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72% of Consumers Worry About Becoming a Victim of Fraud Due to Deepfakes, Jumio Finds

The rapidly increasing prevalence of AI-generated content and deepfakes has left many questioning everything they see online. In fact, as much as 72 per cent of consumers worry on a day-to-day basis about being fooled by a deepfake into handing over sensitive information or money.

New data from Jumio, the automated, AI-driven identity verification and compliance solutions provider, comes from its new 2024 Online Identity Study, the third instalment of its annual global consumer research.

Jumio results this year highlight significant concerns among consumers about the risks associated with generative AI and deepfakes, including the potential for increased cybercrime and identity fraud.

Jumio surveyed over 8,000 adult consumers, split evenly across the United Kingdom, United States, Singapore and Mexico. The study found that only 15 per cent of consumers said they’ve never encountered a deepfake video, audio or image before, while 60 per cent have encountered a deepfake within the past year.

Even as people become increasingly concerned about deepfakes, 60 per cent of consumers still believe they could detect a deepfake, up from 52 per cent the year before. This suggests that a significant proportion of consumers are overestimating their ability to recognise what is a deepfake and what is not.

Men emerged as more confident in their ability to spot a deepfake (66 per cent of men versus 55 per cent of women), with men aged 18-34 demonstrating the most confidence (75 per cent), while women aged 35-54 were least confident (52 per cent).

Sixty per cent of consumers want more governmental regulation of AI to address these issues. However, regulatory trust varies globally, with 69 per cent of Singaporeans expressing trust in their government’s ability to regulate AI, compared to just 26 per cent in the UK, 31 per cent in the US and 44 per cent in Mexico.

The impact of fraud

Stuart Wells, CTO at Jumio, said: “As generative AI advances, the incidence of deepfakes continues to rise, revealing a significant gap in our collective ability to detect these deceptions. This continued overconfidence underscores the critical need for stronger public education and more effective technological solutions. It’s essential that businesses and consumers collaborate to enhance digital security measures to effectively prevent identity fraud.”

Sixty per cent of consumers want more governmental regulation of AI to address these issues. However, regulatory trust varies globally, with 69 per cent of Singaporeans expressing trust in their government’s ability to regulate AI, compared to just 26 per cent in the UK, 31 per cent in the US and 44 per cent in Mexico.

Overall, 68 per cent of respondents either know or suspect that they’ve been a victim of online fraud or identity theft, or that they know someone who has been affected. US consumers were most likely to be direct victims of fraud (39 per cent) either knowingly or by suspicion, and Singapore was the top country to report knowing a victim (51 per cent).

While 46 per cent of the consumers who were or suspected they were a victim of online fraud or identity theft said the ordeal was a minor inconvenience, 32 per cent said it caused significant problems and several hours of administrative work to resolve, and 14 per cent went as far as calling it a traumatic experience.

Regardless of whether they’ve been a victim of fraud or identity theft, most consumers worry daily about falling victim to data breaches (79 per cent) and account takeover attacks (77 per cent).

Finding a solution

Identity verification is a key part of the solution for companies looking to secure themselves and ensure that their users are genuine. Over 70 per cent of consumers said they’d spend more time on identity verification if those measures improved security in industries including financial services (77 per cent), healthcare (74 per cent), government (72 per cent), retail and e-commerce (72 per cent), social media (71 per cent), the sharing economy (71 per cent), and travel and hospitality (71 per cent).

When creating a new online account, global consumers said taking a picture of their ID and a live selfie would be the most accurate form of identity verification (21 per cent), with creating a secure password coming in at a close second (19 per cent).

Philipp Pointner, chief of digital identity at Jumio, said: “As we navigate the complexities introduced by generative AI, the role of sophisticated security systems becomes crucial. To counter the rise in deepfakes and cyber deception, incorporating multimodal, biometric-based verification systems is imperative. These technologies are key to ensuring that businesses can protect their platforms and their customers from emerging online threats, and are significantly stronger than passwords and other traditional, outdated methods of identification and authentication.”

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