On the very topic of cryptocurrency, security itself is always on high alert. The other day, I was going through some news regarding Bitget, one of the largest crypto exchanges, and their efforts to enhance user safety further. Bitget collaborates with Sumsub, a company with one of the most solid KYC verification services out there, to help protect against deepfake scams. This helps protect the 25 million users worldwide of Bitget by attaining a 99% accuracy rate in detecting and preventing these scams.
I found this development most striking, as the documented concern it has sparked only continues to grow within digital finance. Deepfakes are constructed digital media manipulated with the use of artificial intelligence that can create very realistic but fake videos, images, or audio files. If used maliciously, these pose a significant danger to identity fraud cases. Imagine somebody using such a fake video for identity verification to get access to your cryptographic assets. It's a pretty scary scenario. In this regard, Bitget integrates advanced verification technologies into the platform and partners with Sumsub to avoid such scenarios. Subsum's technology ranges from identity verification, including facial recognition, all the way to non-document verification, ensuring that transactions are secure and authentic. In a crypto sector where most, if not all, transactions are irreversible and stakes are always high, this is very important.
I think it's great to see a company like Bitget taking proactive steps to protect its users from such sophisticated threats. It is a commitment to security that helps build faith in the general cryptocurrency market and its platform. What made me do a double-take was the staggering uptick in deep-fake scams. According to the recent data provided by Sumsub, the number of deepfakes in the crypto sector increased by 217% from Q1 2023 to Q1 2024. The statistics are alarming and put immense pressure on developing better detection technologies.
It's not only in the world of crypto; across all sectors, there has been a 245 percent year-on-year rise in deepfake incidents. This surge with regard to the situation emphasizes more innovative solutions like those being implemented by Bitget and Sumsub. Apart from elevating safety, Bitget's efforts are further instigating their goal: to contribute to the development of cryptocurrency and achieve financial inclusion. Providing secure digital financial services brings previously unattainable financial tools closer to unbanked populations. It is in this sense that their work becomes truly inspiring.
It's not just about the money; it's about making a difference in people's lives, enabling them to be part of the digital economy. The inlay of AI-driven fraud prevention tools is quite intelligent. This move shows Bitget not just reacting to threats but working days and nights to stay one step ahead of the possibilities of problems. In a fast-moving space like cryptocurrency, this sort of forward-looking approach is essential to instill the feeling that the investments are safe and can be trusted concerning security.
It is clear that with the crypto market growing increasingly sophisticated and risky, with new threats lurking around, robust security measures are needed now more than ever. In response, Bitget's cooperation with Sumsub is highly instrumental in achieving a state of winsome triumph in the fight against deepfake scams. This reminds us all again: whereas technology might create new challenges, equally so might it be the key to spellbinding solutions. Being someone very closely involved with the crypto industry myself, I think this partnership sets a perfect example for other exchanges to follow.
Security should never be an afterthought; it must be at the core of every platform's strategy. But taking measures to ensure user safety means Bitget is securing not just its users, but they're also working toward enhancing the credibility and stability of the cryptocurrency market as a whole.
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