- Shane Oren, Chief Revenue Officer at IDVerse, speaks about the development and implementation of zero bias AI to combat fraud in financial organisations.
- The AI model from IDVerse aims to eliminate bias with a less than 1% false un-match rate and no manual review required, a substantial improvement compared to industry standards.
- Oren emphasizes that generative AI is crucial in the battle against fraud, and that companies lagging behind in its implementation will inevitably fall victim to increasingly sophisticated cyber threats.
IDVerse’s Chief Revenue Officer, Shane Oren, addressed the persistent issue of fraud in global financial organisations at Money20/20 USA. Oren highlighted the integral role generative AI plays in combatting this ongoing threat. An essential talking point was their development of zero bias AI technology, a novel concept in the industry.
In his interview, Oren detailed how IDVerse’s AI model, designed to eliminate bias, has already started showing promising results. He explained, “No matter race, religion or origin, we’ve got the ability to still get the proper results.” Particularly notable is their ability to reduce the false un-match rate to less than 1% with no manual review necessary. This revolutionised process marks a significant leap from the industry-standard 20% rejection rate, and the even higher 40% rejection rate in people of colour.
Oren also conveyed the urgency of utilising AI in the fight against fraud. He emphasised the value of generative AI in combating the ever-more sophisticated cyber threats that are able to breach sensitive data. He warned, “If you’re not using AI and generative AI to fight this fraud battle, then quite frankly, you’re behind”. This sentiment reflects the rapidly advancing nature of cyber threats, where AI-driven fraud prevention is key to maintaining security.
In addition to introducing their zero bias AI, IDVerse is working hard to raise awareness about their progress and success. When their 99% success rate outpaces other vendors claiming 80%, Oren believes it’s crucial to communicate how they are accomplishing this well beyond the standard. “Let us prove why we’re different and how we do it,” Oren added, inviting scrutiny and dialogue about their innovative methods.
For further details on IDVerse and their undertaking in AI, visit their website and stay informed with the latest updates on Money20/20 USA and FinTech Magazine.
