Finacus Solutions, a frontrunner in cutting-edge banking technology, has teamed up with pi-labs.ai, an AI-based deepfake detection innovator, to launch a groundbreaking advancement in the e-KYC (electronic Know Your Customer) process. This strategic collaboration introduces the world’s first deepfake-proof eKYC solution, aimed at bolstering identity verification protocols against the escalating threat of deepfake fraud in the financial sector.
This innovative partnership leverages pi-labs.ai’s advanced deepfake detection technology, integrating it seamlessly into Finacus Solutions’ established eKYC framework. The collaboration comes at a crucial time, as the financial industry faces an increase in AI-driven deepfake scams. In response, the Reserve Bank of India (RBI) has mandated the use of live video in KYC procedures, along with enhanced security measures like dynamic, personalized, and randomized questionnaires. However, the rise of deepfake videos in Video KYC presents a serious challenge, particularly in areas such as credit and loan application verifications.
This alliance represents a significant milestone in the application of artificial intelligence within the eKYC process, marking the first implementation of AI for deepfake detection in this context. By incorporating pi-labs.ai’s AI capabilities, the existing manual authentication process will be enhanced, resulting in a sophisticated hybrid system that combines human expertise with AI-driven insights to ensure maximum security. This collaboration not only reinforces the integrity of the eKYC process but also sets the stage for increased automation, potentially reducing operational costs in the long run.
Last year, approximately 63 billion eKYC transactions were conducted worldwide, leading to substantial reductions in customer onboarding expenses. The financial industry cannot afford to revert to traditional KYC methods, as demonstrated by India’s recent experience, where the Supreme Court temporarily banned eKYC, only to reinstate it after the RBI amended its Master Direction on KYC norms. As the industry progresses, addressing vulnerabilities that AI-driven fraudsters could exploit remains critical, particularly in preventing the creation of fraudulent Jan Dhan accounts to access Direct Benefit Transfers (DBT) or other government subsidies, which poses significant risks to banks both financially and legally.
