Money20/20 USA: Jumio on the rise of generative AI in fraud

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 Philipp Pointner, Chief of Digital Identity at Jumio, to discuss all things fraud, ID verification and generative AI. 

Jumio unveils fraud analytics tool

Jumio made a big announcement at Money20/20 USA, revealing its 360-degree fraud analytics tool. 

Explaining the product, Pointner said: "Fraudsters have been evolving a lot over the last two years. We've seen a lot more activity and sophistication, so obviously we need to keep up with that and find new techniques to fight them. 

"We were looking for something independent of our other capabilities around checking the visuals of an ID and making sure it's authentic. So, it's a data-driven network that creates connectivity between transactions and allows us to look at transactions we've already seen in the past and see if we can find traces of fraudulent behaviour."

The growing influence of GenAI

Asked about the evolving fraud landscape and growing influence of generative AI, Pointner added: "The fraudsters are going on a rampage. With the economic downturn, companies have been downsizing their risk and compliance operations; end users are now way more susceptible to scams than they ever were before because of fear and uncertainty.

"The fraudsters have new, shiny tools – GenAI, for example. We've seen our own developers put together a pipeline of GenAI where they could create fake IDs at the click of a button based on templates. Imagine that technology in the hands of fraudsters.

"In the past, it might have taken them 30 minutes to an hour to handcraft a fake ID with Photoshop; now they can generate 10,000 at the click of a button."

To hear more from Philipp Pointner, simply follow the video link at the top of this story. 

Want to see more from Money20/20 USA 2023? Stay tuned to our website for more content, which will be rolled out in the coming days. 

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