At Money20/20 USA 2023, Jumio unveiled its new fraud analytics tool, which uses generative AI to detect fraudulent behavior in transactions. The tool analyzes past transactions to identify patterns and traces of fraud. Jumio’s Chief of Digital Identity, Philipp Pointner, emphasized the need for new techniques to fight against evolving fraudsters, who are using advanced tools like generative AI to create fake IDs at the click of a button. With the economic downturn and downsizing of risk and compliance operations, end users have become more susceptible to scams, making fraud detection and prevention even more crucial.
The 360-degree fraud analytics tool is designed to keep up with the evolving fraud landscape and combat the growing influence of generative AI. It creates a data-driven network that connects transactions and identifies fraudulent behavior. Pointner explained that fraudsters can now generate thousands of fake IDs within seconds, whereas in the past, it would have taken them much longer to create a single fake ID using tools like Photoshop.
The article highlights the increasing threat of fraud and the need for advanced technologies like generative AI to combat it. It emphasizes Jumio’s new fraud analytics tool as a key solution for detecting and preventing fraudulent behavior in transactions. The tool utilizes past transaction data to identify patterns and traces of fraud. It also discusses the rise of generative AI in fraud and how fraudsters are using these advanced tools to create fake IDs more quickly and efficiently. The article concludes by encouraging readers to watch a video interview with Philipp Pointner for more insights.
