Finacus Solutions and PI Labs Introduce Groundbreaking Deepfake-Proof eKYC Solution
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On Tue, 10 Sept, 4:02 PM UTC
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[1]
Finacus Solutions and pi-labs Unveil World's First Deepfake-Proof eKYC Solution
Finacus Solutions, a leader in innovative banking technology, and pi-labs.ai, a pioneering AI-based deepfake detection startup, proudly announce a strategic collaboration that marks a significant advancement in the e-KYC (electronic Know Your Customer) landscape. This partnership introduces the world's first deepfake-proof eKYC solution, designed to fortify the identity verification process against the rising threat of deepfake fraud in the financial sector. This groundbreaking initiative integrates pi-labs.ai's state-of-the-art deepfake detection technology into Finacus Solutions' existing eKYC framework. The timing of this collaboration is critical, as the financial services industry grapples with a surge in AI-driven deepfake scams. In response, the Reserve Bank of India (RBI) has mandated live video for KYC procedures, supplemented by enhanced security measures such as personalized, dynamic, and randomized questionnaires. However, the emergence of deepfake videos in Video KYC represents a formidable challenge, particularly in the context of credit and loan applications. This partnership signifies a pivotal moment in the application of artificial intelligence within the eKYC process, showcasing the first use of AI to detect deepfakes in this domain. The integration of pi-labs.ai's AI tools will complement the existing manual authentication process, creating a sophisticated hybrid system that merges human expertise with AI-driven insights to ensure the highest level of security. This collaboration not only strengthens the integrity of the eKYC process but also paves the way for further automation, ultimately reducing operational costs. Last year, nearly 63 billion eKYC transactions were conducted globally, resulting in a substantial reduction in customer onboarding costs. The financial sector, therefore, cannot afford to revert to traditional KYC processes. India's recent history underscores this, with the Supreme Court's temporary ban on eKYC, which was later lifted following amendments to the RBI's Master Direction on KYC norms. As the industry moves forward, addressing vulnerabilities that could be exploited by AI-driven fraudsters is of paramount importance. The creation of fraudulent Jan Dhan accounts to access Direct Benefit Transfers (DBT) or other government subsidies poses significant financial, statutory, and legal risks to banks. Rahul Ayyappan, Co-founder and CTO of Finacus Solutions, commented, "The integration of Aadhar-based eKYC has drastically reduced KYC costs, providing a significant boost to the fintech sector. The financial industry has a vested interest in maintaining the integrity of the eKYC process to ensure these cost benefits are sustained. However, the threat posed by deepfakes is real; persistent fraud using generative AI could force banks and regulators to revert to in-person KYC, substantially increasing costs. The AI-based detection capabilities provided by pi-labs.ai will offer our banking clients enhanced security and peace of mind." Ankush Tiwari, Founder and CEO of pi-labs.ai, added, "Our deepfake detection technology is poised to revolutionize the eKYC process by alerting both human reviewers and automated systems when AI-generated content is detected. This proactive approach will safeguard the credibility of the eKYC process at a time when AI poses a significant threat. The collaboration with Finacus Solutions will greatly enhance the reliability and security of eKYC, ensuring that the financial sector remains resilient against emerging challenges." About Finacus Solutions Finacus Solutions, headquartered in Mumbai, has been at the forefront of delivering digital transformation technology solutions to over 200 banks and financial institutions for the past 15 years. Established in 2007, Finacus received the Microsoft Rising Star award in 2010 for its innovative FinCore solution, which was the first in the APAC region and the second globally to port a core banking solution to the Microsoft Azure cloud. In 2021, Finacus was recognized as one of the 10 most promising banking technology solutions providers. For more information, visit www.finacus.co.in. About pi-labs.ai pi-labs.ai is an AI-based deepfake detection startup that has developed Authentify, an AI++-powered platform designed to detect and analyze deepfakes across various media formats, including images, audio, and video. Utilizing advanced AI algorithms, pi-labs.ai empowers enterprises to identify and mitigate fraud attempts involving deepfakes. Authentify's AI engine, trained on millions of datasets from original and synthetic sources, detects subtle inconsistencies in digital content, such as facial movements, lip synchronization, and voice patterns.
