A sharp rise in AI-assisted identity fraud is reshaping cybersecurity on a global scale, according to the 2025 identity fraud report released by the Entrust Cybersecurity Institute and Onfido. The report is yet another that highlights the trend of sophisticated attacks leveraging artificial intelligence becoming more frequent and effective, with deepfake incidents occurring every five minutes in 2024.
The study revealed a 244 percent year-over-year spike in digital document forgery, marking a notable shift from physical counterfeits to digitally manipulated credentials. Digital forgeries now account for 57 percent of document fraud cases. The findings show the growing use of generative AI tools and “as-a-service” platforms, enabling bad actors to scale techniques such as identity injection attacks.
Deepfake technology has emerged as a concern for organizations worldwide, according to the report as fraudsters are leveraging tools like face-swap applications to orchestrate hyper-realistic biometric fraud attacks. To put it into numbers, deepfakes now account for 40 percent of all biometric fraud. These tactics have been used to facilitate fraudulent account openings, account takeovers, phishing scams, and misinformation campaigns.
“The drastic shift in the global fraud landscape, marked by a significant rise in sophisticated, AI-powered attacks, is a warning that all business leaders must heed,” says Simon Horswell, senior fraud specialist at Entrust.
“This year’s data underscores this alarming trend, highlighting how fraudsters are rapidly evolving their techniques. These threats are pervasive, touching every facet of business, government, and individuals alike. To stay ahead, security teams must proactively adapt their strategies, prioritize monitoring these emerging threats, and prepare their organizations to face this new reality. It’s no longer optional; it’s imperative.”
Financial services as a prime target
The financial sector remains the most targeted industry, with cryptocurrency platforms bearing the brunt of fraud attempts. Crypto-related fraud rose by 50 percent year-over-year, accounting for 9.5 percent of all attacks in 2024, a surge attributed to the sector’s valuations. Lending, mortgages, and traditional banks followed, with notable increases in fraudulent onboarding attempts as inflation pressures spurred scams.
A 2024 Deloitte survey also echoed this sentiment, reporting that deepfake financial fraud is expected to surge in the next 12 months. Onfido has also previously raised concerns about deepfake fraud.
For financial crime, the report highlights that digital identity verification is a key step in any onboarding process when it comes to stopping fraud. Entrust stresses that organizations must establish trust from the first interaction to effectively combat fraud and financial crime.
Source: Biometric Update
Abigail Opiah is a reporter for Biometric Update. Abigail has a masters in Broadcast Journalism from City, University of London and has previous experience in the tech space working for TechRadar and Capacity Media. Find her on LinkedIn.
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