Global Deepfake Epidemic Worsening Amid Elections - UK Seventh Most Targeted Nation

This data comes from analysis of identities submitted to Sumsub's ID verification platform. Key global highlights from Sumsub's Q1 2024 verification and identity fraud data* show that:

"Sumsub performs millions of identity checks annually across all markets and many industries, so we believe these trends are not unique to business and finance; they are symptomatic of what's happening in the wider digital world."

"They represent the increasing access to deepfake technologies as well as peoples' willingness to use them. In such an important year for democracy as half the globe goes to vote, this is incredibly concerning," said Vyacheslav Zholudev, Co-founder and CTO of Sumsub.

The growth of deepfake incidents can be seen across different industries. Last quarter, the sectors with the most deepfakes were crypto, fintech and iGaming. If we look closer at the year-over-year (YoY) comparison, the quantity of deepfake cases soared 1520% in iGaming, 900% in marketplaces, 533% in fintech, 217% in crypto, 138% in consulting, and 68% in online media.

"The number and quality of deepfakes is increasing and evolving daily worldwide. Even with the most progressive technology, it's getting much harder to differentiate between a deepfake and reality. The only way forward is to fight AI with AI," said Pavel Goldman-Kalaydin, Head of AI/ML at Sumsub.

"For businesses, the ultimate tool that keeps them protected is a multi-layered anti-fraud solution with different checks at various user journey stages. But content platforms and common users remain vulnerable to deepfakes, especially in light of 2024 elections. Media platforms must stay vigilant - remaining aware and updating defences to detect deepfakes and prevent AI-generated fraud. They need to make sure they are not inadvertently contributing to the spread of misinformation", Goldman-Kayalydin added.

To stay informed on the most up-to-date deepfakes and identity fraud trends as well as corporate news and product updates, please follow Sumsub's Newsroom. To download the company's whitepapers for free, please visit https://sumsub.com/guides-reports/

* Note on the source
The content of this press release is based on detailed statistics and analysis of millions of verification checks performed by the Sumsub platform from Q1 2023 to Q1 2024, accurately highlighting current fraud incidence rates. This includes analysis of thousands of detected deepfake cases. All internal data was aggregated and anonymized for the purpose of publishing these findings.

** Please note that Ukraine's 2024 elections are suspended due to martial law restrictions (at the moment of publication).

About Sumsub

Sumsub is a full-cycle verification platform that secures the whole user journey. With Sumsub's customizable KYC, KYB, Transaction Monitoring and Fraud Prevention solutions, you can orchestrate your verification process, welcome more customers worldwide, meet compliance requirements, reduce costs, and protect your business.

Sumsub has over 2,000 clients across the fintech, crypto, transportation, trading, e-commerce and gaming industries including Bitpanda, Wirex, Avis, Bybit, Huobi, Kaizen Gaming, and TransferGo.

View original content:https://www.prnewswire.co.uk/news-releases/global-deepfake-epidemic-worsening-amid-elections---uk-seventh-most-targeted-nation-302159002.html