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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.
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.
AI-generated deepfakes , synthetic identities and hyper-targeted phishing attacks are just some of the cyberthreats on the rise. As a result of the partnership, SEON will proactively detect deepfake KYC attempts, synthetic identities, and mass-registration fraud before accounts are created through Intergiro.
These capabilities make LLMs ideal for real-time fraud detection, transaction monitoring, and identity verification, helping payment providers stay one step ahead of fraudsters and ensuring a more secure financial ecosystem. The potential for misuse of AI in creating deepfakes or facilitating fraud adds another layer of ethical complexity.
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.”
Biometric identity verification firm iProov has appointed Alex Pearson as chief revenue officer. With over 25 years in enterprise tech and cybersecurity, Pearson will lead global sales and customer success as the company scales. iProov says his international experience will support its next phase of growth across key markets.
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 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.
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.
In partnership with The Engineer, Expleo is bringing together industry experts for a webinar on ‘AI in cybersecurity: The Threats you cant see (yet)’, taking place on Wednesday, March 5, at 11:00 am GMT. To discover how AI is reshaping cybersecurity as a threat and a defence, save your spot here. Why attend?
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.”.
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.
However, it is unfortunately being used by both sides as AI-assisted fraud is growing more frequent and more sophisticated according to a new report from the think tank that provides insights to help organizations protect themselves, adapt, and grow, The Entrust Cybersecurity Institute. It is a staggering 1,600 per cent increase since 2021.
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.
Companies in the region report a 28 percent rise in cyber threats, highlighting the urgent need for robust cybersecurity measures. Meanwhile, in a separate incident in Singapore, the cybersecurity landscape saw a significant surge in phishing attempts targeting local entities in 2022.
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.,
Biometric-based fraud is the largest threat currently facing financial service providers, Michael Marcotte , co-founder of the National Cybersecurity Center (NCC), explained in a warning to banking executives. Firms continuing to use dated means of verification and user authentication could pay if they do not make changes.
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.
Such uncertainty is unwelcome in cybersecurity and fraud. This potential evolution compounds the circumstances regarding how the technology will impact fraud and cybersecurity measures, presenting significant risks and transformative opportunities. These advancements have changed the way we approach cybersecurity and fraud detection.
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.
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.
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.
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.
Fraudsters are leveraging artificial intelligence (AI) tools like voice cloning and deepfakes to create highly convincing fake audio or video messages to deceive victims into transferring money or revealing sensitive information. This leaves many vulnerable to sophisticated AI-powered attacks like deepfakes and voice cloning.
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. This was the lowest rate of confidence felt globally compared to 48 per cent of U.S. respondents saying the same.
Identity fraud across the Asia Pacific region (APAC) continues to rise, driven by increasingly sophisticated fraud tactics and the more widespread use of Fraud-as-a-Service (FaaS), according to the latest report from full-cycle verification platform, Sumsub.
“I could spot an AI deepfake easily.” However, a warning has been issued from the science-based solutions for biometric identity verification firm, iProov , as it reveals just 0.1 Both US and UK consumers were tested, being told to examine a variety of deepfake content, including images and videos.
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