GenAI could make KYC effectively useless

Caute_cautim — Sun, 14 Jan 2024 05:03:16 GMT

Hi All

KYC, or “know your customer,” is a process intended to help financial institutions, fintech startups and banks verify the identity of their customers. Not uncommonly, KYC authentication involves “ID images,” or cross-checked selfies used to confirm a person is who they say they are. Wise, Revolut and cryptocurrency platforms Gemini and LiteBit are among those relying on ID images for security onboarding.

But generative AI could sow doubt into these checks.

https://techcrunch.com/2024/01/08/gen-ai-could-make-kyc-effectively-useless/

The takeaway is that KYC, which was already hit or miss, could soon become effectively useless as a security measure. Su, for one, doesn’t believe deepfaked images and video have reached the point where they can fool human reviewers. But it might only be a matter of time before that changes.

Regards

Caute_Cautim

topic GenAI could make KYC effectively useless in Industry News

GenAI could make KYC effectively useless