Checkout.com says it uses artificial intelligence to onboard customers in less than two minutes.
The payment solutions provider announced on Tuesday (11 July) the launch of its Identity Verification Tool, a video verification tool powered by artificial intelligence (AI).
“Impersonation scams are evolving, with deepfakes and deceptive documents becoming more sophisticated,” the company said in a news release. “Single-frame photos often fail due to poor quality or are managed by systems that are unable to accommodate new types of fraud.”
Checkout.com says that “25 fps, 1000 images/flow video streaming” can solve this problem.
Customers use their phone’s video mode to show their ID and their face, and AI guides them through the process.
Prove “document authenticity” and teach AI how to move your face so it can recognize you. Additionally, the AI will also let the user know if the document they are scanning is invalid (for example, wrong driver’s license or passport).
“The digital economy enables instant access to products, services and results, and identity verification is no exception,” said Melon Kolbesi, Chief Product Officer at Checkout.com, in a release. said.
“We are deep believers in the intersection of digital payments and online identity verification. is of no use.”
Over the past few months, many payments industry professionals have spoken with PYMNTS about the benefits of using AI to combat fraud.
Jeremiah Lotz, PSCU’s managing vice president of digital and data, said using technology to prevent fraud is nothing new, but the latest AI solutions offer “deeper, more personalized experiences. We can take things to the next level by considering
This means supporting identity verification and transaction approval, while better analyzing behavioral patterns to identify suspicious activity.
Checkout.com uses AI to prevent fraud, but many observers are concerned about the technology’s ability to assist fraudsters in their fraudulent activities.
A group of U.S. senators sent a letter last week to Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra calling for action against voice cloning and other AI and machine learning (ML) techniques that could be used for financial fraud. expressed concern.
“Voice cloning adds a new threat dimension to these scams, allowing scammers to generate audio clips to impersonate friends, family members, or even financial advisors and bankers in some cases. I will,” the lawmakers said in the letter. “Hearing a trusted voice puts consumers at greater risk of being scammed.”
Senators called on the CFPB to look into the risks posed by AI and ML and take action on the governance of technology that could affect consumer financial products.
