Deepfake technology (DT) has taken a new level of sophistication. Cybercriminals now can manipulate sounds, images, and videos to defraud and misinform individuals and businesses. This represents a growing threat to international institutions and individuals which needs to be addressed. This paper provides an overview of deepfakes, their benefits to society, and how DT works. Highlights the threats that are presented by deepfakes to businesses, politics, and judicial systems worldwide. Additionally, the paper will explore potential solutions to deepfakes and conclude with future research direction.