Home ยป Unveiling the Miscreants: Sumsub Executives Highlight Deepfake Threat to Financial Sector, Emphasizing Vitality of Online Identity Verification.

Unveiling the Miscreants: Sumsub Executives Highlight Deepfake Threat to Financial Sector, Emphasizing Vitality of Online Identity Verification.

At the recent Money 20/20 Asia event in Bangkok, Tony Petrov, the Chief Legal Officer of Sumsub, a provider of Know-Your-Customer (KYC) identity verification services, discussed the advancements in AI technology. While AI technology continues to progress, so does the development of detection technology.

Sumsub is working on enhancing its Deepfake image detection system by having a team create fake images to challenge the verification system. Many of their clients are in the crypto sector, such as the popular Binance market.

Petrov noted the possibility of malicious individuals bypassing verification systems by impersonating others. However, transaction processing agencies must conduct multi-layered checks beyond just identity verification. For example, banking apps may need to verify that the camera used by the customer is real and not a software-generated image. Even after a potential criminal successfully registers, further checks are necessary. Sumsub has encountered cases where individuals opened multiple accounts using the same address, allowing the organization to close all related accounts.

Online identity verification processes pose significant challenges for both government and financial sectors. Petrov pointed out that different countries have varying limitations. For instance, Singapore’s Singpass system effectively verifies its citizens but may not be suitable for foreign individuals who wish to access services remotely. On the other hand, Germany suggests conducting online interviews with officials to confirm identities, making it difficult for Deepfake technology to deceive banks. However, this approach may be costly and may be more appropriate in high-risk scenarios.

TLDR: Sumsub’s Chief Legal Officer discusses the AI technology advancements in identity verification at Money 20/20 Asia and the challenges in online authentication processes globally.

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