The danger of deepfakes goes beyond just the realm of cryptocurrency, with AI technology progressing to potentially impact industries like finance, healthcare, and government.
Sumsub’s Q1 report on global deepfake fraud, released on May 30, reveals a shocking 245% increase in deepfake scams worldwide compared to the previous year. The report also highlights the surge in deepfakes in countries gearing up for elections in 2024, including the US, India, Indonesia, Mexico, and South Africa.
Moreover, the report notes a rise in deepfake scams across a range of industries. In the first quarter of 2024, the sectors hit hardest by deepfakes were crypto, fintech, and iGaming.
Compared to the previous year, there was a significant spike in the number of deepfake incidents, 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 fraud prevention techniques. This collaboration is crucial for both companies to maintain high-security standards and safeguard their users from the escalating threat of deepfake scams.