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The surge of deepfakes The rise of AI has also led to a surge in deepfake attacks. These advanced impersonations, which use convincing AI-generated audio and video, trick users into revealing multi-factor authentication (MFA) codes or approving unauthorized authentication requests. billion) in 2024 alone.
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.
LexisNexis Risk Solutions, a global data and analytics company under RELX, has agreed to acquire IDVerse , a provider of AI-powered document authentication and fraud detection solutions. This move will enable LexisNexis Risk Solutions to further enhance its capabilities in combating AI-generated fraud, including deepfakes.
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?
“Using AI-driven tactics such as deepfake selfies and synthetic identities, organised fraudsters are testing traditional security measures like never before. Enhanced selfie and fraud detection tools are necessary to protect social media engagement, ensure account authenticity, and prevent the risks posed by fake accounts.
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.
At the centre of this threat is Grey Nickel , a sophisticated cybercriminal group using deepfakes, synthetic identities, and AI-powered attack tools to breach banks, crypto exchanges, and digital payment platforms. Consider Hong Kong, where in early 2024 a deepfake scam tricked a corporate employee into transferring USD $25.6
Fraudsters are exploiting GenAI tools such as large language models (LLMs), voice cloning, and deepfakes to carry out increasingly sophisticated scams that are harder to detect and prevent. Romance fraud: Deepfake images and videos help fraudsters create convincing personas to manipulate victims emotionally and financially.
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.”.
The technology combines robust security features with advanced fraud detection capabilities including as deepfake detection. Entrust also unveiled its AI-powered facial biometric authentication capability for its Identity-as-a-Service (IDaaS) platform in the first month of the year.
This multifactor authentication strategy can be as easy as walking down the hall to meet face-to-face with the chief financial officer, yet with teams still working remote, the process has migrated to the phone or video chat. This is a great habit for all organizations to adopt, even if they're not yet seeing a threat from deepfakes.".
Understanding AI-enabled fraud As fraudsters invest in more sophisticated technology, including deepfakes, synthetic identities and automated phishing, the need for payments firms to adopt better AI-driven fraud detection systems grows. fingerprints, facial recognition), and behavioural biometrics (e.g.,
As financial institutions navigate a rapidly digitizing landscape, the rise of AI-generated deepfakes is no longer a fringe concern—it’s a growing enterprise risk.
AI-powered automated document authentication and fraud detection solutions provider, IDVerse is set to be acquired by data and analytics platform, LexisNexis Risk Solutions and become a part of LexisNexis Risk Solutions Business Services to combat AI-generated fraud.
These measures encompass additional customer authentication, cross-border transfer limit reviews, session management controls, and establishing a bank-to-bank information-sharing platform to safeguard the financial sector from evolving threats. Criminals can leverage deepfakes for extortion, brand sabotage, fraud, and other illicit schemes.
LexisNexis Risk Solutions has signed an agreement to acquire document authentication and fraud detection solutions provider IDVerse. The acquisition will enhance LexisNexis Risk Solutions’ ability to combat emerging threats such as AI-generated fraud and deepfakes. Terms were not disclosed.
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.,
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 financial sector is facing an unprecedented surge in AI-driven fraud, with deepfake-related attacks increasing by a staggering 2,137% over the past three years. of all fraud attempts detected in the financial sector now involve AI-generated forgeries, with deepfakes leading the charge. According to the research, 42.5%
AuthID has published a whitepaper examining the growing risks posed by deepfake technology in digital authentication and outlining strategies to mitigate these threats.
.” In the Philippines, The Philippine Statistics Authority in partnership with the Department of Information and Communications Technology, launched the Digital National ID this June, together with authentication platforms, National ID eVerify and National ID Check.
Checkout.com , a leading global digital payments company, today announced the launch of face authentication, an AI-powered extension to its Identity Verification (IDV) solution. “ Face authentication is designed for those points in the user journey, like account recovery or re-onboarding, where friction often creeps in.
Technical Defense Strategies Email authentication forms the foundation of BEC defense. Multi-factor authentication protects against credential compromise but must extend beyond employee accounts. Rather than relying on email for sensitive changes, institutions should implement vendor portals with proper authentication.
