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Knowledge Hub

March 19, 2024

Verifiable Data vs. AI Fraud

The surge of AI-powered deepfake technology brings unprecedented challenges across industries, highlighting the crucial role of robust, verifiable data solutions.

AI-powered deepfakes are on the rise

The rise of AI-powered deepfakes has ushered in a new era of digital deception, flooding online platforms with convincingly fabricated images, videos, and audio recordings. This surge in deepfake technology has fueled a dramatic increase in identity fraud cases globally, prompting concerns about cybersecurity and regulatory responses. As governments grapple with the evolving threat landscape, deepfakes remain a significant challenge, with cybersecurity leaders voicing apprehensions about future risks posed by these malicious innovations.

  •  Widespread Impact: Deepfakes, driven by advancements in AI models like Midjourney, Google’s Gemini, and OpenAI’s ChatGPT, infiltrate various internet platforms, creating convincing fake images, videos, and audio recordings.
  •  Escalating Identity Fraud: Globally, deepfake-related identity fraud cases have surged dramatically, with spikes of up to 4,500% in the Philippines, 1,740% in North America, 1,530% in APAC, 780% in Europe, 450% in MEA, and 410% in Latin America (source: Sumsub. See the map below from Statista, which visualizes the global increase in deepfake fraud cases.).
  • Potential Expansion: Evolving AI capabilities raise concerns of deepfake fraud extending beyond current avenues, posing new challenges for cybersecurity.
  • Regulatory Response: Governments are increasingly implementing stronger regulations to curb potential harm from deepfakes, particularly in activities like identity fraud and non-consensual pornography.
  •  Cybersecurity Concerns: A survey at the World Economic Forum Annual Meeting on Cybersecurity in 2023 revealed that 46% of cybersecurity leaders are most concerned about future risks posed by adversarial capabilities, including phishing, malware development, and deepfakes.

The question arises: what can be done? We believe in the power of Verifiable, Decentralized data as the answer.

How it can combat AI-powered fraud?

Amidst the challenges posed by AI-powered fraud, verifiable decentralized data stands out as a powerful solution. By harnessing its power, organizations can build and preserve trust, and champion transparency and innovation, paving the way for a more secure and resilient future.

✅ Empowering Data Integrity: Decentralized data infrastructure offers a secure, tamper-proof framework for storing and verifying information, ensuring its integrity and authenticity.

✅ Enhancing Trust and Transparency: Verifiable, decentralized data fosters trust among users through transparency and easy verification.

✅ Driving Innovation in Fraud Detection: Real-time verification and authentication empower organizations to swiftly detect and mitigate fraudulent activities.

✅ Facilitating Cross-Sector Collaboration: Blockchain’s decentralized nature enables seamless collaboration across industries, establishing global shared standards for combatting AI fraud.

Map showing the growth of deepfake related fraud cases around the globe

Source: Statista

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