The danger presented by deepfakes goes beyond just the realm of cryptocurrency, as AI technology continues to advance and potentially infiltrate various sectors including finance, healthcare, and government.
As per Sumsub’s Q1 report on global deepfake fraud, which was published on May 30th, there has been a shocking 245% increase in deepfake scams worldwide compared to the previous year. The report also highlights the surge in deepfake incidents in countries holding elections in 2024, such as the US, India, Indonesia, Mexico, and South Africa.
Furthermore, the report shows a rise in deepfake scams across different industries. During Q1 of 2024, the sectors most impacted by deepfakes were cryptocurrency, financial technology, and online gaming.
In comparison to the previous year, there has been a significant uptick in the number of deepfake cases, with a 1520% increase in online gaming, 900% in marketplaces, 533% in financial technology, 217% in cryptocurrency, 138% in consulting, and 68% in online media.
Through the collaboration between Bitget and Sumsub, AI-powered deepfake detection and fraud prevention measures will be employed. This partnership is crucial for both companies to maintain high-security standards and safeguard their users against the growing threat of deepfake scams.
