money 20/20 At USA 2023, top runners in financial services gathered in Las Vegas to connect and create the future of money.
Interviewed by FinTech Magazine philip pointerHead of Digital Identity Jumiodiscussing all things fraud, identity verification, and generative AI.
Jumio launches fraud analysis tool
Jumio made a big announcement at Money20/20 USA, rolling out a 360-degree fraud analysis tool.
While explaining the product, Poynter said: “Scammers have evolved significantly over the past two years. We’ve seen more activity and sophistication. So naturally we’re trying to keep up and find new techniques to fight fraudsters. is needed.”
“We were looking for something that would check the visuals of an ID and verify that it is genuine, independent of other functionality. That means establishing connections between transactions and confirming transactions that have already been confirmed. It’s a data-driven network that allows you to look into your past and see if you can find any evidence of wrongdoing.”
GenAI’s growing influence
Asked about the evolving fraud landscape and the growing influence of generative AI, Poynter said: “Fraudsters are running rampant. The economic downturn is causing companies to scale back their risk and compliance operations. End users are now far more susceptible to fraud than other users.” They used to be like that because of fear and anxiety.
“Fraudsters have shiny new tools, like GenAI, for example. We put together a GenAI pipeline that allows our developers to create fake IDs based on templates with the click of a button. Imagine that technology falling into the hands of fraudsters. Fraudsters.
“It used to take me 30 minutes to an hour to handcraft a fake ID. photoshop; Now you can generate 10,000 with the click of a button. ”
To hear more from Philip Poynter, click on the video link at the top of this story.
Want to find out more about Money20/20 USA 2023? Stay tuned to our website for more content coming in the coming days.
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