As the digital battlefield intensifies, new findings from the 2025 Identity Fraud Report, released by the Entrust Cybersecurity Institute, paint a stark picture of the escalating sophistication and frequency of cyberattacks. In 2024, deepfake attacks surged to alarming levels, occurring every five minutes, while digital document forgery climbed 244% year-over-year, surpassing physical counterfeits for the first time in history.
AI: A Double-Edged Sword in Cybercrime
The report attributes the rise of these cyber threats to AI-assisted fraud, with generative AI (GenAI) playing a pivotal role. Fraudsters are leveraging “as-a-service” platforms to create hyper-realistic deepfakes and execute digital document manipulations at scale. These tools not only enable the creation of fraudulent documents but also facilitate advanced biometric spoofing and misinformation campaigns.
Digital forgeries now dominate the fraud landscape, representing 57% of all document fraud globally in 2024—a staggering 1,600% increase since 2021. The most targeted documents were concentrated in the APAC region, with India’s Tax ID topping the list, followed by national identity cards from Pakistan and Bangladesh. Accessible templates for these documents have made them particularly vulnerable.
Deepfakes: From Gimmick to Global Threat
Once a novelty, deepfakes have evolved into a serious security concern. Enabled by face-swap apps and GenAI tools, fraudsters are using these technologies to orchestrate synthetic identity fraud and account takeovers. In 2024, deepfake attacks hit unprecedented levels, averaging one every five minutes.
“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,” said Simon Horswell, Senior Fraud Specialist at Entrust. He emphasized the urgency for businesses to adapt their security strategies and stay vigilant against these emerging threats.
Financial Services: Fraud’s Prime Target
The financial sector remains the most targeted industry globally, with cryptocurrency platforms experiencing the highest rate of fraudulent activity at 9.5%, nearly double that of traditional banking (5.3%). The report notes that the allure of record-high crypto prices in 2024 likely drove this surge. Lending and mortgage services also saw a sharp rise in fraud attempts, reflecting broader economic pressures, including inflation.
What Businesses Can Do
The report underscores the critical role of digital identity verification in mitigating these threats. As the first point of contact, robust verification systems can establish trust and prevent fraud from day one. Entrust’s solutions, processing millions of verifications annually, have already prevented an estimated $5.5 billion in fraud globally.
For organisations, the message is clear: staying ahead of fraudsters requires constant vigilance, adaptive security measures, and a proactive approach to monitoring AI-driven threats. In an age where a cyberattack is just a few clicks away, businesses can no longer afford to be reactive; the future demands preparedness.
