The best business case for GenAI I’ve seen yet is that fraudsters are using it to make fake IDs and deepfakes to get around KYC software so they can open bank accounts with ease. What a great technology.
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Seems like a problem that we're doing more and more things online but our only semi-universal government ID is a paper card with a 9 digit number that is supposed to be used for both ID and authentication.
There’s a fun type of fraud on the upswing recently where they’ll steal a bunch of ssns with the same generic F/L name, then apply for cards and send in other ssns. They do it enough to pass basic kyc and cause systems to update other bio details to match the fraudulent ones.
The only obvious part of the scam is that all the addresses tend to be the same place so, but there’s enough other data with slight differences that banks aren’t keen to just mass cancel anything but the obvious ones
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