Finset teams up with ID-Pal to combat AI-Driven Identity Document Fraud


Finset , a car financing platform, has teamed up with identity verification provider ID-Pal to incorporate an AI document fraud detection feature, ID-Detect

Finset , a car financing platform, has teamed up with identity verification provider ID-Pal to incorporate an AI document fraud detection feature, ID-Detect. 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. 45% rise in fraud in the UK 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.

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Oct 25, 2024 11:55
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