INFOGRAPHIC

“ As generative AI advances , the incidence of deepfakes continues to rise , revealing a significant gap in our collective ability to detect these deceptions ,” said Stuart Wells , Jumio ’ s chief technology officer . “ This continued overconfidence underscores the critical need for stronger public education and more effective technological solutions . It ’ s essential that businesses and consumers collaborate to enhance digital security measures to effectively prevent identity fraud .”

A significant majority ( 60 %) of consumers call for more governmental regulation of AI to address these issues . However , regulatory trust varies globally , with 69 % of Singaporeans expressing trust in their government ’ s ability to regulate AI compared to just 26 % in the UK , 31 % in the US and 44 % in Mexico .

The true cost of online fraud

New research from Jumio also reveals consumers continue to overestimate their ability to spot deepfakes and want governments to do more to regulate AI .

This year ’ s results highlight significant concerns among consumers about the risks associated with generative AI and deepfakes , including the potential for increased cybercrime and identity fraud .

The study examined the views of more than 8,000 adult consumers , split evenly across the United Kingdom , United States , Singapore and Mexico .

The results suggest nearly three-quarters of consumers ( 72 %) worry on a day-to-day basis about being fooled by a deepfake into handing over sensitive information or money . Only 15 % of global consumers – and only 7 % in Singapore – said they ’ ve never encountered a deepfake video , audio or image before .

Even with high anxiety around this increasingly prevalent and ever-evolving technology , consumers continue to overestimate their own ability to spot deepfakes – 60 % believe they could detect a deepfake , up from 52 % in 2023 . In Singapore , this number rises to 77 %.

Globally , men were more confident in their ability to spot a deepfake ( 66 % men versus 55 % women ), with men

Fraud is an all-too-familiar issue for many consumers across the globe , with 68 % of respondents reporting that they know or suspect that they ’ ve been a victim of online fraud or identity theft or that they know someone who has been affected . US consumers were most likely to be direct victims of fraud ( 39 %) either knowingly or by suspicion and Singapore was the top country to report knowing a victim ( 51 %).

While nearly half ( 46 %) of the consumers who were or suspected they were a victim of online fraud or identity theft said the ordeal was a minor inconvenience , 32 % said it caused significant problems and several hours of administrative work to resolve and 14 % went as far as calling it a traumatic experience .

Regardless of whether they ’ ve been a victim of fraud or identity theft , most consumers worry daily about falling victim to data breaches ( 79 %) and account takeover attacks ( 77 %).

Balancing security and user experience for identity verification

Identity verification is a key part of the solution for companies looking to secure themselves and ensure that their users are genuine . More than 80 % of Singapore consumers said they ’ d be willing to spend more time on identity verification if those measures improve security in industries including financial services ( 85 %), the sharing economy ( 85 %), healthcare ( 85 %), government ( 84 %), travel and hospitality ( 84 %), retail and ecommerce ( 83 %), social media ( 82 %) and telecoms ( 82 %).

24 INTELLIGENTCIO LATAM www . intelligentcio . com