Businesses are facing AI-related fraud more than ever, with deepfakes becoming a common risk for companies of all sizes, new research shows.
A study by Refula found that video deepfake fraud has increased significantly over the past two years, with almost half (49%) of companies experiencing hyper-realistic video and audio fraud by 2024.
This increase has led to two-thirds (66%) of business leaders saying that deepfakes pose a serious threat to their business, especially given the alarming sophistication and rapid development of the technology.
An expensive problem
AI scams are most commonly used by criminals as a form of identity fraud, with fake or altered documents also on the rise, affecting 58% of businesses around the world. Many also report that in ‘synthetic scams’ they are exposed to a mix of real and fictional information.
The research shows that deepfakes are also becoming more common, with a 20% increase in video deepfakes in the past two years. There are also regional differences, with Mexico suffering the most from fake or altered IDs, with 70% of companies reporting being targeted, compared to 43% in Singapore.
By posing as CEOs and corporate executives, cybercriminals have already managed to trick companies around the world into giving away millions of dollars.
“The increase in deepfake incidents over the two years of our study leaves companies with no choice but to adapt and reconsider their current verification practices. Deepfakes are becoming increasingly sophisticated and traditional methods are no longer sufficient,” said Ihar Kliashchou, Chief Technology Officer at Regula.
Limiting the risks of deepfakes is difficult. Because the technology is relatively new but developing rapidly, there is no guaranteed way to stay safe. Ultimately, investing in cybersecurity and ensuring a robust verification process is the best protection for businesses.