Fintech Insider Podcast by 11:FS 974. Insights: Trust me, I’m verified - The future of digital identity in financial services
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Jun 26, 2025 Lorraine Salmond, Head of Identity Strategy at LexisNexis, Azy Shojaeian, Chief Compliance Officer at Pockit and Monese, and Katryna Dow, CEO of Meeco, dive deep into the intricate world of digital identity in finance. They discuss rising threats like deepfakes and synthetic identities, highlighting the urgent need for improved security measures. The trio emphasizes balancing robust fraud prevention with user experience while exploring innovative strategies that leverage technology for verification. Trust and collaboration emerge as key themes in tackling these evolving challenges.
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Complexity of Identity Verification
- Identity verification requires confirming multiple attributes about a person to build a high-confidence profile.
- Risk evaluation must follow to detect fraud indicators like new email addresses or mismatched device locations.
Fraudsters Exploit Identity Gaps
- Fraudsters use stolen or fake identities to commit crimes without accountability.
- Some true identities are recruited as mules, complicating fraud prevention efforts.
AI Elevates Identity Fraud Risks
- AI increases identity fraud methods by enabling quick, convincing synthetic identities and scams.
- Older, less digitally savvy populations are at higher risk from AI-driven social engineering attacks.