Ondato’s AI algorithms notice any discrepancies in the data provided by individuals and flags them as attempted fraud. By October 2021, nearly 281.5 million people had been affected by some sort of data breach, according to the press release. In November 2021, a hacker leaked a database for Argentina's entire population, over 45 million individuals, divulging information that could be adapted to spoof less-advanced detection measures, as per Ondato.
The company’s new spoofing detection product protects legitimate customers by preventing stolen documents being used without their knowledge in identity theft hacks. The system automatically and instantly detects attempts to submit altered documents to bypass identification measures and open a customer account fraudulently.
The solution provides banks, other financial institutions, and any entity obliged to perform KYC processes with protection and the assurance they are onboarding legitimate customers in full compliance with KYC and AML regulations.
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