Here is my approch using multiple validations.
public class ImageValidator
{
    private readonly Dictionary<string,byte[]> _validBytes = new Dictionary<string, byte[]>() {
        { ".bmp", new byte[] { 66, 77 } },
        { ".gif", new byte[] { 71, 73, 70, 56 } },
        { ".ico", new byte[] { 0, 0, 1, 0 } },
        { ".jpg", new byte[] { 255, 216, 255 } },
        { ".png", new byte[] { 137, 80, 78, 71, 13, 10, 26, 10, 0, 0, 0, 13, 73, 72, 68, 82 } },
        { ".tiff", new byte[] { 73, 73, 42, 0 } },
    };
    /// <summary>
    /// image formats to validate using Guids from ImageFormat.
    /// </summary>
    private readonly Dictionary<Guid, string> _validGuids = new Dictionary<Guid, string>() {
        {ImageFormat.Jpeg.Guid, ".jpg" },
        {ImageFormat.Png.Guid, ".png"},
        {ImageFormat.Bmp.Guid, ".bmp"},
        {ImageFormat.Gif.Guid, ".gif"},
        {ImageFormat.Tiff.Guid, ".tiff"},
        {ImageFormat.Icon.Guid, ".ico" }
    };
    /// <summary>
    /// Supported extensions: .jpg,.png,.bmp,.gif,.tiff,.ico
    /// </summary>
    /// <param name="allowedExtensions"></param>
    public ImageValidator(string allowedExtensions = ".jpg;.png")
    {
        var exts = allowedExtensions.Split(';');
        foreach (var pair in _validGuids.ToArray())
        {
            if (!exts.Contains(pair.Value))
            {
                _validGuids.Remove(pair.Key);
            }
        }
        foreach (var pair in _validBytes.ToArray())
        {
            if (!exts.Contains(pair.Key))
            {
                _validBytes.Remove(pair.Key);
            }
        }
    }
    [System.Diagnostics.CodeAnalysis.SuppressMessage("Style", "IDE0063:Use simple 'using' statement", Justification = "<Pending>")]
    [System.Diagnostics.CodeAnalysis.SuppressMessage("Design", "CA1031:Do not catch general exception types", Justification = "<Pending>")]
    public async Task<bool> IsValidAsync(Stream imageStream, string filePath)
    {
        if(imageStream == null || imageStream.Length == 0)
        {
            return false;
        }
        //First validate using file extension
        string ext = Path.GetExtension(filePath).ToLower();
        if(!_validGuids.ContainsValue(ext))
        {
            return false;
        }
        //Check mimetype by content
        if(!await IsImageBySigAsync(imageStream, ext))
        {
            return false;
        }
        try
        {
            //Validate file using Guid.
            using (var image = Image.FromStream(imageStream))
            {
                imageStream.Position = 0;
                var imgGuid = image.RawFormat.Guid;
                if (!_validGuids.ContainsKey(imgGuid))
                {
                    return false;
                }
                var validExtension = _validGuids[imgGuid];
                if (validExtension != ext)
                {
                    return false;
                }
            }
        }
        catch (OutOfMemoryException)
        {
            return false;
        }
        return true;
    }
    /// <summary>
    /// Validate the mimetype using byte and file extension.
    /// </summary>
    /// <param name="imageStream"></param>
    /// <param name="extension"></param>
    /// <returns></returns>
    private async Task<bool> IsImageBySigAsync(Stream imageStream, string extension)
    {
        var length = _validBytes.Max(x => x.Value.Length);
        byte[] imgByte = new byte[length];
        await imageStream.ReadAsync(imgByte, 0, length);
        imageStream.Position = 0;
        if (_validBytes.ContainsKey(extension))
        {
            var validImgByte = _validBytes[extension];
            if (imgByte.Take(validImgByte.Length).SequenceEqual(validImgByte))
            {
                return true;
            }
        }
        return false;
    }
}