Threat actors undertaking identity fraud have been using deepfakes ten times more in 2023 than in 2022, according to digital identity verification solutions provider Sumsub.
In its third annual Identity Fraud Report, published on November 28, 2023, Sumsub found that artificial intelligence-powered techniques were among the top five tools used to conduct fraud online in 2023.
The surge in deepfakes accounted for most of the AI-powered fraud techniques recorded by the firm.
Speaking to Infosecurity during a Sumsub AI regulation event held in London on November 23, Ilya Brovin, the firm’s chief growth officer, warned about the growing sophistication of identity fraud.
“Yes, the AI and deepfake tools are becoming easier to use and more accessible to everybody. But also, many fraudsters using AI-powered tools are not the random individuals we used to see sometimes in identity fraud, they are part of organized groups,” he added.
Where Has Deepfake Fraud Increased the Most?
Although global, the increase in deepfake use was more substantial in North America, where it rose 1740% in 2023 compared with 2022, and in Asia-Pacific (APAC), which saw a 1530% surge over the same period.
Deepfake use for identity fraud purposes increased by 450% in the Middle East and Africa (MEA) and 410% in Latin America.
The cryptocurrency sector is the most targeted by AI-powered fraud techniques, representing 88% of all deepfake cases detected by Sumsub in 2023, followed by fintech (8%).
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