SHANGHAI, July 2, 2024 /PRNewswire/ -- Deepfake technology,
an artificial intelligence tool capable of generating convincingly
fake audio and video, is increasingly being used to perpetrate
financial crimes worldwide, raising serious concerns about
sophisticated fraud.
In a notable incident reported by CNN earlier this year, a
finance worker was tricked into transferring $25 million during a video call with an
individual posing as the company's chief financial officer (CFO),
who was actually a deepfake. Such an incident has intensified fears
about the vulnerability of financial systems to advanced fraud
techniques.
Furthermore, global fintech platforms are confronting a rising
wave of AI-driven criminal activities. FinVolution, a leading
fintech company, has reported an increase in AI-generated
attacks on its platforms, and has significantly invested in
deepfake detection technologies to combat this threat.
Growing concerns
The increasing prevalence of deepfake technology in financial
crimes has been underscored by a report from Sumsub, an identity
verification provider. Its latest annual report revealed that
identity fraud cases involving deepfakes have increased tenfold
from 2022 to 2023. The situation in the
Philippines is particularly concerning, with a staggering
4500% increase in attempted fraud schemes utilizing deepfake
technology.
In China, identity fraud involving voice manipulation has
outpaced facial deepfakes, with FinVolution intercepting over 1,000
such incidents in just a few months last year. Meanwhile,
Southeast Asia is experiencing a
surge in AI visual deception techniques, such as facial swaps,
which pose new challenges to the security of digital financial
services.
Lei Chen, vice president of FinVolution and head of its big data
and AI division, emphasized the urgency of the situation.
"Globally, the technology to detect fake voices is not keeping pace
with the technology used to create them. We are pushing for
advancements in AI that can detect these fakes, aiming to align
these defenses with the capabilities of large-scale model
applications," Chen said. "Such efforts are vital for effectively
safeguarding the security of public information and individual
rights."
Addressing the challenges
In an effort to combat these threats, FinVolution Group has
heavily invested in developing voiceprint recognition anti-fraud
solutions tailored for financial scenarios.
The company has taken a proactive approach by introducing their
proprietary voiceprint recognition algorithmic model, which has
been commercially utilized two years before external open-source
models. The model has gained recognition within a mere four seconds
across millions of transactions. Moreover, it supports multiple
languages, including Indonesian, Chinese, Spanish, and more, and
holds a particularly strong position in Indonesian and Spanish
markets.
FinVolution is also at the forefront of combating fraud in
global financial markets with its tailor-made AI anti-fraud
technologies. These cutting-edge services include advanced facial
and document forgery detection and voice synthesis algorithms,
which are integrated into apps of leading international brands.
By leveraging facial recognition and voice verification, these
AI-driven tools play a crucial role in preventing illegal
impersonation and bolstering the effectiveness of risk management
strategies. Notably, in Southeast Asian markets, FinVolution's
technologies stand out by accurately identifying and intercepting
financial fraud activities with generative AI, achieving a
detection accuracy rate of over 98%.
Advocating for industry collaboration
In another proactive move to advance AI deepfake detection
development, FinVolution is leading the charge in fostering
industry collaboration. This includes hosting competitions and
supporting academic research. For example, the company's latest
initiative — the 9th FinVolution Global Data Science Competition —
zeroes in on deepfake speech detection and challenges global
participants to leverage deep learning and AI adversarial
techniques.
This competition targets the accurate identification of
falsified speech generated by the latest large-scale models, with
increasing difficulty levels reflecting evolving threats. Notably,
this year's competition has been featured as part of the
International Joint Conference on Artificial Intelligence (IJCAI)
2024 challenges.
Looking ahead, FinVolution remains steadfast in its commitment
to advancing deepfake recognition technologies, prioritizing user
safety, and fostering a secure financial environment on a global
scale.
About FinVolution Group
FinVolution Group (NYSE: FINV) is a leading fintech company that
connects millions of consumers as well as small-sized enterprises
with financial institutions.
Founded in 2007 and listed on the New York Stock Exchange in
2017, we have been at the forefront of the pan-Asian credit
technology industry, pioneering innovative technologies in credit
risk assessment, fraud detection, big data, and artificial
intelligence. With a proven track record of robust growth in
pan-Asian countries, we have established leading fintech platforms
in China, Indonesia, and the
Philippines.
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