On the Iban Wallet blog, we explore how the Fintech sector, known for offering accessible and efficient financial solutions, also faces new challenges as technology advances. One of the most concerning is Deepfake, a technique that uses artificial intelligence (AI) to create fake but incredibly realistic audio and video. This phenomenon poses serious threats to the security and integrity of digital financial services, and that's why at Iban Wallet, we teach you how to avoid it.
Deepfake is not just a technological curiosity; in the wrong hands, it can cause significant damage. The 2024 Online Identity Study conducted by Jumio in four countries reveals that the incidence of deepfakes is increasing as AI tools become more sophisticated. This creates a growing gap in the ability to detect these deceptions, putting the security of users and the trust in financial platforms at risk.
To combat this threat, identity verification has become a cornerstone in protecting users in the Fintech sector. According to the study, globally, more than 70% of respondents would be willing to spend more time on identity verification if it improves security. In the financial sector, 77% would invest more in these measures to ensure user authenticity.
Identity verification is not a homogeneous process; there is great innovation and technology, as well as methods that vary in effectiveness. It is crucial to educate users on the importance of these solutions and to spread the word that not all verifications are equal just because they involve taking a facial photo and validating it.
One of the most effective strategies against Deepfakes is liveness tests. These real-time verifications ensure that the person interacting is authentic and present at the moment of verification, thus hindering fraud attempts through fake videos. This measure not only protects users but also strengthens trust in Fintech platforms.
The battle against Deepfakes is not only fought with innovation and technology but also with financial education. Users must be aware of the risks and available protection measures. Fintech companies, on their part, must invest in advanced identity verification solutions and promote a culture of security and prevention.
At Iban Wallet Mexico, our goal is to disseminate information that allows users to educate and better prepare themselves against emerging threats, thus ensuring a safe and reliable Fintech ecosystem.
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