The danger presented by deepfakes goes far beyond the realm of cryptocurrency, as advancements in AI technology open the door for potential infiltration into industries like finance, healthcare, and government.
According to Sumsub’s recent Q1 report on global deepfake fraud, released on May 30, there has been a staggering 245% increase in deepfake scams worldwide compared to the previous year. The report specifically highlights the alarming rise of deepfakes in countries that will be holding elections in 2024, such as the United States, India, Indonesia, Mexico, and South Africa.
Moreover, the report reveals a notable growth in deepfake scams across various sectors. In the first quarter of 2024, the industries most impacted by deepfakes were cryptocurrency, financial technology (fintech), and online gaming (iGaming).
When comparing these figures to the previous year, the number of deepfake cases saw a significant surge, with a 1520% increase in iGaming, 900% in online marketplaces, 533% in fintech, 217% in cryptocurrency, 138% in consulting, and 68% in online media.
To combat this escalating threat, Bitget and Sumsub have joined forces to implement AI-powered deepfake detection and fraud prevention measures. This partnership is crucial for both companies to maintain stringent security standards and safeguard their users from the mounting risks posed by deepfake scams.