In 2024, cybercriminals caused significant financial damage through AI-driven fraud, with losses exceeding $4.6 billion (over 1,600 billion forints), according to a recent report involving one of the major cryptocurrency exchanges, Bitget, and its blockchain security partners.

The report highlights the alarming trends associated with the increasing sophistication of cyber fraud that employs artificial intelligence technologies.

Two main types of fraud emerged as leading threats: deepfake technology and social engineering schemes.

These tactics have evolved beyond traditional phishing emails to include fake Zoom calls, synthetic videos featuring public figures, and job postings laced with Trojan viruses.

The report categorizes three primary sources of substantial user losses:

- Deepfake identity theft
- Social engineering manipulation schemes
- Ponzi-like schemes resembling pyramid scams

Fraudsters are increasingly utilizing cross-chain bridges and obfuscation tools to launder stolen funds, complicating the efforts of authorities to track and recover the assets.

This evolving landscape of cybercrime reflects a new era in which criminals leverage familiar platforms and solutions, such as comment sections on widely used social media networks, to execute their schemes.

Gracy Chen, the CEO of Bitget, emphasized that the primary risk today does not stem from the volatility of cryptocurrency but rather from the deception employed by scammers.

In response to these threats, June has been designated as Anti-Scam Month to raise awareness.

The report asserts that AI technologies have made scams faster, cheaper, and more difficult to detect.

To combat these challenges, the report's authors provide recommendations for technologies and strategies aimed at preventing fraud, offering valuable insights for both institutional actors and private users to better safeguard their digital assets.