Crypto firms among top targets of audio and video deepfake attacks

Crypto corporations 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 performed by forensic companies agency Regula, 57% of crypto corporations reported being victims of audio fraud, whereas 53% of the respondents fell for faux video scams.

These percentages surpass the common influence proportion of 49% for each forms of fraud throughout completely different sectors. The survey was performed with 575 companies in seven industries: monetary companies, crypto, expertise, telecommunications, aviation, healthcare, and regulation enforcement. 

Notably, video and audio deepfake frauds registered essentially the most important development 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 essentially the most affected by audio deepfake fraud and are the trade sector with the third-highest occurrences of video deepfakes. 

Furthermore, 53% of crypto corporations reported being victims of artificial id fraud when dangerous actors use numerous deepfake strategies to pose as another person. This proportion 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 corporations are barely beneath the final common, reporting a mean lack of $440,116 this 12 months. 

Nonetheless, crypto companies nonetheless have the third-largest common losses, with simply monetary companies and telecommunications corporations surpassing them.

Acknowledged menace

The survey highlighted that over 50% of companies in all sectors see deepfake fraud as a reasonable to important menace.

The crypto sector is extra devoted to tackling deepfake video scams. 69% of corporations see this as a menace value being attentive to, in comparison with the common of 59% from all sectors.

This could possibly 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.

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