London, 21st November 2024 — ID-Pal has been honoured with the “Security Innovation of the Year” title at the Payments Awards 2024. This accolade was for its pioneering feature, ID-Detect, an advanced document fraud detection capability that significantly strengthens fraud prevention.

Deloitte’s Center for Financial Services predicts that gen AI could enable fraud losses to reach US$40 billion in the United States by 2027. AI-fraud is constantly updating its ability to fool standard identity verification tools. Using a dynamic platform that can deploy the latest fraud detection technologies with ease is a game-changing innovation for enterprise organisations.

ID-Detect by ID-Pal is a transformative feature that sets a new standard in detecting AI-generated deepfakes. Designed to combat increasingly sophisticated fraudulent tactics, ID-Detect uses AI-powered technology to confirm a genuine physical document is present, not a deepfake reproduction.

The win reflects ID-Pal’s dedication to recognising the company’s steadfast commitment to AI-powered innovation, privacy, and trust in digital identity verification and fraud prevention.

“This recognition is a testament to the trust our clients place in us as a partner who offers advanced fraud detection capabilities with the highest standards of privacy and security. At a time when AI-fraud tactics are escalating, ID-Detects capabilities ensures businesses can detect AI document fraud with ease, while maintaining seamless user experiences. This award underscores our role as a leader in safeguarding digital identity verification with security and AI-excellence at the forefront.”

 

ID-Pal’s secure, multi-layered verification process is trusted by businesses across industries, including payments, banking, fintech, and public sector organisations like the Irish Department of Justice. The platform’s ability to meet rigorous infosec standards has made it the go-to solution for bodies seeking robust fraud prevention without compromising data privacy or customer experience.

This award builds on the success of ID-Detect, which has already demonstrated its value in the field by helping clients like Finset catch sophisticated fraud attempts valued. ID-Detect comes as standard in the multi-layered identity verification solution, ensuring security and real-time AI document fraud detection. The feature offers:

With zero data access, ID-Pal guarantees privacy while leveraging a unique combination of biometric, document, and database checks. Its technology, 100% powered by AI, supports over 7,000 global identity documents and 200 verified address data sources, ensuring businesses operate with confidence on a global scale.

The “Security Innovation of the Year” award solidifies ID-Pal’s role as a trusted partner for organisations worldwide. Its focus on privacy-preserving technology and adherence to rigorous infosec standards make it a leader in the fight against fraud.