Bitget Teams with Sumsub for AI-Powered KYC to Combat Deepfake Scams | BitPinas

Cryptocurrency exchange Bitget recently partnered with Sumsub to enhance AI-powered know-your-customer (KYC) verification to combat deepfake scams with over 99% accuracy.

What’s the significance: This collaboration aims to protect Bitget’s 25 million global users from sophisticated AI-generated identity fraud, ensuring safe and efficient crypto transactions.

How it Works: Sumsub provides Bitget with AI-powered identity verification, liveness checks, non-doc verification, and database validation to detect and prevent deepfake fraud.

The big picture: The rise of deepfake technology poses significant threats across industries, especially in cryptocurrency. This partnership is crucial for compliance in regulatory-heavy countries.

By the Numbers:

• Deepfakes detected in the crypto sector increased by 217% from Q1 2023 to Q1 2024.
• Overall increase across industries was 245% year-over-year.

What’s Next: Bitget and Sumsub plan to further develop and refine their security measures, aiming for a long-term, fraud-free blockchain future.

Zooming out:

• Bitget also launched another two initiatives, Blockchain4Youth and Blockchain4Her, each with $10 million funds, to educate and empower young professionals and women in the crypto and blockchain space.
• Recently, Gracy Chen has been appointed as the new CEO of Bitget, aiming to drive global expansion and champion diversity and inclusion in the crypto industry.

Editing by Michael Mislos

This article is published on BitPinas: Bitget Teams with Sumsub for AI-Powered KYC to Combat Deepfake Scams

What else is happening:

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