Deepfakes will cost $40 billion by 2027 as adversarial AI gains momentum

by | Jul 1, 2024 | Technology

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Now one of the fastest-growing forms of adversarial AI, deepfake-related losses are expected to soar from $12.3 billion in 2023 to $40 billion by 2027, growing at an astounding 32% compound annual growth rate. Deloitte sees deep fakes proliferating in the years ahead, with banking and financial services being a primary target.

Deepfakes typify the cutting edge of adversarial AI attacks, achieving a 3,000% increase last year alone. It’s projected that deep fake incidents will go up by 50% to 60% in 2024, with 140,000-150,000 cases globally predicted this year.  

The latest generation of generative AI apps, tools and platforms provides attackers with what they need to create deep fake videos, impersonated voices, and fraudulent documents quickly and at a very low cost. Pindrops’ 2024 Voice Intelligence and Security Report estimates that deep fake fraud aimed at contact centers is costing an estimated $ 5 billion annually. Their report underscores how severe a threat deep fake technology is to banking and financial services

Bloomberg reported last year that “there is already an entire cottage industry on the dark web that sells scamming software from $20 to thousands of dollars.” A recent infographic based on Sumsub’s Identity Fraud Report 2023 provides a global view of the rapid growth of AI-powered fraud.

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Source: Statista, How Dangerous are Deepfakes and Other AI-Powered Fraud? March 13, 2024

Enterprises aren’t prepared for deepfakes and adversarial AI

Adversarial AI creates new attack vectors no one sees coming and creates a more complex, nuanced threatscape that prioritizes identity-driven attacks.

Unsurprisingly, one in three enterprises don’t have a strategy to address the risks of an adversarial AI attack that would most likely start with deepfakes of their key executives. Ivanti’s latest research finds that 30 …

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Don’t miss OpenAI, Chevron, Nvidia, Kaiser Permanente, and Capital One leaders only at VentureBeat Transform 2024. Gain essential insights about GenAI and expand your network at this exclusive three day event. Learn More

Now one of the fastest-growing forms of adversarial AI, deepfake-related losses are expected to soar from $12.3 billion in 2023 to $40 billion by 2027, growing at an astounding 32% compound annual growth rate. Deloitte sees deep fakes proliferating in the years ahead, with banking and financial services being a primary target.

Deepfakes typify the cutting edge of adversarial AI attacks, achieving a 3,000% increase last year alone. It’s projected that deep fake incidents will go up by 50% to 60% in 2024, with 140,000-150,000 cases globally predicted this year.  

The latest generation of generative AI apps, tools and platforms provides attackers with what they need to create deep fake videos, impersonated voices, and fraudulent documents quickly and at a very low cost. Pindrops’ 2024 Voice Intelligence and Security Report estimates that deep fake fraud aimed at contact centers is costing an estimated $ 5 billion annually. Their report underscores how severe a threat deep fake technology is to banking and financial services

Bloomberg reported last year that “there is already an entire cottage industry on the dark web that sells scamming software from $20 to thousands of dollars.” A recent infographic based on Sumsub’s Identity Fraud Report 2023 provides a global view of the rapid growth of AI-powered fraud.

Countdown to VB Transform 2024

Join enterprise leaders in San Francisco from July 9 to 11 for our flagship AI event. Connect with peers, explore the opportunities and challenges of Generative AI, and learn how to integrate AI applications into your industry. Register Now

Source: Statista, How Dangerous are Deepfakes and Other AI-Powered Fraud? March 13, 2024

Enterprises aren’t prepared for deepfakes and adversarial AI

Adversarial AI creates new attack vectors no one sees coming and creates a more complex, nuanced threatscape that prioritizes identity-driven attacks.

Unsurprisingly, one in three enterprises don’t have a strategy to address the risks of an adversarial AI attack that would most likely start with deepfakes of their key executives. Ivanti’s latest research finds that 30 …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]

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