The danger posed by deepfakes goes beyond just the realm of cryptocurrency, as advancements in AI technology are paving the way for potential infiltration into sectors such as finance, healthcare, and government.
Sumsub’s Q1 report on global deepfake fraud, which was published on May 30, revealed a remarkable 245% increase in deepfake scams worldwide compared to the previous year. The report specifically points out the surge in deepfakes in countries scheduled to hold elections in 2024, including the US, India, Indonesia, Mexico, and South Africa.
Moreover, the report also highlights a rise in deepfake scams across a range of industries. During Q1 of 2024, the sectors most impacted by deepfakes were cryptocurrency, financial technology, and online gaming.
Compared to the previous year, there was a significant spike in the number of deepfake incidents, with a 1520% surge in online gaming, 900% in marketplaces, 533% in financial technology, 217% in cryptocurrency, 138% in consulting, and 68% in online media.
The collaboration between Bitget and Sumsub will leverage AI-based deepfake detection and fraud prevention techniques. This partnership is crucial for both companies to maintain high security standards and safeguard their users against the growing threat of deepfake scams.
