Customer verification
Verifi.life for Banking and Finance
As deepfake technology advances, indistinguishable human-like avatars are becoming more common in digital spaces. For banking companies, these AI-driven avatars pose significant threats, as they can be utilized to impersonate customers, employees, or executives, leading to fraud, data breaches, and reputational damage.
- Identity Fraud in Customer Interactions
Deepfake avatars can convincingly impersonate legitimate customers, potentially bypassing identity verification checks. This can result in unauthorized account access, funds transfers, and fraudulent transactions, harming both customers and the bank’s security reputation. - Internal Fraud & Data Breach
A deepfake impersonating an employee or executive could infiltrate internal banking systems, access sensitive data, or approve unauthorized transactions. This risk extends to internal communications and confidential meetings, where a fake identity could gather intelligence for cyberattacks or financial manipulation. - Compromised Video KYC (Know Your Customer) Processes
Banks increasingly rely on video-based KYC to validate customers remotely. A deepfake avatar could pass these verification processes, resulting in new account fraud or money laundering, ultimately threatening regulatory compliance and trustworthiness. - Executive Impersonation & Corporate Espionage
Sophisticated deepfake avatars mimicking executives could be used in interactions with other banks, partners, or even media, spreading misinformation or executing unauthorized decisions. Such breaches can lead to severe reputational damage and financial losses. - Loan and Credit Fraud
For processes involving credit applications, mortgage approvals, or large loan transactions, a deepfake avatar posing as a customer could access loans or credit without proper authorization, leading to large-scale financial fraud and loss.
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Plans for Banking and Finance
Banking and finance are particularly vulnerable to fraud. The FTC just published a report that says that deepfake impersonations resulted in a loss for businesses of $2.7 billion in 2023; a total of over 3,380,000 fraudulent events.
Need a firm-wide strategy to tackle this kind of fraud before it becomes a problem? Contact us and we will package a solution tailored to your company.
AI-driven Fraud and Deepfakes: The Rising Threat to Financial Institutions
Laima Kuusaitė
Social Media Manager
October 16, 2024
Rise Of AI Face Clones Will Trigger A Fintech Identity Crisis
Forbes
Frank McKenna
FinCEN Issues Alert on Fraud Schemes Involving Deepfake Media Targeting Financial Institutions
verifi works with these, and many other video platforms
reporting
The record of every verifi.cation is stored in your account. Reports have a screen shot of the recipient you called together with all the relevant information you might need.
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Simple to use.
Use verifi.life as an extension to your browser, or open it on a web page. It just takes a couple of clicks to get the assurance that the person you are talking to, is in fact, a person.
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