The emergence of a new generation of digitally manipulated media capable of generating highly realistic videos – also known as deepfakes – has generated substantial concerns about possible misuse. In response to these concerns, this report assesses the technical, societal and regulatory aspects of deepfakes. The report identifies five dimensions of the deepfake lifecycle that policy-makers could take into account to prevent and address the, adverse impacts of deepfakes. The legislative framework on artificial intelligence (AI) proposed by the European Commission presents an opportunity to mitigate some of these risks, although regulation should not focus on the technological dimension of deepfakes alone. The report includes policy options under each of the five dimensions, which could be incorporated into the AI legislative framework, the proposed European Union digital services act package and beyond. A combination of measures will likely be necessary to limit the risks of deepfakes, while harnessing their potential. This report has been written at the request of the Panel for the Future of Science and Technology (STOA) and managed by the Scientific Foresight Unit, within the Directorate-General for Parliamentary Research Services (EPRS) of the Secretariat of the European Parliament.