Mentioned:
Artificial intelligence is fuelling a new wave of bank fraud at massive scale. Which is exactly why authID is starting to roll out their technology to regional banks in America.
What’s happening:
- authID (NASDAQ: AUID) has formed a new strategic partnership with a financial infrastructure provider to regional banks in the United States to deploy their biometric identity verification software for fraud prevention
Why it matters:
- Identity fraud is a rapidly growing problem for legacy banking institutions due to the rising issue of synthetic media and deepfakes being able to be leveraged to generate false identities and use stolen personal information to open new bank accounts and perform money transfers
Going deeper:
- The new partnership will focus on initially deploying authID’s biometric identity verification technology at one bank as a pilot project before integrating it with more than a hundred different regional banks in America
- authID has publicly stated their biometric identity software will enable regional banks to combat many different types of fraud that have becoming extremely problematic due to artificial intelligence such as deepfakes, false identities, using synthetic media for impersonation attacks and account takeovers
The intrigue:
- authID also just recently struck a new deal with a point of sale lending and payment financing platform to prevent identity fraud through using their proprietary Proof and PrivacyKey software
