Deepfakes of Elon Musk are contributing to billions of dollars in fraud losses in the U.S.
According to Deloitte, a leading financial research group, AI-generated content contributed to more than $12 billion in fraud losses last year, and could reach $40 billion in the U.S. by 2027. Both the Federal Trade Commission and the Better Business Bureau have issued warnings that deepfake scams are on the rise.