June 5, 2024

Bitget Partners with Sumsub to Tackle Deepfake Threats

Rising Threat of Deepfakes in Cryptocurrency

Cryptocurrency faces a rising threat from deepfakes, with sophisticated artificial intelligence (AI)-generated fake identities multiplying at an alarming rate. To combat this, exchanges like Bitget are partnering with Sumsub, a leading Know Your Customer (KYC) verification provider, to enhance security and protect users.

Bitget and Sumsub Collaboration

In a statement, Bitget announced its collaboration with Sumsub, aiming to secure its 25 million users worldwide by identifying and preventing deepfake scams with an over 99% accuracy rate. Sumsub will provide Bitget with identity verification, facial biometrics, non-document verification, and database validation. The partnership between Bitget and Sumsub’s deepfake AI technology marks a significant step in bolstering the security of cryptocurrency exchanges.

The Surge in Deepfake Incidents

Considering the recent 217% increase in deepfakes detected in the crypto sector from the first quarter of 2023 to the first quarter of 2024 and a staggering 245% rise across all industries, Sumsub’s AI-powered deepfake detection and fraud prevention will go a long way toward ensuring both companies meet high-security standards. The fear of deep fakes is well-founded for a good reason. These sophisticated identity frauds can bypass even the strongest security measures, leaving unsuspecting users vulnerable to financial ruin. The consequences include stolen identities, emptied accounts, and a loss of trust in the crypto ecosystem.

Deepfakes Beyond Cryptocurrency

However, the threat of deepfakes extends well beyond the crypto world. As AI technology advances, deepfakes are likely to infiltrate other industries, such as finance, healthcare, and government. In a notable incident, New Hampshire citizens reported receiving robocalls using the voice of United States President Joe Biden, telling them not to vote in the Jan. 23 state primary election. This prompted U.S. regulators to ban AI-generated voices used in automated phone scams, making them illegal under U.S. telemarketing laws.

Crucial Collaboration

The collaboration between Bitget and Sumsub represents a crucial step in safeguarding the cryptocurrency sector from the rising threat of deepfakes. As Sumsub’s deepfake AI technology continues to evolve, it is expected to play a pivotal role in ensuring the security and trustworthiness of digital identities across various industries. The partnership underscores the importance of advanced AI-driven solutions in combating the growing menace of fake technology.

Image by macrovector on Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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