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Finacus Solutions, a company specialising in banking technology, and pi-labs.ai, a startup focused on AI-powered deepfake detection, have joined forces to develop a new e-KYC (electronic Know Your Customer) solution. This collaboration aims to improve the security of e-KYC by addressing the growing concern of deepfake fraud within the financial industry.
This partnership marks a significant step forward in the e-KYC landscape. The new solution integrates pi-labs.ai’s deepfake detection technology into Finacus Solutions’ existing e-KYC framework.
Addressing the Rise of Deepfake Fraud
The Reserve Bank of India (RBI) has mandated live video for KYC procedures, supplemented by enhanced security measures. However, the emergence of deepfake videos in Video KYC presents a formidable challenge, particularly for credit and loan applications.
This partnership signifies a pivotal moment in the application of artificial intelligence within the eKYC process. pi-labs.ai’s AI tools will complement the existing manual authentication process, creating a sophisticated hybrid system that merges human expertise with AI-driven insights to ensure the highest level of security. This collaboration not only strengthens the integrity of the eKYC process but also paves the way for further automation, ultimately reducing operational costs.
“The integration of Aadhar-based eKYC has drastically reduced KYC costs,” said Rahul Ayyappan, co-Founder and CTO of Finacus Solutions. “The financial industry has a vested interest in maintaining the integrity of the eKYC process. The AI-based detection capabilities provided by pi-labs.ai will offer our banking clients enhanced security and peace of mind.”
pi-labs.ai’s deepfake detection technology, ‘Authentify,’ is an AI-powered platform designed to detect deepfakes across various media formats. Utilising advanced AI algorithms, pi-labs.ai empowers enterprises to identify and mitigate fraud attempts involving deepfakes.
“Our deepfake detection technology is poised to revolutionise the eKYC process,” said Ankush Tiwari, Founder and CEO of pi-labs.ai. “The collaboration with Finacus Solutions will greatly enhance the reliability and security of eKYC, ensuring that the financial sector remains resilient against emerging challenges.”
