July 09, 2025
The Deepfake Crisis: $410M Lost in Just 6 Months, And It’s Only Getting Worse
A new report from Surfshark reveals a huge rise in deepfake-related fraud, with 580 incidents recorded in just the first half of 2025, nearly four times the total number seen in all of 2024. The financial fallout is equally alarming: $410 million in losses in just six months, already eclipsing the $359 million total from last year. Since 2019, deepfake-driven fraud has racked up a staggering $897 million in damages.
Deepfakes, AI-generated images, audio, or videos that convincingly mimic real people, are no longer just tools for entertainment or misinformation. They’re now central to sophisticated criminal schemes. The most common tactic today is impersonating celebrities to promote fake investments, which has cost victims $401 million. Close behind is executive impersonation, where scammers use cloned voices or doctored visuals to trick employees into authorising fraudulent transfers, causing $217 million in losses.
“The trajectory of how many incidents happen and how much financial loss they generate is very concerning. As deepfake technology evolves so fast, it is getting easier and easier for criminals to use it for fraudulent activities, especially as no concrete regulations are yet in place to stop them. And even though many actions are being implemented, like Europe’s AI Act, Denmark’s copyright law reform, and U.S. AI bills are underway, yet still the deepfake technology will continue to advance faster than authorities can actually prevent fraudulent incidents from occurring,” says Tomas Stamulis, Chief Security Officer at Surfshark.
Stealing Sensitive Data
Another growing threat involves bypassing biometric verification systems using deepfakes to secure fraudulent loans or steal sensitive data, resulting in $139 million in damages. And romance scams, often operated by organised crime rings, have drained $128 million from victims, many of whom were manipulated through fake personas enhanced by AI.
While four major categories make up 98.6% of all financial losses, several niche scams are also emerging. Some fraudsters are creating deepfake nudes to extort individuals, impersonating family members in distress, or even posing as government officials demanding money. Though these smaller scams account for just $2.5 million, the emotional and psychological toll on victims can be severe.
The Threat Targets Individuals and Organisations
Businesses have suffered 40% of the total financial losses, about $356 million. Cases include fraudulent loan applications and the creation of thousands of fake accounts using AI-generated imagery. One notable incident in Hong Kong involved a bank manager transferring $35 million after being deceived by a voice-cloned executive. But individuals fare worse, bearing 60% of the burden ($541 million). They’re easier to manipulate and often lack the defences corporations can afford.
According to cybersecurity researcher T. Stamulis, this surge will likely continue as deepfake technology becomes more accessible. However, he predicts a future shift:
Still, complacency isn’t the answer. Experts stress the need for widespread digital literacy, stronger detection tools, and critical thinking skills. In a world where seeing is no longer believing, it’s not just our money at risk—it’s our trust in reality itself.
