Fraudsters using AI to create synthetic identities

Generative AI has beneficial uses for financial institutions, but fraudsters have taken note, employing the technology to create thousands of fake identities. 

The emergence of generative AI has made rooting out fake users even more challenging for financial institutions (FIs), with cybercriminals harnessing it to deepfake a person’s appearance or replicate their speaking voice, Ajay Amlani, senior vice president and head of the Americas at biometric security company iProov, tells Bank Automation News in this episode of “The Buzz” podcast.  

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The new podcast covering current trends and intriguing topics in automation and beyond courtesy of Bank Automation News, the definitive source for insights and news surrounding automation in financial services.

Formerly Bank Innovation, since 2009 Bank Automation News has been at the forefront of tracking the evolution of digital banking. With the future of innovation pointing to opportunities in automation, we have transitioned the focus of our coverage to continue to provide insights and information that guide industry professionals to better results.

Automation is the next frontier of financial services technology. It will improve or transform most banking processes from customer experience to compliance, lending solutions and investment. Automation technology will create the greatest transformation at financial institutions since the digitization of financial services in the wake of the Credit Crisis. Banks that are not already investing in automation technologies must begin shifting their focus to remain competitive. This transition requires investment in training and educational resources.

Bank Automation News is the first and only news and education source dedicated to fostering this emerging segment of financial services technology.