ID-Pal has won Security Innovation of the Year at the 2024 Payments Awards for its ID-Detect document fraud detection feature.
ID-Detecht is designed to combat increasingly sophisticated fraudulent tactics, and uses AI-powered technology to confirm a genuine physical document is present, not a deepfake reproduction.
The win comes after Deloitte predicted that generativeAI could push fraud losses in the US to $40bn by 2027 as the technologies outpace standard identity verification tools.
“This recognition is a testament to the trust our clients place in us as a partner who offers advanced fraud detection capabilities with the highest standards of privacy and security,” said Colum Lyons, founder and CEO of ID-Pal.
“At a time when AI-fraud tactics are escalating, ID-Detects capabilities ensures businesses can detect AI document fraud with ease, while maintaining seamless user experiences.
“This award underscores our role as a leader in safeguarding digital identity verification with security and AI-excellence at the forefront.”
ID-Detect’s multi-layered …