Deepfake technology, powered by advanced AI, enables the creation of highly realistic but entirely synthetic audio, video, and image media. While this technology has legitimate applications, it also poses significant security risks. This thesis provides a comprehensive structured literature review and analysis of the risks associated with deepfake technology and critically examines the challenges in currently available detection methods. The study categorizes the main risks into three main categories: Dis- and Misinformation and Manipulation, Identity Theft and Fraud, and Privacy Invasion and Blackmail. It also identifies critical challenges in detection methods including technical limitations and privacy concerns. This thesis contributes to the field by providing a clear understanding of the threat landscape associated with deepfakes, identifying gaps in detection methods, and offering insights for future research.