable. In fact, a recent digital security report by our technology partner, iProov (http://www.iProov.com/), illustrates how, in an indiscriminate attempt to bypass an organisation’s security systems, some 200-300 attacks were launched globally from the same location within a 24-hour period. As more and more South Africans embrace digital banking, deepfake technology is a serious threat.”

Recent research (https://apo-opa.info/3L09o3T) by Discovery Bank and Boston Consulting Group (BCG) into the future of retail banking in South Africa found that most (86%) South Africans are ready to do all their banking digitally, particularly via an app. Much of this trend stems from previously unbanked people. The Covid-19 pandemic naturally accelerated the trend.

As more South Africans set up digital accounts and do their banking online, financial crime and cybercrime have become more inextricably linked than ever before. Interpol states that financial and cybercrimes are the world’s leading crime threats and are projected to increase the most.

Digital injection attacks present the highest threat to financial services, as the AI technology behind it is affordable, and the attacks are rapidly scalable

Collyer adds, “Deepfake technology is one of the most rapidly growing threats within financial services, yet not all verification technologies are resilient to it. Password-based systems, for example, are highly susceptible to fraud. South Africa needs to strengthen their technology to outwit cyber criminals.”

While deepfakes are a severe threat, the technology and processes exist to safeguard financial services companies against this method of fraud.

A growing percentage of face biometric technology incorporates some form of liveness checks – such as wink and blink – to verify and authenticate customers. Liveness detection uses biometric technology to determine whether the individual presenting is a real human being, not a presented artefact. Therefore, this technology can detect a deepfake if it were to be played on a device and presented to the camera.

While many liveness detection technologies can determine if someone is conducting fraud by holding up a physical image (for example, a printed picture or mask of the person transacting) to the screen, many solutions cannot detect digital injection attacks.

Collyer says, “Specialised technology is required to combat deepfakes. Within iiDENTIFii, we have seen success with the use of sophisticated yet accessible 4D liveness technology, which includes a timestamp and is further verified through a three-step process where the user’s selfie and ID document data are checked with relevant government databases. This enables us to accurately authenticate someone’s identity.”

Collyer will be part of the speaker panel that will present to delegates at the 8th instalment of the AML, Financial Crime Southern Africa Conference (https://apo-opa.info/3KYm7Ec), that also includes representatives of companies such as Financial Intelligence Centre South Africa, Investec, Sanlam, Stanlib, Albaraka Bank, Standard Bank Mozambique, iiDENTIFii, Nice Actimize, SABRIC, Rand Merchant Bank, S & P Global Intelligence, FirstRand Namibia, Corruption Watch and many more.

The high-level conference will be hosted on 6 & 7 September at the Indaba Hotel Fourways South Africa and is attended annually by professionals from banks, insurance and investment companies, service providers, government, and MLCO’s from non-designated financial service providers.

“With the right technology, it is not only possible to protect consumers and businesses against deepfake financial crimes but also create a user experience that is simple, accessible and safe for all,” Collyer concludes.

Distributed by APO Group on behalf of iiDENTIFii.

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Liberia to Preview Next Oil & Gas Licensing Round Strategy at Houston Investor Day

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The Liberia Petroleum Regulatory Authority will host operators, investors and partners in Houston on August 19 to preview future licensing opportunities and showcase the exploration potential of its offshore basins

HOUSTON, United States of America, August 7, 2026/APO Group/ –The Liberia Petroleum Regulatory Authority (LPRA) will present its strategy for the country’s next offshore licensing round at Liberia Investor Day Houston on August 19, bringing together international exploration companies, investors, service providers and energy leaders to discuss the next phase of Liberia’s upstream development.

Hosted in partnership with Energy Capital & Power, the event will provide a platform for the LPRA, led by Director General Hon. Marilyn T. Logan, to outline Liberia’s regulatory framework, investment priorities and plans to attract new participation across the country’s offshore sector. Discussions will focus on upcoming licensing opportunities, exploration prospects and the subsurface data supporting future investment decisions.

Liberia’s offshore sector is entering a new phase of exploration activity, with renewed international participation and a growing pipeline of opportunities. Following the award and ratification of eight Production Sharing Contracts in 2025, Liberia has re-established itself as a frontier exploration destination, with international operators advancing work programs designed to further evaluate the country’s petroleum potential. TotalEnergies is progressing exploration activities that include offshore geochemical surveys, 3D seismic acquisition and seabed mapping, while Oranto Petroleum has also signed contracts to explore Liberia’s offshore.

At the Liberia Investor Day Houston, the LPRA will provide industry stakeholders with insight into the priorities shaping the next licensing round, including the anticipated process, qualification requirements, available acreage and access to technical data. The engagement will give prospective investors a clearer view of Liberia’s exploration landscape and the opportunities emerging across its offshore basins.

The event will also facilitate direct dialogue between LPRA and the global upstream community, connecting companies with policymakers and industry stakeholders involved in shaping Liberia’s next chapter of petroleum development.

As exploration companies continue to seek new frontier opportunities, Liberia Investor Day Houston will highlight the role of regulatory certainty, data availability and strategic partnerships in unlocking long-term investment across Liberia’s offshore sector.

Registration is now open for attendees. Companies interested in Liberia’s emerging offshore opportunities are invited to join LPRA, investors and upstream leaders in Houston for insights into the country’s licensing strategy and exploration outlook. For more information contact info@energycapitalpower.com.

