AI Fraud: How Deep Fakes Cost Companies Billions!

Given the increasing popularity of AI, deep fake incidents are on the rise. The biggest threat of deep fake technology is to the banking and financial sector. In 2023, $12.3 billion loss was reported because of deep fake while the losses are expected to grow to $40 billion by the end of 2027, i.e. according to Deloitte. There are many AI apps and websites available now which provide attackers platforms to fake their voices, impersonate someone’s voice and create fake documents.

Image: Deloitte

According to Pindrop’s Voice Intelligence and Security Report 2024, deep fraud that is aimed at contact centers amounts to $5 billion losses annually. Bloomberg also recently reported that there is a dark web network that sells scamming software to attackers for $20 to thousands of dollars. If you want to see how quickly AI fraud is growing all over the world, Sumsub’s Identity Fraud Report 2023 covers all of that.

Image: Statista

Adversarial AI has also created a new wave of deep fake attacks which create fake identities to attack different people. Many of the enterprises do not have any strategies to keep themselves safe from adversarial AI deep fakes where the attackers create deep fakes of key executives. According to the 2024 State of Cybersecurity Report by Ivanti, 74% of enterprises are already experiencing AI driven attacks. 89% of the enterprises say that AI attacks have already started while 60% of the enterprises are not prepared to defend against AI attacks. Because of generative AI, the AI attacks which will get more dangerous will be phishing (45%), software vulnerabilities (38%), ransomware attacks (37%), API-related vulnerabilities (34%) and DDoS attacks (31%).

Many CEOs of software cybersecurity enterprises have admitted that these AI attacks have gotten more real and legitimate looking. George Kurtz, CEO of CrowdStrike says that as AI is getting more advanced, attackers are also taking full advantage of it. CrowdStrike is well-known for its expertise in AI and machine learning. George Kurtz says that the deep fake technology is getting so good. The company also has started investigating AI deep fakes and the impact they can cause in the coming years.

Read next:

• Meta, Amazon, Apple Most Impersonated in Phishing Scams: Study

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