Generative deep learning models are able to create realistic audio and video. This technology has been used to impersonate the faces and voices of individuals. These ``deepfakes'' are being used to spread misinformation, enable scams, perform fraud, and blackmail the innocent. The technology continues to advance and today attackers have the ability to generate deepfakes in real-time. This new capability poses a significant threat to society as attackers begin to exploit the technology in advances social engineering attacks. In this paper, we discuss the implications of this emerging threat, identify the challenges with preventing these attacks and suggest a better direction for researching stronger defences.