Bitget Collaborates With Sumsub To Fight Deepfake Fraud

Bitget cooperates with Sumsub to fight deepfake fraud (Photo; Doc. Cryptodaily)

JAKARTA - Bitget, a crypto exchange platform that has strengthened its position in the global market, announced its strategic move by partnering with Sumsub, a pioneer in identity verification. This partnership is a response to a significant increase in cases of deepfake fraud, which has soared by 245% globally year-on-year.

With a vision to create a secure ecosystem for its 25 million users, Bitget collaborates with Sumsub to implement AI-based deepfake detection technology. This collaboration is expected to identify and prevent deepfake fraud with an accuracy of more than 99%. According to CryptoNews information, Sumsub will provide a series of KYC verification tools, including identity verification, facial biometrics, non-document verification, and database validation, which will strengthen Bitget's defenses in the face of increasingly sophisticated digital fraud waves.

Deepfake, which is the result of artificial intelligence, has become a tool used by fraudsters to create fake content that is difficult to distinguish from reality. The impact of this deepfake attack is not only limited to the spread of false information but also detrimental financial fraud. For example, the fraud case that befell OKX users, Fang Chang, where the fraudster managed to steal 2 million US Dollars (approximately Rp32 billion) after accessing the victim's personal information via Telegram data breaches and using deepfake videos to change its security settings.

The trend of fraud associated with AI in the crypto sector continues to increase. Fortune's report reveals that the Only Fake' website provides a false ID capable of defrauding the KYC process on crypto exchanges. Another case involves Quantum AI which uses Elon Musk's deepfake to deceive people into believing he is the platform's main developer, which led to a crackdown by the Hong Kong Securities and Futures Commission (SFC).

The deepfake threat is not only limited to the crypto sector but also has the potential to penetrate other industries such as finance, healthcare, and government. The Sumsub report shows that deepfake fraud has increased significantly in countries that will hold elections in 2024, including the US, India, Indonesia, Mexico, and South Africa. This increase reflects the broader potential impact of deepfake technology on public trust and the integrity of digital information.