From deepfakes and biometric fraud to nation-state attacks and cybercrime-as-a-service, the threat landscape continues to intensify. Technology, especially AI, is arming an increasingly savvy and sizable cohort of cybercriminals, marking the end of cybercrime amateur hour.
Cybercrime is already a big business estimated at over $9.5 trillion in 2024, according to Cybersecurity Ventures, and was compared to the world’s third-largest economy in a recent Bank of America investor note. From data breaches and ransomware to deepfakes and synthetic identity fraud, cybercrime is poised to further intensify and accelerate, in large part due to AI.
Today’s bad actors have access to a cybercrime treasure chest with GenAI tools that create very convincing phishing emails and hyper-realistic deepfake multi-media content, along with sites that specialize in the creation of credible fake documents. As a result, digital document forgeries have skyrocketed by 244 percent in 2024 and deepfakes now account for 40 percent of all biometric fraud, according to Entrust’s 2025 Identity Fraud Report.
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