A Landmark Partnership in Financial Technology

In a groundbreaking move for the financial technology sector, Finacus Solutions and pi-labs.ai have announced a strategic collaboration aimed at transforming the e-KYC (electronic Know Your Customer) process. This alliance introduces the world’s first deepfake-proof eKYC solution, designed to tackle the escalating threat of deepfake fraud in the financial industry.

Combating the Surge in AI-Driven Fraud

The integration of pi-labs.ai’s advanced deepfake detection technology with Finacus Solutions’ established eKYC framework comes at a crucial time. The financial sector is facing a rising wave of AI-driven deepfake scams, prompting the Reserve Bank of India (RBI) to mandate live video for KYC procedures along with enhanced security measures. Despite these measures, the challenge of deepfake videos in Video KYC, especially for credit and loan applications, remains significant.

AI Meets Human Expertise: A New Era of Security

This innovative collaboration marks a milestone in the application of artificial intelligence within the eKYC process. By integrating pi-labs.ai’s AI tools with existing manual authentication methods, the partnership creates a hybrid system that combines human oversight with AI-driven insights. This approach not only enhances security but also paves the way for greater automation and cost reduction in the eKYC process.

The Global Impact of eKYC and the Urgency of Addressing AI Risks

With nearly 63 billion eKYC transactions conducted globally last year, the financial sector has experienced substantial cost savings. The temporary ban on eKYC in India, later lifted with RBI’s updated KYC norms, highlights the importance of addressing vulnerabilities to AI-driven fraud. The creation of fraudulent accounts to access government subsidies underscores the critical need for robust security measures.

Voices of the Innovators: Expert Insights on the Collaboration

Rahul Ayyappan, Co-founder and CTO of Finacus Solutions, emphasized the importance of maintaining eKYC integrity amid the growing threat of deepfakes. “The AI-based detection capabilities provided by pi-labs.ai will offer our banking clients enhanced security and peace of mind,” he stated.

Ankush Tiwari, Founder and CEO of pi-labs.ai, added, “Our deepfake detection technology is set to revolutionize the eKYC process by detecting AI-generated content early. This proactive approach will safeguard the eKYC process’s credibility and ensure the financial sector remains resilient against emerging challenges.”

This collaboration represents a significant advancement in the fight against deepfake fraud and sets a new standard for security in the eKYC landscape.