FutureBank and IDVerse partner to fight cybercrime

Issue 6 2023 Information Security, Financial (Industry)


Sergio Barbosa.

The customisable and compliant embedded finance platform FutureBank has partnered with digital ID verification company IDVerse (previously known as OCR Labs Global) to further its digital transformation and accelerate customer onboarding through swift and secure digital identity verification (IDV).

Through this partnership, new FutureBank customers can access the IDVerse software as part of its offering. IDVerse customers looking for a middleware platform can connect their API credentials to benefit from FutureBank’s platform.

Bank technology is clunky and rigid and needs forward-thinking technology partners to stay current. Middleware platforms offer technological flexibility that banks and fintechs can’t build themselves, thus preventing downstream fraud and supporting the full customer journey.

FutureBank is an integration platform for core banking providers that embeds finance services. It acts as the glue between a bank and a third-party provider they want to integrate with. It helps banks and fintechs launch new products better, faster and more securely.

Through its Zero Bias AI tested technology, IDVerse is pioneering the use of generative AI to train deep neural network systems to protect against discrimination based on race, age and gender.

Sergio Barbosa, CEO at FutureBank, said, “Generative AI is breeding many different fraud types. With ChatGPT, fraudsters can create very authentic documents and profiles for people at a low cost. We were impressed by IDVerse’s capability to stop fake IDs from making their way through the system, and its fully automated approach that works better than humans. “Cybercrime is currently the third biggest economy in the world, and predictions show that in the next 18 months, it will be the biggest economy in the world. We are delighted to partner with IDVerse to protect our customers from unwanted attacks.”

Russ Cohn, General Manager EMEA at IDVerse, added, “It is already very easy to create a realistic fake person in as little as 15 minutes using online tools readily available on the Internet. Synthetic media is becoming the new tool of choice for fraudsters looking to make money. We estimate there is a 400% year-on-year increase in the use of deepfakes in creating fake identities.”

“Our fully automated identity verification system can offer FutureBank customers a reliable solution to spot deepfake accounts that fraudsters are increasingly trying to create. IDVerse’s cutting-edge technology maps the facial genome and can detect below-the-skin activities, such as a heartbeat changing the colour of the skin, which the human eye cannot see. These natural yet invisible patterns from faces help verify that an image is of a real human, not a deepfake.”




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