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Deepfake Frauds on the Rise: One-Third of Businesses Already Affected by Some AI-Assisted Fraud, more than 80% See it as a Threat
April 2024 by Patrick LEBRETON
The AI renaissance, which turned artificial intelligence into one of the hottest topics in both the consumer and business sectors, comes with its dark side, as more and more scammers use AI tools for cyber attacks and data breaches. AI-assisted and deepfake frauds have exploded over the past two years, facing companies and consumers with a new type of scam that is much harder to prevent and recognize.
According to data presented by AltIndex.com, one-third of businesses have already been affected by AI-assisted fraud, while more than 80% see it as a genuine threat.
46% of Companies Faced Synthetic Identity Fraud and 37% Voice Deepfakes
Artificial intelligence has given scammers an upper hand, helping them evolve from cybercriminals to sophisticated attackers. One of their favorite methods of enhancing scams is deepfakes, which are becoming increasingly easier to create and harder to spot. A recent case of a finance worker who paid out $25 million after a video call with a deepfake ’chief financial officer’ confirms that.
The number of deepfake frauds has skyrocketed, with businesses worldwide feeling the impact of this type of malicious AI content. A survey from identity verification provider Regula, conducted among over 1,000 fraud detection experts from the United States, the United Kingdom, France, and Germany, shows how common they have become.
According to the survey, a sizable chunk of their companies was targeted by one of three AI-assisted advanced identity fraud methods. Synthetic identity fraud, where scammers use a combination of real and fake identity components, emerged as the most common scam, with a 46% share among respondents.
Furthermore, 37% of companies reported cases of voice deepfakes, making it the second most-used AI scam. For now, video deepfakes have been much less common, with only 29% of respondents having experienced such fraud attempts. The survey also showed that more than 80% of surveyed experts believe the three methods seriously threaten businesses.
Annual Cybercrime Cost to Hit $9.2 Trillion in 2024, One Trillion more than Last Year
With more and more scammers using AI tools to perform sophisticated attacks, the global cost of cybercrime will rise to all-time highs. According to Statista Market Insight, the global cybercrime cost is expected to hit $9.2 trillion in 2024 or one trillion more than last year.
Even more worrying, despite the maximum efforts to prevent and minimize cybercrime damage, this figure is expected to surge by 70% in the following years and hit a shocking $13.8 trillion by 2028.
