The advent of deepfake technology, which uses artificial intelligence to create hyper-realistic fabricated video and audio, has introduced significant challenges for social media platforms and their users. This paper explores the harms of deepfakes, including the erosion of trust in digital media, the potential for political manipulation, the facilitation of cyberbullying, and threats to personal privacy. The study further examines potential solutions, including limiting access to artificial intelligence where appropriate and emphasizing the urgent need for effective countermeasures. To mitigate these threats, the paper proposes a comprehensive approach involving technological solutions, policy interventions, law enforcement, and public education. Specifically, advancements in deepfake detection algorithms, robust regulatory frameworks, and increased digital literacy are presented as essential strategies for combating the proliferation of deepfakes across social media platforms.