Using AI to Fight Back

It seems like everyone’s talking about generative AI. Maybe you’ve used it to write an email or schedule a meeting. However, the potential of AI goes far beyond automating simple tasks. The identity industry needs to prepare for AI’s impact on fraud and identity theft. Giving cybercriminals access to AI tools that can create fake documents, images of people and voices in seconds will lead to a huge increase in scams.

The Federal Trade Commission (FTC) Chair, Lina Khan, said that AI was being used to “turbocharge” fraud through voice-cloning scams. Darktrace has found that AI has rapidly increased sophistication in scams, allowing cybercriminals to create more successful social engineering attacks. We need to encourage government agencies and enterprises to adopt identity verification solutions that use machine learning and AI tools to fight back against fraud.

“Generative AI tools are in their infancy, but they are evolving quickly,” Eric Levine, Head of Document Verification solutions at Socure, said. “Right now, AI can’t generate a person’s identity from scratch, but it can be used to augment fraud and create believable documents for stolen identities.”

As a preemptive measure, we need to redouble our efforts to protect digital identities and go on the offense by employing advanced AI/Machine Learning techniques to fight back. Any organization that heavily relies on a single point of verification is going to be vulnerable to AI. For example, if an organization still uses a voice signature to establish a person’s identity, new AI voice tools are allowing scammers to impersonate real people. A recent industry report found the amount of fraud rose at contact centers by 53% YoY in Q4 2022 alone

Using AI to Fight Back

Using AI and ML technologies is a proactive approach to combating fraud and ensuring that individuals can access the necessary benefits and services. To protect organizations from identity fraud, it is crucial to leverage these cutting-edge tools. By employing AI and Machine Learning techniques with various data sources, suspicious activities can be detected and identity theft can be prevented. The application of ML algorithms and pattern analysis powers AI systems, simulating intelligence to verify identities. Riskier identities can be flagged for further verification, while good applicants can be swiftly accepted using ML models. Detailed reason codes can be provided to explain suspicious cases, saving valuable time and resources compared to manual reviews. Additionally, AI can be utilized to identify fake IDs, bolstering efforts to eliminate identity fraud. It is imperative for important sectors such as healthcare, government, and finance to enhance their existing identity verification solutions, harnessing the power of AI and ML to stay ahead in the fight against fraud.

You can check out more about Socure here.