Formica AI & FinTech Journal

Veriff Publishes Annual Identity Fraud Report

Veriff, a global identity verification provider, has released its Identity Fraud Report 2024, which shows a 20% increase in overall fraud incidents compared to last year's findings. The rise in impersonation fraud and the availability of more advanced attack methodologies and tools are the main reasons for this increase. The gaming, payments, and ecommerce industries have been the worst hit, with respective fraud increases of 47.5%, 54%, and 40.3% compared to data from 2022. Veriff suggests that combining IDV technology with human expertise is one solution to combat identity fraud. The report also reveals that identity fraud has been the most common type of fraud in 2023, with 6% of all verification attempts being fraudulent. Impersonation fraud accounted for 85% of fraud, while document fraud and digital and physical man-in-the-middle fraud accounted for the remaining 15%.?

UK Celebrates 'World First' Anti-Fraud Deal with Big Tech

The UK government has signed a "world-first" Online Fraud Charter with major technology companies, aiming to tackle online fraud and scams. The agreement includes measures such as verifying advertisers, improving fraud reporting, and enabling users to verify themselves on dating sites. The government claims that fraud is now the most common crime in the UK, accounting for 40% of reports in England and Wales, with over three million incidents recorded last year. The companies signed up to the charter include Amazon, eBay, Google, Instagram, LinkedIn, Match Group, and others, who have pledged to adopt the measures within six months.

AI's Transformative Role in Finance

The UK government has signed an Online Fraud Charter with major technology companies to combat online fraud and scams, with measures including verifying advertisers and improving fraud reporting. Fraud is now the most common crime in the UK, accounting for 40% of reports in England and Wales. The charter aims to address the "epidemic of scams" that has been devastating family finances and individuals’ mental health, according to Martin Lewis The panel at the AI in Financial Services Forum discussed the transformative role of generative AI in revolutionizing financial services, with a focus on its potential to improve front-facing services and internal processes. However, the panel also highlighted challenges such as the need to ensure the technology does not say or do anything inappropriate, and the current limitations of generative AI in consuming and synthesizing large volumes of data.?