Conn and Kelley win ACFE Hubbard Award for Deepfake Fraud Article

SAN MARCOS, Texas — Dr. Carolyn Conn, clinical associate professor of accounting at Texas State University's McCoy College of Business, and Zachary Kelley, information systems and analytics associate professor of instruction, received the 2025 Hubbard Award from the Association of Certified Fraud Examiners (ACFE).

Conn and Kelley received the award for their article, "The Flawless Fraud of Real-Time Deepfakes," which was published in the July/August 2024 issue of Fraud Magazine. More than 90,000 ACFE members utilize Fraud Magazine as the preeminent publication in the anti-fraud profession.

The article examines the advancement of artificial intelligence (AI) technologies, specifically those that allow users to create real-time deepfakes — hyper-realistic AI-generated audio or video that "replicates someone's voice, image, and movements" as the scheme is occurring — and the need for advanced fraud detection software and those equipped to utilize it, upgrades to verification protocols, and public awareness campaigns.

"Cybercrime is growing at an exponential rate," Conn said. "There will be a need for 'fraud fighters' for many years to come, and it is a career where you can really make a difference."

The piece breaks down the risks of deepfakes, providing examples of those who have been defrauded of thousands — in some cases, millions — of dollars. The misuse of this technology by malicious actors and fraudsters can have a significant impact on individuals, organizations, and society as a whole.

"I am amazed at how easy it is for some people to be scammed," said Conn, who is both a certified fraud examiner and certified public accountant. "While researching the article, I found a news story about a woman who, based on real-time video deepfakes, believed that Elon Musk had friended her on social media and that he wanted to invest some of her money so she could make high returns. She lost $50,000."

As AI technology rapidly evolves, it is crucial to raise awareness of the threat of real-time deepfakes in an effort to reduce its potential for harm.

"Zach and I are passionate about fraud prevention and detection, especially cybercrime," Conn said. "We know that keeping the profession and our students informed in this area is essential."

"This isn't going away," Kelley added.

The Hubbard Award is presented annually to the author(s) of the best feature article in Fraud Magazine. The ACFE Editorial Advisory Committee selects award recipients in a highly competitive process and recognizes only the most impactful and well-written contributions to the field.

Conn explained, "Even though real-time deepfakes have only recently become a reality, several instances have already occurred that resulted in multi-million-dollar losses. Businesses and individuals must be educated and counter-measures must be developed. Real-time deepfakes can harm a broad range of victims, from multi-national corporations to grandparents who are faked into thinking their grandchild has been kidnapped."

Conn and Kelley were recognized at the ACFE Global Conference in Nashville on June 23 in front of more than 2,000 in-person attendees with thousands more participating virtually. The ACFE is the world's largest organization dedicated to fraud prevention and detection. Their research is frequently quoted by public accounting firms, government agencies, businesses, and the fraud fighting profession.

In addition to receiving the award, Kelley was a featured speaker at the conference on June 25. He presented his partnership with Williamson County's district attorney's office and students from his spring 2025 capstone course. The collaboration focused on streamlining evidence analysis in criminal cases using student-developed analytical tools, which allowed students to participate in experiential learning while making an impact in the real world.

This is Conn and Kelley's second article published in Fraud Magazine, and both faculty members hold officer roles within ACFE's Austin Chapter.

"It was a surprise!" Kelley said. "It was also an affirmation that the tools that we're building with the students in these courses and the focus on these topics is correct , it was validation that we're on the right track with our courses, professional outreach, and research." 

"It is both mind-blowing and gratifying," Conn added. "Receiving the award is also an affirmation of collaborating with Zach. Together, we have a strong combination of technical expertise, accounting experience, research, and writing skills."

Conn and Kelley's contributions to fraud prevention also support McCoy College's commitment to practical, research-based solutions for contemporary business challenges driven by advances in technology.

"Becoming a Certified Fraud Examiner, attending ACFE training, and being an officer in the Austin chapter has been a tremendous asset for my teaching and research," Conn said. “I learn from and interface with anti-fraud professionals from across the U.S. and the world. I share their experiences, methods, and cases with my students. Students can see these are real problems, particularly cybercrime, and as graduates of our accounting programs, they will face these problems in their careers.”

Receiving the Hubbard Award places Conn and Kelley among the top authors writing about anti-fraud topics, promoting a global impact from McCoy College's faculty in addressing today's most complex business challenges and pressing ethical and technological risks.

Conn and Kelley noted that the Hubbard Award reflects all three elements of their work at McCoy College: teaching, research, and service. ✯