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These AI-created images, videos, and audio content, called deepfakes, showcase how advanced AI generation tools have become. AI deepfakes often have convincing video and voice manipulation, making them increasingly difficult to identify–and this technology is only becoming more advanced and easily accessible. Why Selfie Verification?
A recent study by Jumio , a provider AI-driven identity verification and compliance solutions, has found that a significant majority of Singapore consumers are concerned about the impact of deepfakes on the upcoming elections. This approach mirrors South Korea’s recent 90-day ban on deepfakes before its April 2024 election.
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.
A recent study by Jumio , a provider AI-driven identity verification and compliance solutions, has found that 78% of consumers in Singapore are ready to change banks due to inadequate fraud protection. The increasing sophistication of fraud tactics, such as deepfakes and voice cloning, has heightened these concerns.
However, this powerful technology has also been exploited by malicious actors to create deepfakes – highly convincing simulations of individuals saying or doing things they never actually did. Deepfakes have since evolved into a formidable challenge for conventional identity verification methods.
Easily accessible and criminally weaponised generative AI tools are increasing the need for more secure remote identity verification. It saw a 672 per cent increase from H1 2023 to H2 2023 in the use of deepfake media such as face swaps deployed alongside metadata spoofing tools.
per cent of transactions in 2024, with fraudsters increasingly leveraging artificial intelligence tools to target financial institutions, according to new research from AuthenticID, an identity verification provider. The use of deepfake technology and generative AI is also on the rise, compounding the threat range.
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.
In the wrong hands, however, it can be incredibly harmful, especially with the emergence of deepfakes. A new survey from iProov , the biometric solutions provider, has revealed the attitudes on the threat of generative AI and deepfakes across the UK, US, Brazil, Australia, New Zealand and Singapore.
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.
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. From Arnold Schwarzenegger, to Kim Kardashian, to maybe, just maybe: You. It’s like a Hollywood special effect.”.
This move will enable LexisNexis Risk Solutions to further enhance its capabilities in combating AI-generated fraud, including deepfakes. Its advanced accuracy delivers improved and more comprehensive identity verification for clients. The acquisition is expected to be completed in early 2025, subject to customary regulatory consents.
Sumsub, a full-cycle verification platform, today releases its “State of Verification and Monitoring in the Crypto Industry 2023” report. The findings focus.
In its sixth edition, the 2025 Identity Fraud Report found that attacks involving deepfakes happened every five minutes in 2024, and digital document forgeries increased by 244 per cent year over year. ” Struggles with onboarding Digital identity verification is a vital part of the onboarding process.
The House’s Subcommittee on Consumer Protection and Commerce heard digital experts, as well as a representative from Facebook, testify in regards to the measures tech firms are using to fight against deepfakes, and what further actions should occur at the federal level, CNBC reported Wednesday (Jan. Chairwoman Jan Schakowsky, D-Ill.,
Battling the growing threat of deepfakes with digital identity But really, how important is digital identity to a flourishing digital banking ecosystem?
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. said Pavel Goldman-Kalaydin, Head of AI/ML at Sumsub.
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.
An injection attack occurs when a fraudster injects a deepfake– which could be a synthetic document, video, facial image, or audio representation– into an identity verification workflow to spoof the system. This works to bypass traditional fraud detection and identity verification methods.
Banks need advanced identity verification and authentication techniques to counter synthetic fraud, including document verification, identity graph analysis, and behavioural biometrics. The menace of deepfakes and disinformation The exponential growth of APAC’s digital economy also enables new disinformation threats.
User-friendly fraud-as-a-service (FaaS) kits that enable amateurs to execute complex attacks against thousands of accounts in minutes are becoming increasingly available online, AU10TIX , the identity verification and management technology provider, has revealed.
Sumsub, a global verification provider, has integrated with Chainalysis, a blockchain data platform. This trend is underscored by Sumsub’s reports, which note a 128 percent increase in deepfake incidents in 2023, with the Asia-Pacific region experiencing a 1530 percent surge.
Sumsub, a global verification and compliance provider, announced its partnership with crypto exchange Binance to integrate its Travel Rule solutio n through the Global Travel Rule (GTR) Alliance.
Verification provider Sumsub announced a partnership with blockchain data platform Chainalysis this week. Full-cycle verification provider and FinovateEurope alum Sumsub announced an integration with blockchain data platform Chainalysis this week. Sumsub made its Finovate debut at FinovateEurope 2020 in Berlin, Germany.
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.
US-based identity platform Persona has partnered with Okta to deliver an automated identity verification solution and support organisations to safeguard against phishing and deepfakes.
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.
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.
Regula , a worldwide developer of forensic devices and identity verification solutions, has released its new survey which underlines the financial impact of deepfake fraud.
Socure, the leading provider of artificial intelligence for digital identity verification, sanctions screening, and fraud prevention, has announced Selfie Reverification – a way to validate return consumers online with a simple selfie from any device in under 2 seconds.
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.
Deepfakes, often used to impersonate the holder of an account rather than creating a new or synthetic identity, are far more popular, accounting for one in 15 fraud attempts. Even if fraud success rates remain the same, the sheer volume of attempts means that fraud levels are set to explode, Signicat explained.
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. Not to mention videos too.
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.
Payments, identities, and data company Entrust has completed its acquisition of Onfido , an identity verification company, to combat deepfakes and AI-powered cyber attacks.
Founded in Australia and launched commercially in 2018, IDVerse uses AI to combat fraud and deepfakes. Additionally, the expansion of LexisNexis Risk Solutions’ global approach to identity verification will enable stronger defences against AI-generated fraud. AI-powered document verification represents this kind of balance.”
Corsound AI Corsound AI enhances security against voice fraud with patented voice-to-face technology and deepfake detection, backed by over 200 autonomous AI patents. Banks, credit unions, identity verification companies, and more. CSS CSS introduces IMPACT 3.0,
Sumsub , a global full-cycle verification platform, has officially become a member of the Singapore FinTech Association (SFA). The report addresses identity fraud across industries and regions based on millions of verification checks across 28 industries and over 2,000,000 fraud cases between 2022-2023.
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.
Socure , a digital identity verification AI provider, has introduced Selfie Reverification, a solution for online customers to validate their identity.
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.
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. Headquartered in Plano, Texas, and founded in 2016, Illuma Labs made its Finovate debut at FinovateSpring 2019.
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.
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