Crypto Firms Among Top Targets of Audio and Video Deepfake Attacks
A recent survey conducted by forensic services firm Regula revealed that crypto companies are among the most affected by audio and video deepfake frauds in 2024. Over half of the surveyed crypto firms reported incidents of audio (57%) and video (53%) deepfake scams, surpassing the average impact proportion of 49% across seven industries, including financial services, technology, telecommunications, aviation, healthcare, and law enforcement.
The survey, which involved 575 businesses, highlighted the significant growth in deepfake fraud incidents since 2022. Audio deepfakes jumped from 37% to 49%, while video deepfakes leaped from 29% to 49%. Crypto businesses, tied with law enforcement, are the most affected by audio deepfake fraud and rank third in occurrences of video deepfakes.
Moreover, 53% of crypto companies reported being victims of synthetic identity fraud, where bad actors use various deepfake methods to pose as someone else. This percentage is above the average of 47% and ties with the financial services, tech, and aviation sectors.
The average value lost to deepfake frauds across the seven sectors is $450,000, with crypto companies reporting an average loss of $440,116 in 2023. Despite being slightly below the general average, crypto firms still have the third-largest average losses, surpassed only by financial services and telecommunications companies.
The survey also highlighted that over 50% of businesses in all sectors view deepfake fraud as a moderate to significant threat. The crypto sector is particularly focused on tackling deepfake video scams, with 69% of companies considering this a threat worth addressing, compared to the average of 59% across all sectors.
Recent incidents, such as the $2 million loss by an OKX user in a deepfake scam powered by generative artificial intelligence (AI) and the warning from blockchain security firm Elliptic about growing US elections-related deepfake videos created with AI, have further emphasized the need for increased vigilance in the crypto industry.
Source: [Crypto firms among top targets of audio and video deepfake attacks](https://cryptoslate.com/crypto-firms-among-top-targets-of-audio-and-video-deepfake-attacks/)