Deduce, the only patented technology platform designed to prevent AI-generated identity fraud, announced it was named the winner of the Tech of the Future – Fighting Fraud category at the 2024 Banking Tech Awards USA.
“At Deduce, we aim to equalize access to vital identity data, empowering businesses of all sizes to distinguish genuine customer actions from fraudulent activities with our proprietary Trust Score. This has become even more challenging, given the recent rise of AI-generated fraud, stated Ari Jacoby, founder and CEO of Deduce. “We are grateful that the judging panel has recognized our advancements in fraud prevention. Through our Deduce Identity Network, which processes over 1.5 billion authenticated events daily, our customers can enhance their fraud detection processes, resulting in improved customer experiences and reduced identity fraud.”
Generative AI technology can create fake identities with realistic-looking documents, biometrics, credit histories, and other characteristics that can deceive traditional identity fraud solutions and analysts. Deduce provides the only solution to prevent these “SuperSynthetic” identities from signing up as new accounts and to flag those already embedded among existing customers. Deduce uses the largest activity-backed U.S. fraud and risk identity graph to conduct multi-contextual, real-time data forensics at scale, adding critical context to the decision-making process.
“The Banking Tech Awards USA judging panel has awarded the highest scores to Deduce in the Tech of the Future – Fighting Fraud category,” said Tanya Andreasyan, Editor-in-Chief at FinTech Futures, the global media platform behind the awards. “Deduce stood out because of its ability to help financial institutions solve a critical problem – preventing AI-generated identity fraud. As technology advances and new types of fraud make their way to the forefront, solutions like the one Deduce provides can help organizations stay ahead of the curve.”
SOURCE: BusinessWire