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Jumio has announced the general availability of Jumio Liveness Premium with advanced deepfake detection, which it describes as its most advanced biometric liveness detection tool to date. The post Jumio Rolls Out Advanced Liveness Detection to Combat Deepfakes appeared first on Fintech Singapore.
Sumsub attributes the growing threat to the widespread use of AI-driven tools, including deepfakes and synthetic identity documents, which are being used to bypass digital verification processes. Deepfake-related fraud has expanded beyond impersonation and election interference to include AI-generated job scams.
The use of deepfake technology and generative AI is also on the rise, compounding the threat range. In 2024, we saw just how sophisticated fraud has now become: from deepfakes to sophisticated counterfeit IDs, generative AI has changed the identity fraud game, said Blair Cohen , AuthenticID founder and president.
“Since many of these deepfake software services accept credit cards, payments providers are on the front lines of detecting these companies,” writes one corporate compliance officer.
A recent study by Jumio , a provider AI-driven identity verification and compliance solutions, has found that a significant majority of Singapore consumers are concerned about the impact of deepfakes on the upcoming elections. It revealed that 83% of Singaporeans are concerned about for AI and deepfakes in politics, compared to 75% globally.
Financial institutions are looking to deepfake detection solutions in their fight against the growing threat of generative AI-driven fraud. The growing deepfake detection market is expected to be a $15.7 billion industry by 2026, according to consultancy firm Deloitte.
The surge of deepfakes The rise of AI has also led to a surge in deepfake attacks. India is experiencing a rise in deepfake identity fraud, with cases surging by 550% since 2019. Cyber threats have become an immediate and inescapable reality for Indias banking, financial services and insurance (BFSI) industry.
In the contemporary digital world, the proliferation of deepfake technology and generative AI heralds an era fraught with online scam challenges, notably within the financial sector in Asia. Economic Ramifications of Deepfake Scams The global impact of impersonation scams can be far-reaching, and expensive.
In deploying AI in merchant services, enhanced fraud detection and prevention against new scamming schemes like deepfaking is as important, if not more important, as increasing operational efficiency,” says Yang Peng, Chief Executive Officer of Ant International.
The increasing sophistication of fraud tactics, such as deepfakes and voice cloning, has heightened these concerns. Deepfake technology is being used more frequently to trick consumers into revealing sensitive information, driving a significant portion of the anxiety. said Anna Convery, CMO of Jumio.
These AI-created images, videos, and audio content, called deepfakes, showcase how advanced AI generation tools have become. AI deepfakes often have convincing video and voice manipulation, making them increasingly difficult to identify–and this technology is only becoming more advanced and easily accessible.
However, this powerful technology has also been exploited by malicious actors to create deepfakes – highly convincing simulations of individuals saying or doing things they never actually did. Deepfakes have since evolved into a formidable challenge for conventional identity verification methods.
Singapore authorities are warning businesses of a rise in scam video calls which use deepfake AI to impersonate business bosses with the aim of duping employees into transferring funds to criminal accounts.
Data from identity verification specialist Sumsub reveal that identity fraud incidents have more than doubled in the past three years, with account takeovers and deepfakes emerging as major concerns. Deepfake cases grew even more significantly, surging fourfold between 2023 and 2024 to account for 7% of all fraud attempts.
This move will enable LexisNexis Risk Solutions to further enhance its capabilities in combating AI-generated fraud, including deepfakes. Rick Trainor Rick Trainor, CEO of Business Services for LexisNexis Risk Solutions, said, AI-powered solutions are necessary to counter the threat of AI-generated fraud attacks, including deepfakes.
Crooks are circulating AI-generated deepfake videos of Prince William and UK prime minister Keir Starmer on Facebook and Instagram to dupe viewers into scam cryptocurrency investments.
It saw a 672 per cent increase from H1 2023 to H2 2023 in the use of deepfake media such as face swaps deployed alongside metadata spoofing tools. “While the data in our report highlights that face swaps are currently the deepfake of choice for threat actors, we don’t know what’s next.
“Using AI-driven tactics such as deepfake selfies and synthetic identities, organised fraudsters are testing traditional security measures like never before. It says future-proofing means adopting AI-driven validation and multi-layer defences to combat deepfakes, synthetic identities, and emerging threats.
Global crypto scam losses surged to $4.6billion in 2024, with deepfake technology and social engineering emerging as the dominant tactics behind high-value thefts, according to crypto exchange and Web3 company Bitget.
In the wrong hands, however, it can be incredibly harmful, especially with the emergence of deepfakes. A new survey from iProov , the biometric solutions provider, has revealed the attitudes on the threat of generative AI and deepfakes across the UK, US, Brazil, Australia, New Zealand and Singapore.