Distributed by APO Group on behalf of Energy Capital & Power.

 

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Beyond Stabroek: Guyana’s Offshore Basin Attracts New Wave of Exploration Investment

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As ExxonMobil advances appraisal activity in Stabroek and new operators target frontier acreage, Guyana is attracting global capital and building a diversified offshore portfolio designed to sustain long-term growth

GEORGETOWN, Guyana, August 7, 2026/APO Group/ –Guyana’s transformation into one of the world’s fastest-growing oil producers is entering a new phase, with a growing network of IOCs expanding exploration activity across the country’s offshore basin. Beyond the landmark discoveries that first put Guyana on the global energy map, new drilling campaigns and licensing partnerships are creating a broader exploration ecosystem designed to support long-term production growth.

At the center of this momentum is ExxonMobil’s continued exploration and appraisal activity in the prolific Stabroek Block. The company has submitted a proposal for a 35-well exploration and appraisal drilling campaign, expected to run from 2028 through 2033, pending regulatory approval. The program would build on more than 30 commercial discoveries already made in the block, with drilling activity focused on evaluating new prospects and appraising existing discoveries to support future development opportunities.

Exploration activity is also extending into Guyana’s frontier acreage, with ExxonMobil advancing drilling operations at the deepwater Canje Block. The company has deployed the Noble Stena Carron drillship for exploration activity, highlighting continued industry interest in evaluating Guyana’s underexplored offshore potential beyond the established Stabroek Block.

Guyana’s strong exploration outlook comes as the country’s economy continues to benefit from rapid oil sector expansion, with hydrocarbons expected to remain a key driver of exports, government revenues and economic growth. As production scales up, attracting additional investment across exploration, services and infrastructure will be critical to supporting the next phase of development.

That momentum is being reinforced through partnerships established under Guyana’s 2023 offshore licensing round. A consortium comprising TotalEnergies, QatarEnergy and Petronas is advancing exploration activities in Block S4 under a five-year production sharing agreement signed with the government in late 2025. The award represents one of the first major outcomes of the licensing round and demonstrates continued international confidence in Guyana’s offshore resource potential.

Beyond the largest operators, a diverse group of companies is also expanding activity across Guyana’s offshore basin. Eco Atlantic is advancing exploration at the Orinduik Block; CGX Energy and Frontera Energy are progressing work in the Corentyne Block; Occidental is evaluating opportunities in the Roraima Block; while Ratio Guyana and Cataleya Energy hold interests in the Kaieteur Block. Together, these partnerships are broadening Guyana’s exploration landscape, increasing competition for acreage and creating opportunities for future discoveries.

As Guyana transitions from an emerging producer to a global energy hub, the next challenge will be converting exploration success into sustainable investment, local value creation and regional growth. These opportunities will be explored at Caribbean Energy Week 2027, held under the theme “Unlocking the Caribbean Energy Corridor: Oil, Gas, LNG & Investment for a New Global Hub.” Bringing together governments, IOCs, investors and technology providers, the event will examine how Guyana’s expanding partnerships can accelerate offshore development, strengthen regional energy cooperation and attract the capital needed to support the Caribbean’s evolving energy landscape.

Distributed by APO Group on behalf of Energy Capital & Power.

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Energy Capital & Power Establishes London Entity, Expanding Global Platform for Energy and Mining Events

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The move strengthens ECP’s presence in the UK and Europe, and its ability to connect African and South American markets with global investors

LONDON, United Kingdom, August 6, 2026/APO Group/ –International events company Energy Capital & Power (ECP) (www.EnergyCapitalPower.com) has officially established its UK entity in London, marking a milestone in the company’s growth strategy and reinforcing its ability to deliver world-class energy and mining events and campaigns in the UK and Europe.

By establishing a presence in a key hub like London – the pre-eminent energy and mining finance center – ECP actively shapes the global energy conversation. The expansion positions ECP to better serve clients, partners and investors seeking to develop business opportunities between Africa, Europe, the Americas and energy markets worldwide.

Opening our UK company brings ECP closer to key investors in the global energy finance capital

The milestone comes as ECP strengthens its reach through a series of investment platforms that connect global capital to energy and mining projects. These include the Venezuela Energy Week London Showcase on July 30 – with over 300 delegates registered – and the annual Invest in African Energy Forum, held in Paris as the premier event connecting global investors to Africa’s energy transformation.

ECP hosts high level summits and investor conferences in leading energy and minerals producing countries in Africa and South America, including: Venezuela Energy Week; Angola Oil & Gas; MSGBC Oil, Gas & Power; African Mining Week; Libya Energy & Economic Summit; Congo Energy & Investment Forum; South Sudan Oil & Power; and Caribbean Energy Week. The company has hosted investor forums and supported licensing round roadshows in Houston, London and Paris since 2016.

“Opening our UK company brings ECP closer to key investors in the global energy finance capital,” states CEO James Chester. “Having a permanent presence in London further cements our footprint in Europe, enabling us to fulfil our mission to bring minerals and energy investment to diverse global markets.”

With teams located across Africa, Europe and the Americas, ECP has long-facilitated strategic engagement, market intelligence and industry convening, uniting investors with leading energy and mining projects.

Distributed by APO Group on behalf of Energy Capital & Power.

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