The Fintech Times

FEBRUARY 9, 2024

The buzz surrounding Artificial Intelligence ( AI ) continued throughout 2023, right the way through to now – thanks to the seemingly limitless potential of the emerging technology. However, as the AI space has quickly evolved, so have threats that are weaponising these developments.

Deepfake 109

Deepfake Product Verification AI 109

Fintech News

APRIL 7, 2024

In the contemporary digital world, the proliferation of deepfake technology and generative AI heralds an era fraught with online scam challenges, notably within the financial sector in Asia. Economic Ramifications of Deepfake Scams The global impact of impersonation scams can be far-reaching, and expensive. ” says Wells.

Deepfake 124

Deepfake Scams Fraud Detection Verification 124

The Fintech Times

MAY 17, 2024

The rapidly increasing prevalence of AI-generated content and deepfakes has left many questioning everything they see online. In fact, as much as 72 per cent of consumers worry on a day-to-day basis about being fooled by a deepfake into handing over sensitive information or money.

Deepfake 68

Deepfake Identity Theft Consumer Verification 68

Finovate

JUNE 11, 2024

Identity proofing and fraud detection company AuthenticID launched a new solution today to detect deep fake and generative AI injection attacks. This works to bypass traditional fraud detection and identity verification methods. That’s because fraudsters are perpetually evolving their tactics to circumvent new security methods.

AI 105

AI Fraud Detection Deepfake Verification 105

The Fintech Times

JUNE 2, 2024

Fraud prevention decision-makers across Europe are well aware of the growth and danger of AI-driven identity and financial fraud, but are unprepared to combat it, Signicat , the European digital identity and fraud prevention solution provider, has revealed in a new report. “AI is only going to get more sophisticated from now on.

AI 126

AI Fraud Prevention Account Takeovers Deepfake 126

PYMNTS

DECEMBER 5, 2019

The rise of deepfakes — the eerily lifelike impersonations that superimpose heads onto bodies and bodies onto heads in seamless ways that integrate speech and movement, where nothing is as it seems — may be good for a laugh. The best defense against the fraudster armed with AI is to use AI to fight the battle.

Deepfake 55

Deepfake Verification AI Authentication 55

The Paypers

MAY 1, 2023

Forensic devices and identity verification solutions provider Regula has issued a survey showcasing that AI-generated identity fraud like deepfakes affects a third of businesses.

Deepfake 41

Deepfake Verification AI 41

The Fintech Times

OCTOBER 31, 2024

LSEG Risk Intelligence is launching Global Account Verification, which checks payee and account details match before transfers are confirmed, as well as Document and Biometric Verification, which uses AI and deep learning to accurately conduct identity checks.

Mitigation 58

Mitigation Risk Global Payments Deepfake 58

The Fintech Times

MAY 16, 2024

Banks are coming under an increasingly intense barrage of cybersecurity attacks, and many of these now use deepfakes and generative AI to make the initial breach. Firms continuing to use dated means of verification and user authentication could pay if they do not make changes. Michael Marcotte, CEO of artius.iD

Deepfake 68

Deepfake Security Cybersecurity Procedures 68

Fintech News

FEBRUARY 18, 2024

But with innovation comes risk – especially around identity verification and fraud prevention. By implementing Sumsub’s no-code identity verification platform, dtcpay simplified Know Your Client (KYC) and onboarding to provide a smooth, secure user experience. Singapore is one of the world’s leading hubs for fintech innovation.

Verification 112

Verification Travel Rule Multi-Currency Compliance 112

The Fintech Times

AUGUST 13, 2024

Identifying fraud in the age of artificial intelligence (AI) is much harder than it ever has been before. Fraudsters are more cunning and deceiving, taking advantage of those who either do not know or refuse to acknowledge the power of AI. What are some AI fraud trends we’re seeing in Latin America?

AI 58

AI Fraud Detection Fraud Prevention Deepfake 58

The Fintech Times

SEPTEMBER 11, 2024

AU10TIX, a company specialising in identity verification and management, also reveals significant vulnerabilities in the Asia-Pacific (APAC) region, where financial-related identity fraud has been escalating. Bots and deepfakes The rise of bots using deepfake technology to create convincing fake profiles poses an additional challenge.

Bots 58

Bots Deepfake Automation APACS 58

The Paypers

AUGUST 9, 2024

Socure , a digital identity verification AI provider, has introduced Selfie Reverification, a solution for online customers to validate their identity.

