Bitget Teams Up with Sumsub to Fence Off Deepfake Threats in Crypto Sector
Summary:
Faced with the growing threat of artificial intelligence-generated fake identities or "deepfakes," cryptocurrency exchange Bitget has partnered with KYC verification provider Sumsub to safeguard its 25 million global users. Sumsub will provide identity verification, facial biometrics, and database validation services. This comes in response to a significant increase in detected deepfakes within the crypto sector and other industries. The partnership aims to strengthen security measures and maintain high standards, as sophisticated deepfakes pose a significant challenge across various sectors.
The menace of artificial intelligence-generated false identities, otherwise known as deepfakes, is increasingly invading the world of cryptocurrency. In a bid to counter this worryingly escalating trend, Bitget, a cryptocurrency exchange, has joined forces with Sumsub, a top-tier provider of Know Your Customer (KYC) authentication. Bitget's objective in this alliance is to bolster security measures to safeguard its 25 million global users from potential deepfake frauds, with a predicted accuracy rate of over 99%. According to Bitget, Sumsub's role will be to assist with identity confirmation, facial biometrics, non-document verification, and database validation. Considering the recent surprising upswing of 217% in detected deepfakes within the crypto sector, and a whopping 245% surge across all sectors between the first quarter of 2023 and the same period in 2024, Sumsub's deepfake identification and fraud prevention tools powered by AI will significantly enhance the security standards of both firms.
Deepfakes pose a serious threat as they can bypass even the most stringent security measures, leading to identity theft, drained accounts, and eroding trust in the crypto environment. As the digital sphere changes and adapts, deepfakes that are AI-generated are posing significant obstacles to the conventional KYC process, having impacts that reach far and wide, including the crypto industry. In recent news, a platform known as OnlyFake was implicated in evading the KYC procedure of several prominent crypto trading platforms through alleged use of these deepfakes.
In another instance in May, a sham crypto exchange platform utilized AI-generated Elon Musk videoclips, along with misleading promotional information, to advertise crypto trading services. The Hong Kong authorities took action against the fraudulent exchange, which was caught advertising AI-generated content of Musk on its website and social media channels.
However, the problem of deepfakes is not confined only to the crypto universe. The advancement in AI technology suggests that deepfakes pose a potential threat to other sectors, such as financial services, healthcare, and even governmental organizations. On January 20 and 21, the residents of New Hampshire reported that robocalls mimicking the voice of President Joe Biden were trying to dissuade them from voting in the state primary election scheduled for January 23. The event resulted in a ban by U.S. authorities on AI-generated voices being used for automated phone scams, rendering them illegitimate under American telemarketing laws.
While Bitget was approached by Cointelegraph for further details about its partnership with Sumsub, there has not been a response at the time of publication.
Published At
6/5/2024 1:00:00 PM
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