By
Bhushan Akolkar
June 27th, 2024
As figures show, the crypto industry looks to be a prime target. However, the threat of deepfakes extends far beyond.
Bitget exchange has tapped Sumsub, a company that specializes in Know Your Customer (KYC) verification to combat the growing threats of deepfakes and identity thefts within the crypto industry.
Without a doubt, AI-generated forgeries, which create realistic but yet fake identities, have been growing at an alarming rate. That is, as bad actors use them to bypass KYC verification protocols, leaving users vulnerable to financial scams.
Bitget Partners Sumsub to Bolster Security
In view of this growing menace, Bitget is looking to boost its security measures to keep its 25 million global users from becoming victims. To this end, it seeks to leverage Sumsub’s deepfake detection technology, which boasts an impressive 99% accuracy rate.
The partnership with Sumsub also means that Bitget will gain access to Sumsub’s suite of verification tools, including facial biometrics, non-document verification, and database validation. Therefore, creating a multi-level defense system against fraudulent activity.
It might be worth mentioning that Bitget’s new partnership is not exactly a shocking move. Moreover, in the light of recent statistics that show deepfake incidents within the crypto sector surging by over 217% between Q1 2023 and Q1 2024.
Although there’s a broader 245% increase across all industries within the same period, the figures suggest that deepfake threats may be more pronounced in the crypto space.
Deepfakes Are Targeting Crypto Industry
Deepfake forgeries can bypass even the most stringent security measures, enabling fraudsters to steal identities and drain user accounts. This continues to threaten the integrity of the crypto space, hindering its growth and development.
Recently, a platform named OnlyFake got in the news for allegedly bypassing KYC protocols on popular crypto exchanges. Also, a Hong Kong-based scam crypto exchange used AI-generated videos of Elon Musk to peddle misinformation and lure unsuspecting users.
As figures show, the crypto industry looks to be a prime target. However, the threat of deepfakes extends far beyond. For instance, in January, there were reports of robocalls mimicking President Biden’s voice to discourage voting. This shows the potential for deepfakes to disrupt vital public processes. Their impact extends across sectors, including finance, healthcare, and even government institutions.
