Zerodha CEO Nithin Kamath Shares Own Deepfake Video To Spotlight Dangers Of AI (Image: X @Nithin0dha)

Artificial intelligence (AI) technology is getting more advanced day by day. But there are also serious concerns about the surging threat of generative AI technology and deepfakes. Recently, Zerodha chief executive officer (CEO) Nithin Kamath shared his own deepfake video to highlight the threat posed by AI.

In a video posted on X on December 13, Nithin Kamath said that the rise of artificial intelligence technology and deepfakes pose a huge risk to the financial services industry. The Zerodha CEO mainly speaks about the difficulty in being able to verify the identities of customers as digitisation becomes more common. He said that businesses that onboard new customers need to ensure that the documents and the person opening the account are real. “But as the deepfakes improve, I think it will only become harder over time to validate if the person on the other side is real or AI-generated,” said Nithin Kamath in the 58-second clip. He also added that this issue will be bigger for banks that have more stringent regulatory requirements during onboarding.

The rise of AI technology and deepfakes pose a large risk to the financial services industry.

The tipping point for Indian financial services businesses was when onboarding became completely digital, thanks to Aadhaar, etc. For businesses onboarding a new customer, an important… pic.twitter.com/DI9Z1Q3jxY

— Nithin Kamath (@Nithin0dha) December 13, 2023

“It will be interesting to see how the regulations around this evolve,” Nithin Kamath said. The Zerodha co-founder also stated that returning to the physical way of opening accounts will bring the growth of the entire sector to an abrupt stop. However, many internet users were left stunned as, at the end of the video, Nithin Kamath revealed that the person in the video was not him but a deepfake. “And the video isn’t me; it is a deep fake,” said the youngest billionaire in India. “The last bit was a jaw dropping moment,” commented a user.

In November, Union Minister of State for Electronics and IT Rajeev Chandrasekhar said that the central government will appoint a special officer to look into the issues to deepfake videos. On November 24, Rajeev Chandrasekhar also added that the central government will assist citizens in filing FIRs against social media firms for violations of IT rules.