Deepfake fraud: $3.7B lost, 47% scams originated on social media platforms

Deepfakes have moved past being a novelty — they’re now a hidden danger in everything from social posts to phone calls. Surfshark’s study reveals that to this day, people have lost at least $3.7B to deepfake fraud. An investigation into the origins of these scams reveals social media is the leading threat, accounting for 47% of recorded losses ($1.73 billion).

“Social media platforms give scammers instant access to billions of users simultaneously. A single deepfake video can go viral in hours, reaching millions of potential victims before it’s detected or removed. No other channel offers that kind of reach at zero cost,” explains Luís Costa, Research Lead at Surfshark.

But the scale and cause of deepfakes on social media can vary significantly. Considering the World Cup context, an innocent Haaland deepfake may have gained millions of views but did not cause any financial damage. However, Costa notes that when someone engages with a fake government social media post promoting dubious investment schemes, the resulting losses can amount to thousands of dollars — a serious concern.

Other prominent deepfake fraud origins:  

• Impersonation fraud (cases where criminals use deepfake-enabled tactics to impersonate real people, bypass identity checks, or gain unauthorized access to financial services) is the second-largest origin category, accounting for $911 million, or 25% of losses;
• Fake job candidate schemes added another $100 million in losses;
• Everyday communication channels like phone calls ($71 million), video platforms ($62 million), or messaging apps ($41 million), also added $174 million in losses.  

“Although social media is the most prominent source of deepfake fraud, the growing volume of attacks, even via regular phone calls or messaging apps, shows a dangerous expansion into routine interactions. To protect ourselves, we must shift our mindset: awareness is the only effective defense when a familiar voice or face can no longer be trusted implicitly,” says Costa. 

Costa offers several tips to protect yourself from deepfake deception:

• Verify social media investments: be skeptical of high-return offers or posts from “official” figures. Always verify through official channels before sending money.
• Set a family “safe word”: agree on a secret phrase with loved ones. Use it during urgent or suspicious calls/messages to confirm their identity.
• Perform a “glitch test”: during video calls, ask the person to wave their hand in front of their face. Deepfakes often distort or blur when facial features are obscured.
• Protect your digital footprint: limit public sharing of high-resolution video and audio, as these are used to train AI. Set your profiles to private.
• Upgrade your MFA: use biometrics or hardware security keys rather than SMS codes. Physical tokens and fingerprints are much harder for scammers to bypass.