AIThe images and videos generated by these technologies represent a growing risk for society and our economy: they are becoming easier to create and much more difficult to differentiate from reality. Discussions so far have largely focused on political deepfakes made by bad actors seeking to influence democracies. This has proven to be largely unfounded in Europe, the UK, the EU and India – despite Sumsub data detecting a more than 245% year-over-year increase in deepfakes globally in 2024.

Now the concern is about deepfakes affecting organizations or people through financial fraud. Businesses know this when it comes to new products customers – identity verification and fraud monitoring being a central element of any financial onboarding process.