This rise is attributed to the growing use of deepfakes, fraud-as-a-service operations, and fast-changing fraud typologies. With the rise of deepfakes and complex fraud schemes, teams can’t afford to work in silos. The launch comes at a time when financial crime teams are facing more sophisticated threats. in 2024 to 2.6%
At the centre of this threat is Grey Nickel , a sophisticated cybercriminal group using deepfakes, synthetic identities, and AI-powered attack tools to breach banks, crypto exchanges, and digital payment platforms. Consider Hong Kong, where in early 2024 a deepfake scam tricked a corporate employee into transferring USD $25.6
AI-generated deepfakes , synthetic identities and hyper-targeted phishing attacks are just some of the cyberthreats on the rise. As a result of the partnership, SEON will proactively detect deepfake KYC attempts, synthetic identities, and mass-registration fraud before accounts are created through Intergiro.
As much as 53 per cent of Brits have either never heard of the term deepfake or misunderstood its meaning, British bank Santander has revealed, as part of a new initiative to warn consumers about the dangers of AI deepfake scams.
The rise of deepfakes — the eerily lifelike impersonations that superimpose heads onto bodies and bodies onto heads in seamless ways that integrate speech and movement, where nothing is as it seems — may be good for a laugh. From Arnold Schwarzenegger, to Kim Kardashian, to maybe, just maybe: You. It’s like a Hollywood special effect.”.
Tessian Co-founder and CEO Tim Sadler warns that this has created an ideal environment for cyberattackers wielding a quickly emerging technology: deepfakes. With more employees relying on the phone, as well as video conferencing platforms, to communicate with their teams, it presents an ideal environment for deepfake technology to take hold.
Fraudsters are smarter and more devious than ever before. With that evolution comes an increase in successful fraud attempts, seen especially by companies that do not practice modern payment safety protocols.
A significant four-fold surge in deepfakes worldwide from 2023 to 2024 further underscores the increasing role of AI in fraud. Deepfakes now account for 7% of all fraud cases. Additionally, businesses face growing financial risks, with the average cost per fraud event around USD $300,000.
As financial institutions navigate a rapidly digitizing landscape, the rise of AI-generated deepfakes is no longer a fringe concern—it’s a growing enterprise risk. “Deepfake technology has emerged as both a marvel and a menace,” continued Miyachi.
In its sixth edition, the 2025 Identity Fraud Report found that attacks involving deepfakes happened every five minutes in 2024, and digital document forgeries increased by 244 per cent year over year. Another way fraudsters are abusing financial firms is through AI-assisted deepfakes.
The rapidly increasing prevalence of AI-generated content and deepfakes has left many questioning everything they see online. In fact, as much as 72 per cent of consumers worry on a day-to-day basis about being fooled by a deepfake into handing over sensitive information or money.
Today, criminals leverage cutting-edge technologies such as AI to execute intricate schemes and deepfakes. Financial crime is not just growing. It's exploding. Gone are the days of simple scams. They are not bound by borders or ethics. They are sophisticated, adaptable, and relentless.
Episode 210 – Richard Weston, Tuum Greg Palmer catches up with Corsound AI CEO Gal Haselkorn to discuss cutting-edge developments in voice intelligence and deepfake detection. Demo video. Demo video. Episode 209 – Gal Haselkorn, Corsound.ai
The House’s Subcommittee on Consumer Protection and Commerce heard digital experts, as well as a representative from Facebook, testify in regards to the measures tech firms are using to fight against deepfakes, and what further actions should occur at the federal level, CNBC reported Wednesday (Jan. Chairwoman Jan Schakowsky, D-Ill.,
Fraudsters are exploiting GenAI tools such as large language models (LLMs), voice cloning, and deepfakes to carry out increasingly sophisticated scams that are harder to detect and prevent. Romance fraud: Deepfake images and videos help fraudsters create convincing personas to manipulate victims emotionally and financially.
Fending off these kinds of attacks requires training personnel on a strict process for validating suppliers' banking data during supplier onboarding, especially when receiving any data change requests, says Noicepay's Doug Seaberg.
The financial sector is facing an unprecedented surge in AI-driven fraud, with deepfake-related attacks increasing by a staggering 2,137% over the past three years. of all fraud attempts detected in the financial sector now involve AI-generated forgeries, with deepfakes leading the charge. According to the research, 42.5%
Setting out the negative impacts of deepfake technology on identity verification and disagreeing with the concept of 'fighting AI with AI', Janssen provided some hope in the form of NFC technologies. To discuss the impact of AI on KYC, Wil Janssen, Founder and CEO, Inverid joined the FinextraTV virtual studio.
On this week’s episode of News & Views, The Fintech Times podcast team take a look into the latest initiative to protect people from the dangers of deepfakes and chats about TotallyMoney ‘s product expansion offering a greater choice of loan products thanks to a new partnership.
It is investing in AI-driven compliance tools and has begun sharing its anti-deepfake technology with the wider tech community. Ant International said it is working with regulators, international organisations, and more than 1,000 financial institutions to help build a secure and inclusive digital ecosystem.
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