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Finacus Solutions and pi-labs Unveil World's First Deepfake-Proof eKYC Solution
Finacus Solutions and pi-labs Unveil World's First Deepfake-Proof eKYC Solution Finacus Solutions logo 4 min read Last Updated : Sep 10 2024 | 1:05 PM IST NewsVoir Mumbai (Maharashtra) [India], September 10: Finacus Solutions, a leader in innovative banking technology, and pi-labs.ai, a pioneering AI-based deepfake detection startup, proudly announce a strategic collaboration that marks a significant advancement in the e-KYC (electronic Know Your Customer) landscape. This partnership introduces the world's first deepfake-proof eKYC solution, designed to fortify the identity verification process against the rising threat of deepfake fraud in the financial sector. This groundbreaking initiative integrates pi-labs.ai's state-of-the-art deepfake detection technology into Finacus Solutions' existing eKYC framework. The timing of this collaboration is critical, as the financial services industry grapples with a surge in AI-driven deepfake scams. In response, the Reserve Bank of India (RBI) has mandated live video for KYC procedures, supplemented by enhanced security measures such as personalized, dynamic, and randomized questionnaires. However, the emergence of deepfake videos in Video KYC represents a formidable challenge, particularly in the context of credit and loan applications. This partnership signifies a pivotal moment in the application of artificial intelligence within the eKYC process, showcasing the first use of AI to detect deepfakes in this domain. The integration of pi-labs.ai's AI tools will complement the existing manual authentication process, creating a sophisticated hybrid system that merges human expertise with AI-driven insights to ensure the highest level of security. This collaboration not only strengthens the integrity of the eKYC process but also paves the way for further automation, ultimately reducing operational costs. Last year, nearly 63 billion eKYC transactions were conducted globally, resulting in a substantial reduction in customer onboarding costs. The financial sector, therefore, cannot afford to revert to traditional KYC processes. India's recent history underscores this, with the Supreme Court's temporary ban on eKYC, which was later lifted following amendments to the RBI's Master Direction on KYC norms. As the industry moves forward, addressing vulnerabilities that could be exploited by AI-driven fraudsters is of paramount importance. The creation of fraudulent Jan Dhan accounts to access Direct Benefit Transfers (DBT) or other government subsidies poses significant financial, statutory, and legal risks to banks. Rahul Ayyappan, Co-founder and CTO of Finacus Solutions, commented, "The integration of Aadhar-based eKYC has drastically reduced KYC costs, providing a significant boost to the fintech sector. The financial industry has a vested interest in maintaining the integrity of the eKYC process to ensure these cost benefits are sustained. However, the threat posed by deepfakes is real; persistent fraud using generative AI could force banks and regulators to revert to in-person KYC, substantially increasing costs. The AI-based detection capabilities provided by pi-labs.ai will offer our banking clients enhanced security and peace of mind." Ankush Tiwari, Founder and CEO of pi-labs.ai, added, "Our deepfake detection technology is poised to revolutionize the eKYC process by alerting both human reviewers and automated systems when AI-generated content is detected. This proactive approach will safeguard the credibility of the eKYC process at a time when AI poses a significant threat. The collaboration with Finacus Solutions will greatly enhance the reliability and security of eKYC, ensuring that the financial sector remains resilient against emerging challenges." Finacus Solutions, headquartered in Mumbai, has been at the forefront of delivering digital transformation technology solutions to over 200 banks and financial institutions for the past 15 years. Established in 2007, Finacus received the Microsoft Rising Star award in 2010 for its innovative FinCore solution, which was the first in the APAC region and the second globally to port a core banking solution to the Microsoft Azure cloud. In 2021, Finacus was recognized as one of the 10 most promising banking technology solutions providers. For more information, visit www.finacus.co.in. pi-labs.ai is an AI-based deepfake detection startup that has developed Authentify, an AI++-powered platform designed to detect and analyze deepfakes across various media formats, including images, audio, and video. Utilizing advanced AI algorithms, pi-labs.ai empowers enterprises to identify and mitigate fraud attempts involving deepfakes. Authentify's AI engine, trained on millions of datasets from original and synthetic sources, detects subtle inconsistencies in digital content, such as facial movements, lip synchronization, and voice patterns. For more information, visit www.pi-labs.ai. (ADVERTORIAL DISCLAIMER: The above press release has been provided by NewsVoir. ANI will not be responsible in any way for the content of the same) Don't miss the most important news and views of the day. Get them on our Telegram channel First Published: Sep 10 2024 | 1:05 PM IST
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Finacus Solutions and PI Labs have collaborated to develop the world's first deepfake-proof eKYC solution, addressing the growing concern of digital fraud in financial services. This innovative technology aims to enhance security and trust in digital onboarding processes.
Revolutionary eKYC Solution Unveiled
In a significant leap forward for digital security, Finacus Solutions and PI Labs have jointly announced the launch of the world's first deepfake-proof electronic Know Your Customer (eKYC) solution 1. This groundbreaking technology aims to combat the rising threat of digital fraud in the financial services sector, particularly in the realm of customer onboarding and verification processes.
The Deepfake Challenge
Deepfakes, which are synthetic media where a person's likeness is replaced with someone else's, have become a significant concern for financial institutions. These sophisticated AI-generated forgeries can potentially bypass traditional verification methods, posing a serious risk to the integrity of digital transactions and customer onboarding processes 2.
Innovative Technology at Work
The new eKYC solution leverages advanced technologies to ensure the authenticity of users during digital onboarding:
- Liveness Detection: This feature verifies that the person interacting with the system is indeed a live individual and not a pre-recorded video or static image 1.
- Face Matching: The system compares the live capture of the user's face with their ID document photo to confirm identity 2.
- Deepfake Detection: Proprietary algorithms are employed to identify and flag potential deepfake attempts 1.
Enhanced Security and Efficiency
By implementing this cutting-edge solution, financial institutions can significantly reduce the risk of fraud while streamlining their customer onboarding processes. The technology not only enhances security but also improves the overall customer experience by providing a seamless and trustworthy digital interaction 2.
Industry Impact and Future Prospects
The introduction of this deepfake-proof eKYC solution is expected to have far-reaching implications for the financial services industry. As digital transactions continue to grow, the need for robust security measures becomes increasingly critical. This innovation by Finacus Solutions and PI Labs sets a new standard for digital identity verification and fraud prevention 1.
Collaborative Effort
The partnership between Finacus Solutions, a leading provider of banking and financial services software, and PI Labs, a pioneer in AI-based security solutions, demonstrates the power of collaboration in addressing complex technological challenges. Their combined expertise has resulted in a solution that could potentially reshape the landscape of digital financial services 2.
As the financial world continues to evolve in the digital age, innovations like this deepfake-proof eKYC solution will play a crucial role in maintaining trust, security, and efficiency in online transactions and customer interactions.
Reference
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