The danger of deepfakes goes beyond just the realm of cryptocurrency, as AI technology continues to advance and potentially infiltrate industries like finance, healthcare, and government. A report from Sumsub on deepfake fraud worldwide in the first quarter of the year, released on May 30, reveals a shocking 245% increase in deepfake scams globally compared to the previous year. The report also points out a rise in deepfakes in countries with upcoming elections in 2024, such as the US, India, Indonesia, Mexico, and South Africa.
Furthermore, the report shows a surge 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.
Bitget and Sumsub’s collaboration will leverage AI-powered deepfake detection and fraud prevention measures. This partnership is crucial for both companies to maintain high-security standards and safeguard their users from the growing threat of deepfake scams.