Trapets’ Post

Attending #Sibos 2024 in Beijing. Be sure to catch Red Hat's Richard Harmon speaking on "AI and Synthetic Data: Fighting financial fraud and protecting customers" #AI #SyntheticData #FinancialCrime #Fraud #Regulations Red Hat

Excited to have Law360 republish our recent blog post on FinCEN's risk alert warning about the criminal use of deepfakes to bypass customer identification controls and perpetrate financial crimes. Financial institutions should consider the use of advanced identity verification techniques, watch for red flags, and subject suspicious accounts to enhanced scrutiny

The U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN) recently issued a stark warning about the growing use of deepfake media in fraud schemes, fueled by generative AI technologies. This emerging threat compels us to rethink how we approach identity verification and fraud prevention. Deepfakes thrive at the intersection of physical and digital worlds, exploiting gaps in traditional identity systems. Tackling these challenges requires an Identity Orchestration Platform capable of creating a multi-layered identity workflow that integrates real-time device behavior, digital signals, and global threat intelligence. For years, LexisNexis Risk Solutions has set the standard in identity orchestration with: - The industry’s only identity orchestration platform delivering dynamic, multi-layered workflows. - Global scale, leveraging insights from the LexisNexis Digital Identity Network, the largest crowd-sourced digital identity network. - 99.99% precision linking rates** through LexID®, ensuring unparalleled accuracy in identity resolution. - Decades of expertise in identity verification, backed by advanced fraud prevention technologies. As deepfake schemes continue to challenge trust in identity systems, LexisNexis remains at the forefront of innovation, ensuring that identity verification evolves to meet today’s—and tomorrow’s—threats.

We don’t issue a lot of Special Alerts to our Fraud of the Day subscribers. This one is troubling and one to watch out for. While generative AI has a number of tremendous benefits, it is far from risk free. Bad actors are always looking for a leg up and this one targeting financial institutions is one we all need to be wary of.

Last week, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) sounded the alarm on a growing and insidious threat: fraud schemes leveraging deepfake media created with generative artificial intelligence (GenAI) tools. In a world where deepfake media blurs the line between reality and fabrication, how can your agency be sure people are who they say they are? Read our Special Alert to learn more about FinCEN’s findings and how we can help your agency combat deepfake media exploitation and risk. https://splr.io/6044WSSLi

🔎 Simply matching names against a list is no longer enough – it's time to transform your sanctions screening. In our latest blog, discover the secrets of taking your sanctions screening beyond name matching with linked data, relationships, adverse media and AI from our Operational Data Science Lead Abhijith Rajan, Ph.D. What are you doing to take your screening to the next level? Read the blog 👉 https://lnkd.in/eV7Gfhm4 #SanctionsScreening #AdverseMedia #FinCrime

Want to know how AI is transforming financial crime detection and boosting transaction security? Large transaction models

Last week, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) sounded the alarm on a growing and insidious threat: fraud schemes leveraging deepfake media created with generative artificial intelligence (GenAI) tools. In a world where deepfake media blurs the line between reality and fabrication, how can your agency be sure people are who they say they are? Read our Special Alert to learn more about FinCEN’s findings and how we can help your agency combat deepfake media exploitation and risk.

Last week, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) sounded the alarm on a growing and insidious threat: fraud schemes leveraging deepfake media created with generative artificial intelligence (GenAI) tools. In a world where deepfake media blurs the line between reality and fabrication, how can your agency be sure people are who they say they are? Read our Special Alert to learn more about FinCEN’s findings and how we can help your agency combat deepfake media exploitation and risk.

Last week, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) sounded the alarm on a growing and insidious threat: fraud schemes leveraging deepfake media created with generative artificial intelligence (GenAI) tools. In a world where deepfake media blurs the line between reality and fabrication, how can your agency be sure people are who they say they are? Read our Special Alert to learn more about FinCEN’s findings and how we can help your agency combat deepfake media exploitation and risk.