Businesses not confident in their ability to detect deepfakes
Nearly half of businesses admit they are only partially confident in their ability to detect deepfakes, leaving them vulnerable to escalating fraud risks according to a new report.
The report from identity solutions company Regula shows 59 percent of businesses consider video deepfakes a serious threat, while 58 percent feel the same about audio deepfakes.
But despite awareness of the threat, on average, 42 percent of businesses admit they are only ‘somewhat confident' in their ability to detect deepfakes. Germany leads in uncertainty, with only 47 percent of businesses expressing strong confidence in their defenses, while the UAE (63 percent) and the US (60 percent) show the highest levels of confidence.
Interestingly, in the financial sector traditional banks are among the least confident, with only 49 percent feeling prepared. In contrast, FinTech companies report the highest confidence levels at 63 percent.
The study reveals that businesses adopting online identity verification (IDV) early are significantly more prepared. Those with seven years of IDV experience report 20 percent higher confidence than recent adopters. However, tackling deepfakes in-house can backfire. Companies building their own IDV systems reported higher average losses -- $515,000 compared to $444,000 for those using ready-made solutions -- underlining the complexity of fighting fraud effectively.
The report also uncovers a disconnect between business owners and managers. 76 percent of business owners are confident in their ability to manage deepfake threats, yet only 47 percent of managers feel the same, reflecting the day-to-day challenges of mitigating fraud.
"This gap reflects differing priorities. Owners focus on strategy, and might not fully understand the operational complexities involved in detecting and mitigating these threats on a day-to-day basis. Managers deal with operational challenges firsthand, which may make them more cautious or skeptical about their organization's actual capabilities. Whatever the reasons are, it is vital that both groups understand the capabilities of different anti-deepfake technologies. Regula's complete IDV solution with its liveness-centric approach is highly advanced and able to prevent all kinds of identity fraud, including deepfakes," says Henry Patishman, executive vice president of identity verification solutions at Regula.
You can get the full report from the Regula site.
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