AI-driven KYC processes, including video verification and document authentication, further enhance security, compliance, and trust in digital transactions
FinTech BizNews Service
Mumbai, 30 December, 2024: Amidst the rapid evolution of technology, businesses are increasingly challenged with combating AI-driven fraud and discrepancies in employee verification. This has led to a sharp rise in cybercrime and fraudulent activities, particularly in sensitive sectors like BFSI and digital transformation. Ajay Trehan, Founder and CEO at AuthBridge, sheds the light on the forward looking trends to watch out in 2025.
“The rise of AI-generated deep fakes and increasing discrepancies in employee verification present significant challenges in today’s technological landscape. Fraud volumes in India surged by 101% in the first five months of 2024, with background check discrepancies rising by 44% compared to 2023. These trends highlight the urgent need for advanced identity verification, KYC, and any third-party due diligence solutions to protect businesses.
Sensitive sectors like BFSI, digital transformation have driven growth but exposed new vulnerabilities, with cyber fraud in banking transactions rising by 13% in FY 2023-24 and background check discrepancies increasing by 10.4%. By integrating solutions like instant document verification, real-time GST validation, and AI-powered entity screening, organisations can identify red flags early and mitigate risks effectively. AI-driven KYC processes, including video verification and document authentication, further enhance security, compliance, and trust in digital transactions.
Looking ahead to 2025, we expect the adoption of privacy-enhancing technologies (PETs) and intelligent automation to reshape the BFSI sector’s approach to verification. Our focus will be on leveraging automation, AI, and privacy-first solutions such as facial recognition, real-time document verification, and entity screening to mitigate fraud risks, improve operational efficiency, and ensure trust and resilience across all verification touchpoints in an increasingly complex digital ecosystem.”
