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Surprise! Deepfake fraud on the rise

Regula report highlights impact on business
Surprise! Deepfake fraud on the rise

According to a survey by forensic and ID verification software maker Regula, one-third of businesses have already experienced voice and video deepfake fraud.

AI-generated identity fraud is on the rise. Regula survey results suggest that 37 percent of organizations have experienced synthesized voice fraud, and 29 percent have been victims of deepfake videos. Artificial intelligence continuously makes it easier to create realistic deepfakes, posing a significant challenge for businesses and individuals alike.

According to the company, 80 percent of companies perceive fake biometric artifacts such as deepfake voice or video as real threats, with 91 percent of U.S. firms considering it a growing threat.

Regula says that organizations should implement thorough ID verification and biometric checks, which it creates, to combat this issue. These checks include extended document verification from a database of templates worldwide, liveness verification to ensure no reusable images are presented and cross-validation of a subject’s information and attributes.

“While neural networks may be useful in detecting deepfakes, they should be used in conjunction with other antifraud measures that focus on physical and dynamic parameters,” says Ihar Kliashchou, chief technologist at Regula.

The report also highlights the sophistication of fraud and identity verification measures that businesses must take.

Twenty-six percent of smaller and 38 percent of large companies experienced more than 50 identity fraud attacks in 2022, with losses of up to $480,000.

The average number of identity fraud incidents suffered by enterprises in 2022 was 30, leading many (91 percent) to increase their spending on identity verification. The banking sector continues to get hit hardest.

According to the report, processing of foreign documents has become common. Eleven to 20 percent of an average IT budget is being allocated to document verification products.

Sapio Research conducted the research in 2022, surveying 1,000 decision-makers across various sectors worldwide.

Earlier this month, Regula released an updated software development kit for ID verification which the company claims is more accurate and easier to use. The Face SDK framework features face-matching, facial recognition and liveness detection, upgraded to include browser interoperability.

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