Crypto firms are among the many most affected by audio and video deepfake frauds in 2024, with greater than half reporting incidents in a current survey.
Based on the survey carried out by forensic companies agency Regula, 57% of crypto firms reported being victims of audio fraud, whereas 53% of the respondents fell for faux video scams.
These percentages surpass the common affect proportion of 49% for each sorts of fraud throughout completely different sectors. The survey was carried out with 575 companies in seven industries: monetary companies, crypto, know-how, telecommunications, aviation, healthcare, and regulation enforcement.
Notably, video and audio deepfake frauds registered probably the most vital progress in incidents since 2022. Audio deepfakes jumped from 37% to 49%, whereas video deepfakes leaped from 29% to 49%.
Crypto companies are tied with regulation enforcement as probably the most affected by audio deepfake fraud and are the business sector with the third-highest occurrences of video deepfakes.
Furthermore, 53% of crypto firms reported being victims of artificial id fraud when unhealthy actors use varied deepfake strategies to pose as another person. This share is above the common of 47% and ties with the monetary companies, tech, and aviation sectors.
In the meantime, the common worth misplaced to deepfake frauds throughout the seven sectors is $450,000. Crypto firms are barely beneath the final common, reporting a median lack of $440,116 this 12 months.
However, crypto companies nonetheless have the third-largest common losses, with simply monetary companies and telecommunications firms surpassing them.
Acknowledged risk
The survey highlighted that over 50% of companies in all sectors see deepfake fraud as a reasonable to vital risk.
The crypto sector is extra devoted to tackling deepfake video scams. 69% of firms see this as a risk price being attentive to, in comparison with the common of 59% from all sectors.
This might be associated to the rising occurrences of video deepfake scams this 12 months. In June, an OKX consumer claimed to lose $2 million in crypto after falling sufferer to a deepfake rip-off powered by generative synthetic intelligence (AI).
Moreover, in August, blockchain safety agency Elliptic warned crypto buyers about rising US elections-related deepfake movies created with AI.
In October, Hong Kong authorities dismantled a deepfake rip-off ring that used faux profiles to take over $46 million from victims.