Challenge: Deceiving the Deceitful: Can You Best the Cunning Predator?
In a concerning development, the Sumsub Identity Fraud Report has revealed a significant increase in identity fraud rates from 2021 to 2023. The report, a comprehensive study on identity verification and synthetic fraud, highlights an escalation in the sophistication of fraudulent activities.
According to the report, overall identity fraud rates have been kept under control, remaining below 2%, but a dramatic surge in incidents involving deepfakes has been observed. In the Asia-Pacific region alone, deepfake-related incidents surged by an astounding 1530% in the past year, reflecting a rapid rise in advanced synthetic identity fraud techniques.
This trend is not lost on the global identity verification systems, which are now grappling with the growing challenge posed by advanced attacks leveraging AI-generated deepfakes. The Sumsub Identity Verification and Synthetic Fraud Report 2023 underscores this point, emphasising the rising threat of deepfakes in identity fraud.
While the identity fraud rates have nearly doubled as per the report, the nature of fraud has evolved. An unspecified entity, referred to as The Beast, is reportedly aiming to commit identity fraud using advanced tactics. The Beast is not only targeting individuals but is also employing the use of deepfakes in its attempts to steal money.
This demonstrates that while baseline identity fraud was constrained, the nature of fraud has evolved with advanced AI-driven attacks such as deepfakes becoming a dominant threat vector. The Beast's actions serve as a stark reminder of the increasing risks associated with identity verification processes worldwide.
In conclusion, the Sumsub Identity Fraud Report provides a sobering insight into the current state of identity fraud. The report underscores the rise of synthetic fraud using AI and deepfakes, posing increased risks to identity verification processes globally. As the use of deepfakes in identity fraud continues to grow, it is crucial for organisations to stay vigilant and adapt their security measures to counter these advanced threats.
[1] Sumsub Identity Fraud Report 2023 [2] Sumsub Identity Verification and Synthetic Fraud Report 2023
- The Sumsub Identity Fraud Report 2023 underscores the escalation in the sophistication of synthetic fraud techniques, particularly the surge in deepfake-related incidents.
- With its use of deepfakes, the unspecified entity referred to as The Beast demonstrates the growing threat of advanced AI-driven identity fraud, requiring organizations to adapt their cybersecurity measures in technology to counter these advanced threats.
