Money20/20 USA: Zero bias AI with IDVerse
In attendance at Money20/20 USA, held in Las Vegas from October 22-25, FinTech Magazine speaks to Shane Oren, Chief Revenue Officer at IDVerse, about zero bias AI.
With AI becoming more of a threat to global financial organisations, enterprises are having to come up with new ways to combat issues of fraud.
Zero bias AI
IDVerse is working on zero bias AI, something very different in the space, and Oren tells us more. He explains in his interview how the AI model was built to combat bias and it is already demonstrating results.
“No matter race, religion or origin, we've got the ability to still get the proper results.
“If you look at the industry standard of false unmatched, it's about a 20% rejection rate, and people of colour is about a 40% rejection rate - meaning it kicks it to a manual review, which is really where that bias gets introduced.”
Oren states that IDVerse has the ability to offer a less than 1% false un-match rate, with no manual required, to effectively eliminate bias.
They are “tuning the engine synthetic data sets so you're not bringing in those human characteristics to it. It allows us to achieve that rating via beta, which is, we passed a hundred percent the very first try.
How important is AI in the fight against fraud?
Oren also speaks about how AI can be used to fight AI - especially in fraud cases. Cybersecurity measures are being tested globally, given that ‘threat actors’ are becoming increasingly more sophisticated. They are finding new ways to breach sensitive data and harnessing AI to do so.
“If you're not using AI and generative AI to fight this fraud battle, then quite frankly, you're behind,” Oren says.
“If companies just like ours don't step up their game to prevent that, the fraudsters are going to win in the end.
“The big part is name recognition, getting it out there, letting people understand what it is we do and how we do it. When we say we get a 99% success rate, and other vendors are saying 80%, it's a large jump, so it's hard for people to understand it.
“Let us prove why we're different and how we do it.”
For more from IDVerse and its work on AI, you can click on the video link above.
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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