The Deloitte Center for Financial Services expects synthetic identity fraud to generate at least a $23bn loss by 2030, prompting many banks and fintechs to develop more advanced security systems using biometric technology.
As financial services and high-value transactions increasingly move from in-person to online, so too does demand for more secure, frictionless capabilities. To optimise this, Pascal Tavernier, executive director at UBS, says artificial intelligence (AI) is the game changer and biometrics is the future.
