Crypto firms among top targets of audio and video deepfake attacks

Crypto firms are among the many most affected by audio and video deepfake frauds in 2024, with greater than half reporting incidents in a latest survey.

In accordance with the survey performed by forensic providers 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 typical impression proportion of 49% for each sorts of fraud throughout completely different sectors. The survey was performed with 575 companies in seven industries: monetary providers, 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 identification fraud when dangerous actors use varied deepfake strategies to pose as another person. This share is above the typical of 47% and ties with the monetary providers, tech, and aviation sectors.

In the meantime, the typical worth misplaced to deepfake frauds throughout the seven sectors is $450,000. Crypto firms are barely beneath the final common, reporting a mean lack of $440,116 this 12 months. 

However, crypto corporations nonetheless have the third-largest common losses, with simply monetary providers and telecommunications firms surpassing them.

Acknowledged menace

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

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

This may very well 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 traders 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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