Bitget Partners With Sumsub To Combat Deepfakes Scams
On June 4, Bitget exchange collaborated with Sumsub, an identity verification provider, to improve its security and prevent users from deepfake scams that are becoming prevalent in the crypto space.
Bitget announced that its partnership with Sumsub will provide security measures for its 25 million users across the world, as it will be able to identify and prevent deepfake scams with an accuracy rate exceeding 99%.
Sumsub will provide Bitget with a range of know-your-customer (KYC) tool sets, including identity verification, facial biometrics, non-document verification, and database validation.
Deepfakes are AI-generated media, such as videos or images, that convincingly depict individuals saying or doing things that never actually occurred. These technologies have raised major concerns due to their potential misuse, including fraud and misinformation.
The consequences of deepfake attacks can be severe, as seen in a recent fraud where scammers stole $2 million from an OKX user, Fang Chang. After his personal information was compromised in a Telegram data breach, scammers used an AI-generated deepfake video to impersonate Chang and proceeded to change his security settings, including email ID and Google authenticator settings.
This incident is part of a broader trend of AI-related fraud in the cryptocurrency sector.
According to a report by Fortune on February 6, a crime-centric website dubbed “OnlyFake” is active and provides highly realistic fake IDs capable of deceiving KYC processes at crypto exchanges.
In a separate event, Quantum AI used Elon Musk’s deepfake to promote him as the lead developer to deceive unsuspecting individuals into believing he was the brain behind the platform. This led to the Hong Kong Securities and
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