Finance & Banking , Fraud Management & Cybercrime , Fraud Risk Management

AI Threats to Authentication Lead 2024 Fraud Trends

In the future, deepfake technology will have a significant impact on newer forms of authentication such as voice and facial recognition and pose new challenges to defenders, said Ofer Friedman, chief business development officer at AU10TIX, an Israel-headquartered identity verification company.

See Also: Mitigating Identity Risks, Lateral Movement and Privilege Escalation

"Voice is much easier to produce very convincingly but is more relevant at the access level once you already are a client and you want to interact with someone. To set up an account, you do not interact with anyone - you just click 'picture' and send," Friedman said.

At the account opening stage, the visual element plays an important role. Deepfake tools can effectively create fake images and synthetic identities, he said. "When we connect, prompt-based tools with image generators can pretty quickly create not one but a whole series of totally different IDs and faces - all of them matching the right face on the right ID."

In this video interview with Information Security Media Group, Friedman discussed:

• The evolution of identity fraud in 2023;
• How the identity fraud space is expected to change in 2024;
• The potential impact of generative AI on authentication methods.

Friedman, who leads business development for AU10TIX, has 15 years of experience in the identity verification and compliance technology sector and has worked with PayPal, Google, Payoneer, Binance, eToro, Uber, Rapyd and Saxo Bank.