ID-Pal’s latest AI document fraud detection feature, ID-Detect has been shortlisted for the “Fintech Innovation Award” and additionally we have also been selected as a finalist in the “Compliance & RegTech” award category at the 2024 FS Awards in association with KPMG.
The FS Awards celebrate excellence in the financial services sector, particularly recognising achievements in areas like banking, fintech, insurance, and asset management. It acknowledges organisations, teams, and individuals who contribute to making Dublin a global hub for financial services.
The Fintech innovation Award category at the FS Awards recognises the company that has revolutionised fintech and pushes the boundaries on innovation, offering scalable and secure solutions while leaving a positive impact on customers and the market. Being shortlisted for this award shows the significance of ID-Detect as a cutting-edge solution in the financial services sector.
Check out the full list of finalists here.
ID-Detect in Action
ID-Detect is an innovative product enhancement to ID-Pal’s suite of solutions and introduces a focused approach to identify and neutralises specific forms of attacks. The additional layer of security ensures that ID verification processes remain robust and reliable, safeguarding both the organisation and its users against the evolving threats posed by fraudsters.
Document fraud attacks often involve tactics like Screen Recapture, Photography, and Portrait Substitution, which collectively account for 90% of all attempted document fraud. These methods manipulate digital or physical images of identification documents to bypass security checks, posing significant risks to businesses relying on manual or basic verification processes.
With ID-Detect enabled, you can experience enhanced document verification and accuracy rates on each submission, with testing in one attack vector showing an ability to detect up to 99% of fraudulent documents*. Thus, confirming with greater confidence that a physical document is present, not a reproduction.
Learn more about the benefits of ID-Detect here.
Proven Success
Since its launch earlier this year, ID-Detect has demonstrated its value through real-world applications. Finset, a pioneering car financing platform, recently revealed it prevented £700,000 worth of fraud using ID-Detect. Following integration via their API, Finset utilised ID-Detect to reliably identify AI-generated documents and ensure that a physical document was present, not a reproduction. As fraud continues to disrupt financial services in the UK and Ireland, ID-Detect has become a crucial tool for maintaining high verification standards and robust protection.
Read the full press release here.
The FS Awards 2024 will take place on October 24th 2024 in the Round Room of The Mansion House, Dublin. Find out more about the awards here: https://fsdublin.com/
