Deepfake scams are now targeting more businesses than ever

A deepfake image being created on a computer.

(Image credit: Tero Vesalainen / Shutterstock)

Businesses are facing more AI-related fraud than ever, with deepfakes becoming a common risk for firms of all sizes, new research has claimed.

A survey by Regula has revealed a sharp increase in video deepfake fraud over the last two years - with nearly half (49%) of businesses encountering the hyper-realistic video and audio deceptions in 2024.

This rise has led to two-thirds (66%) of business leaders saying deepfakes pose a serious threat to their business, especially given the alarming sophistication and rapid developments of the technology.

An expensive problem

AI scams are most commonly used by criminals as a type of identity fraud, with fake or modified documents also on the rise, affecting 58% of businesses around the world. Many also report facing a mix of real and fictitious information in ‘synthetic scams’.

The survey revealed deepfake attacks are also becoming more common, with a 20% rise in video deepfakes over the last two years. There are regional differences too, with Mexico suffering the most from fake or altered IDs, with 70% of businesses reporting being targeted, compared to 43% in Singapore.

By impersonating CEOs and business leaders, cybercriminals have already managed to trick businesses around the world into giving away millions of dollars.

“The surge in deepfake incidents over the two-year period of our survey leaves businesses no choice but to adapt and rethink their current verification practices. Deepfakes are becoming increasingly sophisticated, and traditional methods are no longer enough," Ihar Kliashchou, Chief Technology Officer at Regula said.

Mitigating the risks of deepfakes is tricky. Since the technology is relatively new but developing fast, there’s no guaranteed way to stay safe. Ultimately, investing in cybersecurity and ensuring a robust verification process is the best protection for businesses.

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Ellen has been writing for almost four years, with a focus on post-COVID policy whilst studying for BA Politics and International Relations at the University of Cardiff, followed by an MA in Political Communication. Before joining TechRadar Pro as a Junior Writer, she worked for Future Publishing’s MVC content team, working with merchants and retailers to upload content.