Bitget Exchange announces an upgraded partnership with KYC verification provider Sumsub. The collaboration aims to ensure the safety, efficiency, and intelligence of encrypted transactions for Bitget’s global customers through Sumsub’s products, effectively preventing advanced AI-generated identity fraud.
(Bitget)
Background:
OKX Shockingly Reveals AI Face-Swapping “KYC Crack”! Generates Fake Documents to Steal Over 2 Million Euros, What Happened?
Binance’s KYC Attacked by Deepfake, How Rampant is AI Face-Swapping Fraud?
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Leading global cryptocurrency exchange and Web3 company Bitget has announced an upgraded partnership with KYC verification provider Sumsub. This collaboration aims to identify and combat deepfake fraud with over 99% accuracy, ensuring the security of Bitget’s 25 million global users.
This partnership aligns with Bitget’s mission to promote cryptocurrency development and create a fairer world. Through Sumsub’s products, Bitget aims to ensure the security, efficiency, and intelligence of encrypted transactions for global customers, effectively preventing advanced AI-generated identity fraud.
According to the latest analysis of Sumsub’s verification data, from the first quarter of 2023 to the first quarter of 2024, the number of deepfake cases detected in the crypto field worldwide increased by 217%. Across all industries, deepfake cases saw a 245% year-on-year increase. Therefore, Bitget is highly concerned about Sumsub’s upgraded deepfake detection capabilities.
Key features that Sumsub provides to Bitget include identity verification, biometric facial feature checks, non-document verification, and database verification. These features combine AI-driven deepfake detection and fraud prevention technology with Sumsub’s comprehensive certifications and approvals, helping both parties to further comply with the highest security standards.
Gracy Chen, CEO of Bitget, stated, “While new technologies like AI bring positive impacts to the world, they are increasingly being used for deepfake fraud. Therefore, our verification technology needs to keep up with these advancements. Sumsub is our preferred user verification provider, and we appreciate Sumsub’s excellent customer service quality and product diversity. As a centralized exchange, user data security is crucial for Bitget, and we are pleased to have a partner like this to help us identify potential vulnerabilities and ensure our platform is safe for all users.”
Jacob Sever, Co-founder and Chief Innovation Officer of Sumsub, said, “We are excited to offer our verification solution to Bitget, one of the world’s largest cryptocurrency exchanges. Using AI-driven solutions to combat AI-driven threats is a challenge that Web3 companies must face today, and we are delighted to help Bitget eliminate deepfake fraud. Our common vision is to build a blockchain future with zero fraud and we aim to maintain long-term cooperation with Bitget to achieve this vision.”
About Bitget:
Established in 2018, Bitget is a leading global cryptocurrency exchange and Web3 company, currently serving over 25 million users in more than 100 countries worldwide. Bitget Wallet, formerly BitKeep, is a world-class multi-chain cryptocurrency wallet that offers a range of comprehensive Web3 solutions and features, including wallet functions, exchanges, NFT markets, DApp browsers, and more. By partnering with legendary Argentine footballer Messi, official esports organization PGL, and others, Bitget encourages the adoption of cryptocurrencies.
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