Money20/20 USA 2023 saw the leading lights of financial services come together in Las Vegas to connect and create the future of money.
FinTech Magazine caught up with Ofer Friedman, Chief Business Development Officer at AU10TIX, to discuss the undeniable importance of ID verification.
Fraudsters pouncing on new opportunities
Friedman began by saying ID verification had become “extremely” important due to the market’s ongoing transition.
“From the attacking side, deepfake starts coming in; from the regulatory side, the market starts to look at wallets and verifiable credentials,” said Friedman.
“What could be better for a fraudster than the opportunity to use a good fake and produce a verifiable credential and, no questions asked, it’s you? It’s actually a very sensitive transitional period.”
Harnessing the power of AI
Emphasising the immense impact of AI on the fraud space, Friedman added: “Professional fraud is the first to harness AI to produce fraud which is undetectable.
“I wouldn’t be surprised if some of those people creating the fraud have worked for companies who are doing fraud detection, because, when we detect it, you can see them reading the minds of those trying to protect against it.
“We are looking at a trend where the early adopters, and most talented adopters of AI, are not the companies trying to protect against fraud, but those committing it.
“By comparison to my 15 years in the business, never have I seen such a rate of innovation in fraud committing.”
To hear more from Ofer Friedman, simply click play on the video at the top of this story.
Want to see more from Money20/20 USA 2023? Visit our YouTube playlist featuring interviews with some of the biggest players in fintech.
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