The proliferation of fake synthetic media has grown exponentially in the past several years. The democratization of artificial intelligence tools propelled the use of deepfake technologies for both progressive and regressive purposes. Similar to fake news, the malicious use of deepfakes is a real threat to the democracy of nations because it can significantly alter the central pillar of truth. Legislators and policymakers struggle to regulate the use of this double-edged technological advancement. In this context, this study traces the workings of deepfake technology and its types. Taking inspiration from technology affordance and social change literature, this study explores how deviant actors’ misuse of deepfakes lead to cascading social ramifications at various institutional levels. In addition, this study analyzes the current legal and regulatory scenarios within the major economies of the United States, United Kingdom, European Union, China, and India. The study states countries must focus on a whole-of-society approach. This study offers concrete public policy innovations to prevent, detect, respond, and repair any harm inflicted upon vulnerable actors due to the malicious use of deepfake technology.