The partnership will combine Daon’s identity verification and biometric authentication technology with Giesecke+Devrient’s digital security product suite. Daon conducts more than 250 million daily authentications and serves hundreds of millions of users on six continents.
Voice authentication solutions provider Illuma received strategic financing from Stifel Bank. ” Illuma will use today’s financing to help community banks and credit unions enhance security and streamline authentication processes across voice channels. . “We are excited to support their continued growth.”
IDVerse, founded in Australia in 2018, specialises in document authentication and biometric identity verification. With consumer consent, IDVerse’s AI verifies authenticity before matching the consumer’s face to the document photo.
Enhanced fraud detection extends to biometric authentication, a key element of payment security. This adaptability strengthens biometric authentication, adding protection for consumers and businesses. The potential for misuse of AI in creating deepfakes or facilitating fraud adds another layer of ethical complexity.
Deployed to power step-up authentication efforts for high-risk or high-value transactions, time-based re-checks for compliance requirements, as well as instant re-verification of returning customers, ID-Pal Once is already being used by the company’s customers in verticals ranging from financial services to telco to gaming.
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 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. Now, Michael Marcotte, CEO of artius.iD , a digital ID and authentication firm, is calling on the cybersecurity industry to put banking at the top of the agenda.
This collaboration will see Accredify integrating Okta’s advanced identity management solutions, including Single Sign-On (SSO) and Multi-Factor Authentication (MFA), to benefit its clientele.
The urgency to manage AI-related identity risks, including deepfakes , is low in the UK with around one third (35 per cent) already having a strategy in place to manage threats of this nature. Only 45 per cent of global organisations have implemented multi-factor authentication (MFA). respondents saying the same.
Bots and deepfakes The rise of bots using deepfake technology to create convincing fake profiles poses an additional challenge. Bots and deepfake tech are enabling criminals to automate complex scams that used to take a lot more effort, making them incredibly efficient and dangerous,” said Dan Yerushalmi , CEO of AU10TIX.
An identity fabric is a set of converged IAM capabilities designed to manage access across all user types, internal staff, customers, and external partners alike.
This increase was driven by fraudsters leveraging sophisticated techniques, such as fraud networks, phishing scams and AI-generated deepfakes, to trick victims into authorising payments. While fraudsters use it to create deepfakes and manipulate unsuspecting victims, financial institutions can also harness AI to combat these threats.
Voice authentication technology innovator Illuma Labs has raised $9 million in funding. ” Illuma Labs offers banks, credit unions, and other financial institutions the ability to replace their traditional, knowledge-based authentication protocols with a secure, real-time voice authentication solution.
From voice cloning to deepfake merchant scams, the threat landscape is evolving. AI is enabling: Biometric authentication that eliminates passwords and PINs. This isn’t just about staying compliant,it’s about scaling governance without slowing innovation. Invisible payments , where transactions happen passively in the background.
Identity verification platform IDnow has partnered with biometric authentication provider Keyless to enable ongoing user authentication beyond onboarding. The firms say the approach supports ‘continuous trust’ and helps detect deepfakes and AI-driven fraud without storing biometric data.
Today we hear insights from payments experts, including the adoption of tap-to-pay technology, the role of blockchain and AI in payments, flexible payment terms, security in authentication methods, PSD3 implementation, vertical-specific solutions, and the rise of digital wallets.
In doing so, it protects our banking processes and ensures only authentic interactions. Liveness detection is a pivotal security feature in different authentication processes, including biometric verification. The underlying premise is simple: authentic human features display innate motions and expressions.
Key changes could include embedding platform-wide risk analytics, adopting real-time authentication, aligning their fraud strategies along business goals, and embracing transparency through AI. AI-driven scams leverage sophisticated attacks from phishing emails to deepfake videos and voice impersonations.
Traditional anti-fraud methods, like device checks, two-factor authentication (2FA), biometrics and security questions, are outdated against emerging innovative technologies that are compelling new forms of sophisticated fraud. Spoofing involves replicating or falsifying biometric data to deceive authentication systems.
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. The battle against fraud is a never-ending one. “Identity verification isn’t a one-time event.
The method is more secure than photo-based remote KYC solutions, but companies intending to use it must first resolve complicated decisions about execution, including whether to have live video calls and how their processes will protect against deepfakes. Get the full scoop in the Tracker. About The Tracker.
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