The danger posed by deepfakes is not limited to the realm of cryptocurrency, as advancements in AI technology are opening up the possibility of infiltrating industries such as finance, healthcare, and government.
Sumsub’s Q1 report on global deepfake fraud, released on May 30, revealed a staggering 245% increase in deepfake scams compared to the previous year. The report also pointed out the surge of deepfakes in countries gearing up for elections in 2024, including the US, India, Indonesia, Mexico, and South Africa.
Furthermore, the report highlighted a rise in deepfake scams across a range of industries. In the first quarter of 2024, 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-powered deepfake detection and fraud prevention tools. This collaboration is crucial for both companies to maintain high security standards and safeguard their users from the growing threat of deepfake scams.