- ID/passport verification as part of “Know Your Business/Know You Customer” with AI/ML is key to fraud mitigation in the banking industry.
- The risk of fraud is growing globally, with 51% fraudulent activity being identify fraud.
- Many banks have seen high volumes of fraud cases related to unverifiable passports with high financial losses.
- The proposed solutions is to use AI/ML for temper checks, data match and fact match to verify customer identity.
- The main aim of this slot is to take the audience through how we have used AI/ML and the lessons learned and ROI received through the project and not just from a South African perspective but in other African countries as a joint collaborative effort to combating identify fraud in the banking sector.