As per the 2025 Identity Fraud Report there is an alarming increase in the number of AI-assisted identity fraud that are transforming the global cybersecurity. As evident by the report, there is a growth of highly sophisticated attacks using artificial intelligence becoming more frequent and equally effective. The report shows alarming rise in Deepfake incident in 2024, occurring every five minutes.
Apart from Deepfake, the study also showed a 244% year-over-year increase in digital document forgery. This is a stark shift towards digitally manipulated credentials from physical counterfeits with digital forgeries accounting for 57% of all document fraud cases. Digital ID verification is important for any company for their onboarding process. With the rise in generative AI tools and “as-a-service” platforms, the bad actors are able to scale techniques such as identity injection attacks as per the report.
Emergence of Deepfake
As per the report, the emergence of Deepfake technology is a major concern for organizations globally. This concern is as there is a rise in usage of tools like face-swap applications to plan hyper-realistic biometric fraud attacks by fraudsters. Of all the biometric fraud, upto 40% of them are deepfakes, which is a significant rise. These biometric frauds are used to ease the process for creating fraudulent account openings, account takeovers, phishing scams, and misinformation campaigns.
As per Simon Horswell, a senior fraud specialist, “The drastic shift in the global fraud landscape, marked by a significant rise in sophisticated, AI-powered attacks, is a warning that all business leaders must heed,”
“This year’s data underscores this alarming trend, highlighting how fraudsters are rapidly evolving their techniques. These threats are pervasive, touching every facet of business, government, and individuals alike. To stay ahead, security teams must proactively adapt their strategies, prioritize monitoring these emerging threats, and prepare their organizations to face this new reality. It’s no longer optional; it’s imperative.”
Financial services facing the brunt
The fraudsters are targeting the financial sector the most with cryptocurrency platforms facing the major brunt. Cryptocurrency platforms saw the highest number of frauds with 50% year-over-year. This means almost 9.5% of all attacks in 2024 were on crypto platforms. This could be due to it reaching an all-time high in 2024. This was followed by lending and mortgages at 5.4%, and traditional banks 5.3%, with notable increases in fraudulent onboarding attempts as inflation pressures increased scams.
A survey conducted by Deloitte in 2024, shared a similar opinion stating there could be an expected surge in deepfake financial fraud in the coming 12 months.
The report also highlights that for financial crime digital identity verification is an important step for any onboarding process for curbing fraud. All organizations need to establish trust from the first interaction itself in order to effectively fight fraud.
Identity Verification Solutions by IDMERIT UK
Digital Identity verification is an important part for any company for their onboarding process. IDMERIT UK identifies the top risk factors and takes proactive measures to protect businesses against deepfake threats. IDMERIT can help businesses protect themselves from deepfakes in the following ways:
Identity Verification Solutions
The identity verification solutions by IDMERIT UK’s can help all the businesses to verify the identity of their employees, customers, and partners. The respective businesses can thus be able to decrease the risk of deepfake attacks by verifying the identity of all the individuals.
Facial Recognition
IDMERIT UK’s facial recognition technology helps in providing businesses with deepfakes detection. The facial recognition technology can detect any inconsistencies in video or images that identify as deepfake. By detecting deepfakes, businesses can protect themselves by taking appropriate measures and eliminate the risk.
Document Verification Solutions
Document verification platform of IDMERIT UK’s can be of assistance to businesses in identifying fake documents. The documents include IDs, passports, and any other identification. This helps in preventing identity fraud that is often associated with deepfake attacks.
