Banks and fintech firms using tech firms to fight deepfake fraud

Mitek and iProov technology is being used by a number of banking firms as concern grows over online fraud

Banks and fintech groups are entering partnerships with tech firms to tackle the use of fraudulent 'deepfake' content in biometric ID systems.

The financial institutions are teaming up with identification startups like Mitek and iProov, according to The Financial Times

HSBC has become the latest bank to sign up to a biometric identification system, with the organisation set to use technology developed by Mitek that's offered through a partnership with Adobe. The bank will introduce it in the US where it will check the identities of new customers by using live images and electronic signatures. 

Other companies to adopt Mitek tech include Chase, ABN Amro, Caixa Bank, Mastercard and Anna Money, according to the FT.

The partnerships come as recent research suggests deepfakes are the biggest worry for customers. According to a survey of 2,000 consumers from UK-based fintech iProov, 72% believe the need to authenticate identity is more important than ever, while 85% agreed that deepfakes will make it harder to trust what they see online. 

Last week iProov launched the iProov Security Operations Centre (iSOC) in Singapore, which aims to help firms to detect and block identity-based cyber attacks, including deepfake videos used to impersonate clients. The system will be provided via an ID verification system that the company has supplied to banking customers such as Rabobank, ING and Aegon.

"As the arms race begins between deepfake generators and deepfake detectors, enterprises must prioritise their security measures and consider how they can protect their customers from sophisticated attacks," the firm said. 

"The iSOC has been launched precisely to ensure that our customers are protected, not only from attacks today but also tomorrow and in the future. iSOC uses machine learning, people and process to rapidly react and evolve to emerging threats."

Deepfakes, which are doctored or realistically edited videos and images, are a growing problem for a number of industries. Platforms such as Facebook have struggled to remove political deepfakes and companies like Trend Micro have warned of 'deepfake ransomware' increasing in the future. 

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