While AI is powerful in its ability to rapidly verify identities at scale, AI applications also introduce risks that can outweigh its rewards. Machine Learning models lack transparency and fail to provide the insights financial services organizations need to meet explainability requirements and fine-tune onboarding models. Fraud Analysts are an essential layer of fraud prevention that brings oversight and transparency to AI by safeguarding against new fraud threats, identifying errors and informing and improving learning models through constant input and refinement of data.
"Transparency is key for digital identity verification and without it, financial services organizations tapping AI for value are instead left with unmitigated risk," said Heidi Hunter, chief product officer at IDology. "AI has the power to enhance a business or destroy it. Successfully leveraging AI for identity verification requires a complete ecosystem of fraud prevention. Multiple layers of intelligence are essential, from automation through AI for rapid fraud detection to fraud analysts who provide oversight and closed-loop transparency for continuous improvement, optimization and development of new solutions."
Hunter will present 'Why AI Needs Humans' during Money20/20 USA on October 22, 2023 at 12:23 PST. The session will offer best practices for leveraging AI for identity verification and a preview of IDology's multi-layered solution that combines the power of AI with a dedicated team of Fraud Analysts to drive automation, oversight and innovation. Journalists or analysts interested in meeting with IDology during Money20/20, email media contact Kathy Berardi to request a briefing.
About IDology
IDology, a GBG company, delivers a comprehensive suite of identity verification, AML/KYC compliance solutions and fraud management to help businesses drive revenue, deter fraud and maintain compliance. IDology provides end-to-end coverage of the customer identity lifecycle, offering standalone or multi-layered capabilities, with thousands of diverse data sources and leading technology for document authentication and ID + selfie verification. Under GBG, Acuant and IDology recently united to form the largest pure play identity verification provider in the Americas. Listed on the London Stock Exchange, GB Group plc ('GBG') is a global leader in developing and delivering digital identity, address verification, fraud prevention and compliance software to businesses globally with over 30 years of experience. To learn more about GBG visit https://www.gbgplc.com.
Media Contact:
Kathy Berardi
Carabiner Communications
678.644.4122
[email protected]
SOURCE GBG IDology
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