Deepfakes fueling ‘trust recession’

A global study has found that deepfakes are eroding trust in online content, with growing implications for banks, governments and digital platforms.

In a report released on 20 March 2026, biometric security firm iProov said artificial intelligence-generated impersonations are driving what it called a “trust recession,” as users increasingly doubt the authenticity of what they see online.

The survey, conducted in the first quarter of 2026 among 2,000 respondents in the United States and United Kingdom, found that 48 percent now question “almost everything” they encounter online. The findings point to a sharp decline in digital confidence, as deepfake technology becomes more sophisticated and accessible.

The erosion of trust is beginning to affect consumer behavior, particularly in financial services. The study found that 74 percent of respondents would consider switching banks if another provider offered guaranteed protection against deepfake-related fraud. Among younger adults aged 25 to 34, 41 percent said they would switch immediately, compared with 14 percent of those aged 65 and older.

The report also highlighted rising expectations for accountability. More than half of respondents, or 52 percent, believe banks should be legally liable for losses caused by deepfake-enabled fraud, signaling increased pressure on institutions to strengthen safeguards.

Concerns extend beyond banking to public services. While more transactions have moved online, 55 percent of respondents said they would be more likely to use government platforms if secure biometric login systems were in place. When given options, 43 percent preferred facial recognition through a mobile app over in-person transactions, which drew 30 percent support.

iProov founder and chief executive Andrew Bud said the rapid advancement of artificial intelligence is blurring the line between real and fake, catching many organizations unprepared.

“Deepfakes are quickly undermining the trust at the heart of the digital economy, ultimately compelling consumers to change their behaviors and, importantly, who they are willing to do business with,” Bud said.