According to the official press release, in just six months, Finset has prevented fraud amounting to EUR 839,125 through ID-Pal's latest feature specifically aimed at tackling AI-generated identity documents that pose risks to organisations worldwide.
The collaboration between the asset financing platform and the identity verification solution, ID-Pal, has upgraded Finset's onboarding process while ensuring simplified compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements.
After integrating through their API, Finset used ID-Detect, to effectively identify AI-generated documents and ensure that a physical document is genuinely present rather than a copy.
According to the Cifas 2024 Fraudscape intelligence report, UK organisations reported nearly 74,000 cases of facility misuse in 2023, with asset finance experiencing a 45% rise in this type of fraud. Factors such as cost-of-living pressures and individuals attempting to evade payments or unlawfully profit from high-value asset theft are driving this increase. Finset's platform provides financial products through emerging technologies and now features real-time identity verification and advanced document fraud detection for all lenders, dealers, and customers, using ID-Detect powered by ID-Pal’s API integration.
ID-Pal's fully AI-driven technology ensures real-time identity verification, offering a method of security with an assurance of complete privacy regarding customer data. This solution uses a combination of top-tier biometric, document, and database checks to simplify AML and KYC processes all within a single framework. It boasts global identity verification capabilities, covering more than 7,000 identity documents and 200 verified address data sources. Additionally, it is readily available for use out-of-the-box, through a powerful API/SDK, and as an integration with Salesforce AppExchange.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now