News FutureBank partners with IDVerse to counter cybercrime
Date: September 05, 2023Source: Computer Crime Research Center
Safeguarding against emerging threats in financial services
FutureBank is an integration platform for core banking providers that embeds finance services. It acts as the glue between a bank and a third-party provider they want to integrate with. It helps banks and fintechs launch new products better, faster, and more securely.
IDVerse is an Identity Service Provider (IDSP), with 20 certifications for the Right to Work, Right to Rent, and Disclosure and Barring Service (DBS) from the United Kingdom’s Digital Identity &Attributes Trust Framework (DIATF).
Through its Zero Bias AI tested technology, IDVerse is establishing the use of generative AI to train deep neural network systems to protect against discrimination on the basis of race, age, and gender.
Sergio Barbosa, CEO at FutureBank, said that generative AI is breeding many different fraud types. With ChatGPT, fraudsters can create very authentic documents and profiles for people at a low cost. They were impressed by IDVerse’s capability to stop fake IDs from making their way through the system and its fully automated approach that works better than humans. They are happy to partner with IDVerse to protect their customers from unwanted attacks.
Officials from IDVerse added that it is already very easy to create a realistic fake person in as little as 15 minutes using online tools readily available on the internet. Synthetic media is becoming the new tool of choice for fraudsters looking to make money. They estimate that there is a 400% year-on-year increase in the use of deepfakes in creating fake identities. Their fully automated identity verification system can offer FutureBank customers a reliable solution to spot deepfake accounts that fraudsters are increasingly trying to create. IDVerse’s technology maps the facial genome and can detect below-the-skin activities, such as a heartbeat changing the colour of the skin, which the human eye cannot see. These natural yet invisible patterns from faces help verify that an image is of a real human, not a deepfake.
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