RESTON, Va., Oct. 31, 2024 (GLOBE NEWSWIRE) — Rulea global developer of forensic devices and identity verification solutions, reveals new survey findings, “Deepfake trends 2024.” Statistics highlight the financial impact that deepfake fraud has on businesses across industries and countries. While the average loss for most organizations reached $450,000, the Financial Services sector bore the brunt, exceeding $603,000.

Losses of up to $450,000 appeared to be a reality for 92% of companies surveyed. Additionally, 10 percent of organizations reported losses of more than $1 million, underscoring just how serious the problem is.

Image: Regula’s study shows that nearly a quarter of Fintech organizations report losses of more than $1 million from deepfake fraud – double the global average.

What is more alarming, Regula’s previous research from 2022 indicated that the average financial burden of identity fraud was about $230,000—almost half of the current figure. This sharp increase in just two years illustrates the rapidly evolving threat landscape and highlights the urgency for organizations to strengthen their defenses against deepfakes.

Breakdown by industry and geography

Of all industries surveyed, Finance was found to be the most affected by video and audio spoofing: 23% of surveyed organizations in this sector reported losses of over $1,000,000 due to AI-generated fraud; meanwhile, the global average is half that.

In particular, Fintech experiences more losses than traditional Banking: the average amount for these industries reached $637,000 and $570,000, respectively.

Financial losses vary significantly not only by industry, but also by region. Mexico reported the highest average losses at $627,000, followed by Singapore at $577,000 and the US at $438,000. Meanwhile, Germany and the United Arab Emirates reported a slightly lower but still significant burden of $394,000 and $379,000, respectively.

Image: Regula’s study shows that Mexico faces the highest average losses due to fake fraud, while Germany and the United Arab Emirates report nearly half that amount.

False confidence?

The study also reveals a worrying gap between the confidence and competence of organisations. While 56% of companies say they are very confident in their ability to detect deepfakes, only 6% report that they have avoided financial losses from these attacks.

“The significant gap between confidence in detecting deepfakes and the reality of financial losses, particularly in financial services, shows that many organizations are not prepared for the sophistication of these attacks. As the threat evolves, it is critical for companies to move to a live-centric system. approach, to which we adhere to the Rule This approach focuses only on dealing with physical objects – both faces and documents and their dynamic parameters -. in real time, which can significantly reduce the chances of becoming a victim of a deepfake attack. In addition, it is advisable to use multiple layers of identity verification and choose highly reliable technologies such as secure server-side reprocessing of all document and biometric verifications. says Ihar Kliashchou, Chief Technology Officer at Regula.

Find more information on deepfake fraud in the survey report. Read the full version on our website.

Additional resources:

*TThe research was initiated by Regula and conducted by Sapio Research in August 2024, using an online survey of 575 business decision makers in the financial services (including traditional banking and Fintech), crypto, technology, telecommunications, aviation, support sectors medical and law enforcement. . Respondent geography included Germany, Mexico, United Arab Emirates, USA and Singapore.

About the Rule

Regula is a global developer of forensic devices and identity verification solutions. With over 30 years of experience in forensics and the world’s largest library of document templates, we create innovative technologies in document verification and biometrics. Our hardware and software solutions enable more than 1,000 organizations and 80 border control authorities globally to deliver world-class customer service without compromising safety, security or speed. Rule has repeatedly been named a Representative Vendor in the Gartner® Market Guide for Identity Verification.

Learn more at www.regulaforensics.com.

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