As deepfakes become increasingly sophisticated and accessible, their potential for misuse in areas such as cybercrime, misinformation campaigns, and identity theft continues to grow. In this article, you will find key insights from 2024 reports on deepfake technology and the growing risks it represents.
Crypto companies are losing ground to deepfake attacks
57% of crypto companies report audio deepfake incidents, compared to just 45% facing fake or modified document fraud. While the crypto industry experiences an average loss of $440,000 from advanced fraud techniques like deepfakes, a notable 37% of companies are losing more than $500,000 each.
Deepfake attacks occur every five minutes
The findings reveal a deepfake attack happened every five minutes in 2024, while digital document forgeries increased 244% year-over-year. The report identifies AI-assisted deepfakes as an area of particular concern for global organizations, as basic fraud tactics that are relatively easy to discern, like phishing, are quickly giving way to hyper-realistic AI-generated deepfakes and synthetic identities.
Organizations turn to biometrics to counter deepfakes
The risk of deepfakes is rising with 47% of organizations having encountered a deepfake and 70% of them believing deepfake attacks which are created using generative AI tools, will have a high impact on their organizations. Almost 73% of organizations are implementing solutions to address the deepfake threat but confidence is low with the study identifying an overriding concern that not enough is being done by organizations to combat them.
AI-generated deepfake attacks force companies to reassess cybersecurity
As AI-generated deepfake attacks and identity fraud become more prevalent, companies are developing response plans to address these threats, according to GetApp. In fact, 73% of US respondents report that their organization has developed a deepfake response plan. 60% of global IT and security professionals say their companies have developed measures to defend against AI-generated deepfake attacks.
Consumers continue to overestimate their ability to spot deepfakes
Even with high anxiety around this increasingly prevalent and ever-evolving technology, consumers continue to overestimate their own ability to spot deepfakes — 60% believe they could detect a deepfake, up from 52% in 2023. Globally, men were more confident in their ability to spot a deepfake (66% men versus 55% women), with men aged 18-34 demonstrating the most confidence (75%), while women aged 35-54 were least confident (52%).
People doubt their own ability to spot AI-generated deepfakes
23% of Americans said they recently came across a political deepfake they later discovered to be fake. In the past 12 months, 43% of people say they’ve seen deepfake content, 26% of people have encountered a deepfake scam, and 9% have been a victim of a deepfake scam.