Bitget, one of the leading crypto exchanges in the world, has announced an expanded partnership with Sumsub with the aim of increasing user security regarding deepfake and scam.
In particular, the two aim to achieve an accuracy rate higher than 99% in detecting and combating deepfake fraud. Let’s see all the details below.
Deepfake and scam: how the crypto sector is defending itself
As anticipated, the well-known exchange Bitget has announced an expanded partnership with Sumsub, a comprehensive KYC verification provider.
This collaboration aims to improve security for the 25 million Bitget users worldwide, aiming to achieve a accuracy rate higher than 99% in detecting and combating deepfake scams.
This partnership is part of Bitget’s mission to promote the development of criptovalute and financial inclusion. Thus offering unbanked populations access to digital financial services.
The use of Sumsub’s advanced verification products will ensure secure, efficient, and intelligent crypto transactions, protecting the global customers of Bitget from increasingly sophisticated identity fraud generated by artificial intelligence.
According to recent data from Sumsub, the number of deepfakes discovered in the cryptocurrency sector has increased by 217% from the first quarter of 2023 to the first quarter of 2024. Meanwhile, all sectors have seen a 245% year-on-year increase.
These alarming numbers highlight the urgency of improving the technologies for detecting deepfake. Let us remember that deepfake are digital media manipulated through intelligenza artificiale to create realistic but fake videos, images, or audio files.
In the context of identity fraud, deepfake can create false identity credentials, such as videos of people showing false identity documents.
Representing therefore a significant threat that can bypass traditional security measures and cause substantial damage.
Sumsub provides Bitget with a range of security features including identity verification, liveness (facial recognition verification), non-documentary verification, and database validation.
These tools, combined with deepfake detection technologies and AI-based fraud prevention, ensure that Bitget adheres to the highest security standards.
Impacts of the partnership on the cryptocurrency market
In the dynamic space of cryptocurrencies, the importance of solid security measures cannot be underestimated. With the growing spread of digital financial services, the risk of complex cyber threats, including deepfake scams, also increases.
Ensuring that platforms like Bitget implement world-class security features is essential to protect user data and maintain trust in the system.
Innovative KYC verification and fraud prevention technologies, such as those provided by Sumsub, are essential to ensure the security of transactions in the cryptocurrency sector.
By integrating tools based on artificial intelligence to detect and prevent deepfake fraud, cryptocurrency platforms can create a more secure environment for their users.
Promoting trust and supporting a wider adoption of digital financial services.
In an increasingly dynamic crypto market subject to various risks, projects are emerging that redefine the security standards of transfers on the blockchain, reigniting investor interest.