Bitget partners with Sumsub to introduce AI-powered deepfake detection, improving KYC verification and protecting users from sophisticated identity fraud.
In response to the rising threat of deepfake technology, cryptocurrency exchange Bitget has announced a partnership with Sumsub to upgrade its Know Your Customer (KYC) verification processes. This collaboration aims to enhance security measures and protect users from identity fraud, according to Cointelegraph.
Deepfakes, created using artificial intelligence (AI), have posed significant challenges across various industries, including cryptocurrency. These AI-generated fake identities can bypass traditional security measures, leading to severe financial and reputational damage. To address this issue, Bitget has integrated Sumsub’s advanced AI-powered deepfake detection system, which boasts an accuracy rate exceeding 99%.
Sumsub will provide Bitget with comprehensive identity verification tools, including facial biometrics, non-document verification, and database validation, Bitget says in a blog. This integration is expected to secure Bitget’s 25 million users worldwide, offering robust protection against scams. Bitget’s commitment to security is underscored by the alarming 217% increase in detected deepfakes within the crypto sector from the Q1 2023 to the Q1 2024.
Recent cases include fraudulent platforms using AI-generated videos of public figures to promote illegitimate services, leading to substantial financial losses and erosion of trust in the crypto ecosystem.
"While new technologies like AI bring positive changes to the world, they are increasingly being used for deepfake scams. Therefore, our verification technologies need to keep pace with these advancements," says Gracy Chen, CEO at Bitget.
"We are grateful to offer our full-cycle verification solution to Bitget, one of the world’s largest crypto exchanges. Fighting AI-driven threats with AI-powered solutions is a must for web3 companies nowadays," commented Jacob Sever, Co-Founder and Chief Innovation Officer at Sumsub.
The implementation of AI-driven security measures like Sumsub’s deepfake detection is expected to become a standard practice in the crypto exchanges KYC processes.
See also: Trader interest in meme coins on the rise – Bybit research