Deepfake 36

Deepfake Verification AI 36

Finovate

AUGUST 15, 2024

APIMatic APIMatic’s developer experience platform adds a layer of technology between fintech APIs and developers to make integrations faster through automation and AI. Features Automates the creation of SDKs Includes dynamic use case guides Delivers AI-generated integration code Who’s it for? CSS CSS introduces IMPACT 3.0,

Deepfake 59

Deepfake Credit Union Payment APIs and Integration AI 59

Fintech News

MARCH 20, 2024

Sumsub, a global verification provider, is addressing the sharp increase in fraud networks in the Asia-Pacific (APAC) region with its enhanced Fraud Prevention Solution. Fraud networks, however small they may seem right now, will gain prominence, just like AI-powered deepfakes.

APACS 97

APACS Fraud Prevention Deepfake Account Takeovers 97

Fintech News

JULY 10, 2024

Sumsub, a global verification provider, has announced strategic partnerships with several resellers in Southeast Asia including Nexus Technologies in the Philippines, PT Secure Pasifik Teknologi in Indonesia, and Spectrum Edge in Malaysia.

Identity Theft 93

Identity Theft APACS Deepfake Money Laundering 93

The Paypers

APRIL 10, 2024

Payments, identities, and data company Entrust has completed its acquisition of Onfido , an identity verification company, to combat deepfakes and AI-powered cyber attacks.

Deepfake 45

Deepfake Verification AI Payments 45

Fintech News

SEPTEMBER 9, 2024

There has been much progress, evolving from the usage of mere passwords and usernames to more sophisticated security markers like biometrics and those that use AI technology. Battling the growing threat of deepfakes with digital identity But really, how important is digital identity to a flourishing digital banking ecosystem?

Deepfake 107

Deepfake PCI DSS Verification Financial Inclusion 107

Finovate

OCTOBER 3, 2024

Identity verification solution and infrastructure company IDVerse announced a partnership with Hastings Direct Loans. based lender will leverage IDVerse’s technology to enhance the accuracy and reliability of its identity verification process. IDVerse, as OCR Labs, won Best of Show at FinovateAsia in 2017. John Myers is CEO.

Verification 59

Verification Deepfake Fraud Prevention User Authentication 59

Finovate

AUGUST 14, 2024

From the challenge of AI-powered deepfakes to the sad fact that many of our own bad habits continue to keep fraudsters in business, fintechs are busy developing solutions to help us get and stay at least one step ahead of the bad guys. Digital identity verification innovator Socure has unveiled its Selfie Reverification solution.

Credential 64

Credential FinTech Deepfake Fraud Detection 64

Fintech News

JANUARY 17, 2024

Synthetic identity fraud on the rise The emergence of AI generative models like DALL-E, ChatGPT, and others rapidly generate fake but credible identities, enabling criminals to create synthetic identities at scale. Fraud-as-a-Service allows automation of attacks The advent of AI generative models also enables new Fraud-as-a-Service offerings.

Deepfake 115

Deepfake APACS Scams Authentication 115

The Fintech Times

FEBRUARY 23, 2024

IDnow , the identity verification platform provider, has revealed that there is a massive gap in UK consumer knowledge when it comes to key tactics used by fraudsters. Developments in generative artificial intelligence (AI) mean deepfake technology can now be used to create hyper-realistic fake documents.

Deepfake 68

Deepfake Continuity Risk Smishing 68

Finovate

SEPTEMBER 24, 2024

As the first major investment for the company, the capital will help accelerate the development of Illuma’s voice verification offerings to help banks and other institutions fight fraud, voice cloning, deep fakes, and more.

Credit Union 59

Credit Union Deepfake Authentication Fraud Prevention 59

Fintech News

JUNE 6, 2024

The Jumio 2024 Online Identity Survey reveals that 85% of Singaporean consumers are willing to spend more time on identity verification measures when accessing financial services accounts to improve security. The benefits of digital identity verification extend beyond just enhanced security. Losses exceeded S$13 million (US$9.59

Scams 98

Scams Phishing Deepfake Verification 98

Finovate

MAY 16, 2024

Digital identity verification innovator Socure announced a partnership with identity-secured transactions company Proof. A new partnership between digital identity verification innovator Socure and identity-secured transactions company Proof will bring new tools to the fight against fraud and forgery in authorizations, contracts, and forms.

