Technological disruptions, such as artificial intelligence (AI), have helped to improve many processes. Yet at the same time, it has also facilitated the development of sophisticated tools for attackers, such as deepfakes, which present new challenges for traditional identity verification systems.
“Fraud is becoming more sophisticated as interoperability grows, and protecting users and companies in this scenario is crucial,” says Javier Mira, CEO and co-founder of Facephi, a company focused on digital identity verification and protection solutions.
Incorporating AI allows for a more robust and adaptive approach to fraud prevention. Mira says that, for example, thanks to predictive analytics, systems can examine large volumes of data and learn historical patterns of behavior. “This means we can identify transactions that have a high probability of being fraudulent even before they are completed.”
In a digital context that evolves so quickly, creating and protecting digital identities so that they are trusted in financial environments has become a core challenge. Faced with this, behavioral analysis of users, using state-of-the-art technology, is a tool to stay one step ahead of fraudsters.
Facephi news at Money 20/20 (USA)
It’s in this context that, Facephi will present its Fraud Intelligence Platform exclusively at Money 20/20 in Las Vegas from October 27 – 30. This platform combines two powerful anti-fraud solutions: a bio-behaviour Suite, capable of collecting and analysing hundreds of variables, generating a behavioural profile of the user, and an Account Profiling Suite, which makes it possible to combat some of the major problems of cybercrime such as the detection of mule accounts – users who, consciously or not, collaborate with organized money laundering.
These tools are becoming increasingly important as the financial sector moves towards data exchange models, like open finance or embedded finance. Collaboration and information exchange between institutions offers new business prospects and opportunities to improve customer service, although it also increases risks, especially in security, fraud and regulatory compliance.
In this sense, in addition to the Fraud Intelligence Platform, Facephi will present improvements to existing products, such as its identity platform, and new advanced tracking functionalities, which provide its bank clients with complete, detailed visibility in each phase of the verification and authentication process of their customers. This allows each transaction to be captured and analyzed, detecting friction points and facilitating strategic decisions based on that feedback.
“We have been participating in Money 20/20 since 2016. For us, it is a key meeting point for one of the world’s core industries. Here, we present the best of our technology, being a showcase where we can show the world our most advanced capabilities and promote our ambition to continue being leaders,” adds Mira.
Reconnection with the past
Facephi’s central theme at this year’s Money 20/20 is “Engineering the Future of Digital Identity”. By introducing the concept of engineering, the technology company is reconnecting with its origins, while continuing to push the boundaries of innovation. “Facephi was born from a group of engineers and technology enthusiasts who shared a clear vision: to develop solutions that would somehow change the present and thus improve the future,” explains the CEO.
Mira adds that the most valuable thing about the event that brings together the largest fintechs, banks and innovation providers is interacting with customers and partners in an environment where conversations about the future of the industry flow. “We also see it as a listening opportunity, where we learn first-hand about the needs of this sector. We also do our bit by showing a little bit of how we imagine the future.”
Evolution and adaptation
Since its creation, Facephi has been adding layers to its initial products, growing from a facial recognition solution to AI-based tools that mitigate fraud, helping to combat financial crime, identity theft and favoring company-customer relationships.
“Our goal is to understand and combat these challenges through our solutions. To do this, we incorporate trends such as behavioral biometrics and contextual analysis to identify unusual patterns and detect fraud before it occurs,” explains Mira.
Solution adaptability is crucial in this scenario because, as threats evolve, swift adjustments are needed to combat risks like data injection attacks and deepfakes — media that can spoof a person’s appearance or voice.
The executive points out that the ecosystem of solutions that enable companies not only strengthens the security of their operations, but also significantly improves the user experience, while complying with increasingly demanding regulations.
With headquarters in Spain and subsidiaries in APAC, EMEA and LATAM and more than 15 years of experience, Facephi serves the needs of its clients in more than 25 countries around the world. Currently, the company is growing and consolidating in international markets, especially in Latin America, where it works with the main banks in the region.
Meet Facephi at Money 20/20 Las Vegas
Get to know Facephi’s solutions live. Schedule a meeting with an expert at Money 20/20 Las Vegas or contact us online.
Meet Facephi at Money 20/20
About Facephi
Facephi offers digital identity verification and multi-biometric authentication products based on AI designed on a multi-layered approach to fraud detection and defence. With a strong focus on security, regulations, and ethical data processing, Facephi innovates on leveraging digital onboarding customer experience, multi-biometric authentication methods, and spreading the adoption of digital identities, biometric presentation of verifiable credentials, and the tokenisation of their security attributes, that all together creates a trusted digital ecosystems where business and users can operate securely.