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This paper proposes a counterfeiting attack on an SVD-based ownership watermarking scheme. In the proposed attack, the adversary can claim the rightful ownership of any image by fabricating a bogus "original" image and meaningful logo. To defend against this attack, this paper proposes to generate the watermark from the original image and owner's logo with a one-way function.
Yongdong Wu (Tue,) studied this question.