Preventing deepfakes and fraudulent identities – Jumio’s holistic method to constructing identification belief” with “Jumio Delivers Adaptive Verification as AI Fraud Projected to Hit US$40 Billion.
Hong Kong police lately arrested 27 people linked to a deepfake rip-off that swindled victims out of $46 million. The scammers used AI expertise to create fictitious feminine identities for on-line courting, altering their appearances and voices. With the proliferation of generative AI anticipated to end in US$40 billion in fraud losses by 2027 — and that’s simply in america — monetary establishments must step up their fraud-prevention ways.
Current analysis from Jumio, the main supplier of automated, AI-driven identification verification, danger alerts and compliance options, discovered that 78% of customers in Singapore are involved about whether or not their financial institution is doing sufficient to guard prospects in opposition to deepfake-powered fraud, with the identical variety of customers prepared to modify banks over insufficient fraud safety.
How can banks efficiently stability the requires innovation in an more and more aggressive fintech house in opposition to neobank upstarts, super-apps, and resurgent e-wallets throughout Southeast Asia whereas addressing safety considerations arising from AI-based fraud?
Frederic Ho, Jumio VP of APAC stated his eKYC agency addresses the vulnerabilities of database and biometric identification verification methods to deepfake and identification theft, by implementing superior liveness detection to counter refined fraud ways like face morphing, face swapping, and digital camera injection in eKYC processes. Jumio is bringing its holistic method to constructing identification belief to Singapore Fintech Competition 2024, happening Nov. 6-8.
Jumio’s complete information hub supplies entry to a big selection of industry-leading, third-party information sources to supply extra assurance of consumers’ identities and assess their danger to routinely drive choices in shopper workflows. Key danger companies that Jumio checks for embody: world identification, Social Safety quantity (SSN), telephone quantity, authorities database, e-mail, geo IP, tackle, machine, and financial institution identification quantity (BIN).
Ho defined that identification verification can be utilized not just for verifying new prospects but in addition for current ones via the idea of re-KYC, the method of updating and verifying buyer info to make sure compliance with KYC rules.
“Sometimes, periodic opinions and re-KYC are accomplished yearly for high-risk prospects, each two years for medium-risk prospects and each three to 5 years for lower-risk prospects. regulatory companies are usually much less involved with low-risk prospects, however some banks will set off reverification based mostly on high-risk habits. This course of is essential for complying with present rules and successfully combating unlawful monetary actions, equivalent to cash laundering or terrorist financing,”
Ho stated.
The Jumio Platform supplies AI-driven eKYC, danger evaluation and AML compliance companies in a unified workflow to confirm the identities of recent and current customers, combat fraud and assist meet compliance mandates all through the shopper journey.
Each enterprise is exclusive when it comes to danger tolerance, compliance necessities, and shopper expectations. The method began with shoppers defining the workflows and guidelines of engagement.
“From the onboarding of recent prospects, Jumio allows our shoppers to evaluate buyer danger proper from the beginning by checking varied danger alerts together with machine danger, geolocation, e-mail and telephone quantity checks, and tackle verification. The extent of verification checks could be adjusted because the buyer progresses. This enables shoppers to construct a holistic and adaptive eKYC workflow to combat fraud whereas making certain a seamless expertise for his or her prospects,”
Ho stated.
Drop in for a chat at Jumio’s SFF sales space in Corridor 3 of Singapore EXPO to seek out out extra about their newest fraud detection capabilities.