Crypto exchange Bitget aims to protect its 25 million users worldwide from deepfake scams by partnering with Sumsub, a full-cycle KYC verification provider.

In its blog today, Bitget announced an upgraded partnership with KYC verification company Sumsub. The collaboration is supposed to protect the crypto exchange from advancing AI-generated identity fraud, which is becoming more common in the financial sector.

With Sumsub’s product suite, which includes Identity Verification, Liveness (facial biometrics check), Non-Doc Verification,?and Database Validation, Bitget aims to ensure safe and efficient crypto transactions for its global customers.

The tools Sumsub provides are empowered by AI, enabling deepfake detection and fraud prevention. Paradoxical as it may seem, artificial intelligence serves both deepfake imposters and firms protecting their businesses from deepfake fraud.

The issue of deepfakes is even more acute for the crypto segment than for traditional financial players. Crypto Ponzi schemes are often promoted via social media, false press releases, and other public announcements. Deepfakes make it easier to make it look like a celebrity or a person well-known in financial circles is supporting the new project. Convincing video impersonations may trick hundreds of people into investing money in a scheme.

Moreover, fraudsters often use deepfakes to steal crypto users’ identities and, consequently, their money. Purchasing someone’s digital ID, full name and even social security number is often possible on the darknet. As crypto businesses increase identity verification diligence, criminals often turn to stolen or synthetic identities.

“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. Sumsub is our top provider for user verification, and we appreciate our partnership for the outstanding quality of Sumsub customer services and product variety. As a centralized exchange user data security is of utmost importance and we’re glad to have a partner to assist us in the process and identify possible loopholes, making our platform secure for all users.”

Gracy Chen, CEO at Bitget

Tech players are increasingly considering using AI to facilitate the detection of sophisticated AI-enabled deepfakes. Thus, at CES 2024, McAfee presented Project Mockingbird, a technology for detecting audio deepfakes based on artificial intelligence.