AI-driven deepfake fraud is rapidly increasing, threatening global financial security. Recent data show a sharp rise in sophisticated scams, highlighting the urgent need for stronger prevention by governments, industries, and individuals worldwide.
LOS ANGELES, CA (MERXWIRE) – Global fraud incidents peaked during the COVID-19 pandemic in 2021. In response, governments stepped up enforcement, industries boosted collaboration, and public awareness grew, leading to a decline in fraud over the next two years. However, by 2024, fraud attacks surged again, fueled by expanding global fraud networks and rapid advances in generative AI. This rebound highlights fraudsters’ constant adaptation and the urgent need to strengthen prevention worldwide.
The financial sector is facing an unprecedented surge in artificial intelligence-driven fraud, with deepfake-related attacks skyrocketing by an astonishing 2,137% over the past three years, according to a February 2025 report released on the Payments Cards & Mobile website. This dramatic increase highlights a growing threat as fraudsters increasingly exploit advanced AI technology to deceive victims with alarming realism.
Google’s Ad Safety Report, released in April 2025, highlighted the magnitude of the problem, revealing that losses from global fraud reached a staggering $688 billion in 2024 alone. To combat this, Google utilized AI technologies to block 14.2 billion fraudulent ads and suspended 39.2 million suspicious advertising accounts, demonstrating the scale of the online fraud epidemic.
Deepfake technology—a method of creating highly realistic forged videos using AI—has emerged as a particularly insidious tool for scammers. The UK-based engineering consultancy Arup recently confirmed a major loss of $25 million when an employee from Hong Kong fell victim to a deepfake video scam, illustrating the severe financial damage these AI-driven frauds can inflict.
Fraudsters often exploit AI to impersonate relatives or grandchildren through video calls, using eerily similar voices and mannerisms to deceive elderly victims.
To guard against such scams, experts recommend:
1. Carefully observe video calls for signs such as distorted backgrounds or blurred facial edges, and ask the caller to perform simple actions like shaking their head or waving hands to detect irregularities.
2. Establish secret verification codes with family members—such as recalling a special date or location—to confirm identity.
3. Verify suspicious calls independently by returning the call to a trusted phone number rather than responding during the original suspicious call.
According to a prior joint report by the Global Anti-Scam Alliance (GASA) and ScamAdviser, approximately 25.5% of the world’s population has been victimized by fraud, resulting in losses exceeding $1 trillion. This alarming statistic underscores the severe threat fraud poses to global financial stability.
Separately, the rapid advancement of AI technologies—including tools such as Midjourney, Gemini, and ChatGPT—has further empowered fraudsters to create and disseminate highly realistic deepfake videos, photos, and audio across online platforms. This emerging threat calls for increased vigilance and strengthened protective measures to defend individuals and financial systems against the evolving dangers of AI-enabled fraud.
