The danger presented by deepfakes goes far beyond 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, unveiled on May 30, reveals a staggering 245% surge in deepfake scams worldwide compared to the previous year. The report draws attention to the spike in deepfake incidents in countries gearing up for elections in 2024, including the US, India, Indonesia, Mexico, and South Africa.
Moreover, the report underlines the spread of deepfake scams across various industries. In the first quarter of 2024, sectors hit hardest by deepfakes were crypto, fintech, and iGaming.
In comparison to the prior year, there was a significant spike in the volume of deepfake cases, with a 1520% increase in iGaming, 900% in marketplaces, 533% in fintech, 217% in crypto, 138% in consulting, and 68% in online media.
The partnership between Bitget and Sumsub will leverage AI-driven deepfake detection and anti-fraud measures. This collaboration is crucial for both entities to maintain stringent security standards and safeguard their users against the escalating threat of deepfake scams.