Authorization 59

Authorization Verification OFAC Deepfake 59

Finovate

FEBRUARY 8, 2024

Payments, identities, and data security company Entrust confirmed that it has entered “exclusive discussions” to acquire identity verification technology company Onfido. The acquisition will bring AI/ML-based biometric and document IDV technology to Entrust’s portfolio of identity solutions.

Acquirers 52

Acquirers Verification Deepfake AI 52

The Fintech Times

MAY 12, 2024

Emerging technology such as AI has enabled threat actors to take a sophisticated approach to fraud, with global full-cycle identity verification platform, Sumsub , revealing a 10x increase in the number of deepfakes detected worldwide from 2022 to 2023.

Financial Crimes 68

Financial Crimes Crime Money Laundering Deepfake 68

Finovate

FEBRUARY 8, 2024

Corsound AI Corsound AI utilizes innovative technology to verify customers’ identities for financial institutions, leveraging over 200 patents to detect AI scams and voice fraud. Finerative Finerative is a Gen-AI native startup bringing generative technology to the financial space. Direct to consumer fintechs.

Payment APIs and Integration 59

Payment APIs and Integration Identity Theft Deepfake AI 59

Fi911

OCTOBER 11, 2023

This advanced solution is also known as “anti-spoofing” or “liveness verification.” Liveness detection is a pivotal security feature in different authentication processes, including biometric verification. This combined approach enhances the precision of verification, making it a potent tool against deceptive authentication efforts.

Deepfake 52

Deepfake Verification Authentication Breach 52

The Fintech Times

MAY 24, 2024

Artificial intelligence’s (AI) emergence in the fintech scene has been a blessing and a curse. The survey found that 62 per cent of UK respondents are not very confident their organisation has the identity management tools to defend against bad actors’ use of AI. Fraud is on the rise, and it’s getting worse with AI.

Authentication 58

Authentication MFA Deepfake AI 58

Seon

SEPTEMBER 20, 2024

The rise of artificial intelligence (AI), machine learning (ML) and automation have all added new layers of complexity to fraud prevention at an unprecedented scale. For instance, fraudsters now leverage innovative technologies to create deepfakes, bypassing traditional identity verification methods like document ID checks and biometrics.

Risk 52

Risk Fraud Prevention Risk Management Deepfake 52

Fintech Finance

FEBRUARY 29, 2024

Socure , the leading provider of artificial intelligence for digital identity verification, sanction screening and fraud prevention, and Trustly , a leading global Open Banking payments provider, today announced an industry-first partnership to offer merchants and fintechs a streamlined onboarding and guaranteed Pay by Bank solution.

Fraud Prevention 52

Fraud Prevention Process FinTech Online and Mobile Banking 52

The Fintech Times

MARCH 28, 2024

Sumsub , a global full-cycle verification and compliance provider, has completed the integration of its Travel Rule solution with Binance , the crypto exchange platform, through the Global Travel Rule (GTR) Alliance. It released its findings in its ‘ State of Verification and Monitoring in the Crypto Industry 2023 ‘ report.

Travel Rule 63

Travel Rule Rules Interoperability Deepfake 63

Seon

MAY 23, 2024

Additionally, the rise of AI and machine learning are introducing newly advanced, sometimes opaque, fraud detection systems based on blackbox machine learning , rendering teams without clear insights or customization options to tailor solutions to their business use case and best workflows.

Fraud Prevention 52

Fraud Prevention Deepfake Fraud Detection Authentication 52

Seon

JUNE 27, 2024

We don’t know what AI will look like one year from today. The evolution of AI adds layers of complexity, presenting unprecedented opportunities and significant threats. On the one hand, AI’s capabilities enhance defense mechanisms, enabling the detection and counteraction of fraud with remarkable efficiency.

Cybersecurity 52

Cybersecurity Fraud Detection Identity Theft Money Laundering 52

Finovate

MARCH 29, 2024

AU10TIX expands its Digital ID identity verification solution Israel-based identity verification and management specialist AU10TIX announced the expansion of its Digital ID solution this week. Serving as a verification hub for businesses, AU10TIX’s Digital ID solution enables faster and more accurate identity verification.

Verification 69

Verification Privacy AI AML 69

The Fintech Times

OCTOBER 30, 2024

This year’s extravaganza brought together some of the most innovative minds in fintech, with a range of new product launches and partnerships aimed at advancing payments, financial services and identity verification. The Index aims to offer benchmarks and insights for financial services firms looking to navigate the evolving landscape of AI.

Deepfake 58

Deepfake Verification BNPL Payment APIs and Integration 58