As financial services organizations offer more remote access and services to meet consumer demand, digital ecosystems are growing and multiplying at record levels.
This, however, has an unintended side effect: an ever-expanding attack surface. Compounding this problem is the widespread availability of easily accessible and criminally capable generative artificial intelligence (AI) tools, which has increased the need for highly secure remote identity verification.
A recent report from iProov, a leading provider of science-based biometric identity solutions, reveals that from the first to second half of 2023 there was an alarming 704% increase in face-swapping attacks, a form of deepfake, which highlights its growing threat to digital security and calls for more effective measures to combat this form of digital manipulation.
Daniel Molina, Vice President of iProov for Latin America, explains that “previously the victims were the users, and if a person saw their identity violated, they normally made the claim visible. Today that has changed, since crime based on synthetic identities – fictitious people – aims to deceive banks and financial institutions, not only generating economic detriment, but also hitting their weakest point, since organizations do not usually admit that they have been attacked.”
With this scenario, the need to consolidate the Managed Digital Identity becomes stronger, as an effective way for users to control the use of their private data in a responsible and protected manner, and in this way, indirectly, raise the general standard.
“A consequence of having Managed Digital Identities is that it not only raises an additional barrier to the theft of private data, but also allows banks and financial institutions to establish more demanding and less insurmountable criteria for those who intend to profit from synthetic identities,” he adds. the expert.
Within the framework of Fintech Forum Chile 2024, held in Santiago on May 14 and 15, iProov presented – together with its local partner Azurian – its innovative science-based biometric verification technology solutions and will reaffirm its commitment to addressing the challenges of security that Fintech organizations face, which need to remotely incorporate new clients and authenticate existing ones on their digital platforms.
Joint participation in the Fintech Forum Chile 2024 reinforced its collaborative approach in providing innovative and secure remote identity verification solutions that improve the security of companies in Chile and throughout the region.
