The danger presented by deepfakes goes beyond the realm of cryptocurrency, as AI technology progresses and threatens to infiltrate sectors such as finance, healthcare, and government.
As per Sumsub’s Q1 report on global deepfake fraud, published on May 30, there has been a remarkable 245% increase in deepfake scams worldwide compared to the previous year. The report points out the surge in deepfakes in countries gearing up for elections in 2024, including the US, India, Indonesia, Mexico, and South Africa.
Furthermore, the report highlights a rise in deepfake scams across a variety of industries. In Q1 of 2024, the sectors hit hardest by deepfakes were cryptocurrency, financial technology, and online gaming.
In comparison to the year before, there was a significant spike in the number of deepfake incidents, with a 1520% surge in online gaming, 900% in online marketplaces, 533% in fintech, 217% in cryptocurrency, 138% in consulting, and 68% in online media.
The collaboration between Bitget and Sumsub will make use of AI-driven deepfake detection and fraud prevention techniques. This partnership is crucial for both companies to maintain high security standards and shield their users from the increasing threat of deepfake scams.