A recent survey found that AI-generated identity fraud like deepfakes affect a third of businesses. It revealed that 37% of organizations had experienced deepfake voice fraud, and 29% had fallen victim to deepfake videos.
As AI can be leveraged to create increasingly realistic and convincing deepfakes, it is becoming more difficult to distinguish between genuine and manipulated content. The survey found that fake biometric artifacts like deep fake voices or videos, are perceived to be real threats by 80% of companies worldwide, with US companies being particularly concerned (91%).
The survey also found that almost half (46%) of organizations worldwide experienced synthetic identity fraud in 2022. Synthetic identity fraud is when criminals combine real and fake ID information to create entirely new and artificial identities, which are often used to open bank accounts or make fraudulent purchases. The banking sector is the most vulnerable to this kind of identity fraud.
To prevent most current identity frauds, companies should have sophisticated document verification enabled in addition to extensive biometric checks. Thorough ID verification should be enabled when authenticating identity remotely, and a company should be able to establish an extensive range of authenticity checks containing all the security features in IDs. Biometric verification is also essential and should consist of robust liveness verification to prove that no malefactor presents non-live imagery during the check.
Overall, an effective identity verification process consists of a combination of techniques, alongside an extensive scope of cross-validations of information and attributes of a user. By implementing these measures, businesses can prevent identity fraud and mitigate security risks.