VIDA Launches “Identity Stack”, Helping Businesses Prevent Deepfake-Based Identity Fraud

VIDA, a digital identity and security solutions provider, officially launched LIFE Identity Stack. This is a comprehensive service designed to address the threat of digital identity fraud, especially those using technology. deepfake and AI. The launch was held at the “VIDA Executive Summit 2024” event, attended by various experts and leaders in the digital industry, including world cybersecurity expert Mikko Hyppönen.

In recent years, the threat of digital fraud in Indonesia has increased significantly, especially attacks that exploit deepfake, account takeovers, and social engineering. The VIDA Identity Stack is here to answer these growing threats, offering a fraud prevention solution with a success rate of up to 99,9%. The solution includes features such as identity verification, user authentication, and digital fraud detection powered by advanced AI technology.

Indonesian Deputy Minister of Communication and Information, Nezar Patria, who also attended the event, emphasized the importance of digital security solutions to maintain trust in transactions. online. "With the increasing number of cyber attacks in Indonesia, the use of certified electronic signatures such as those provided by VIDA is crucial to ensure identity and integrity in electronic systems," said Nezar.

Identity Stack Key Features

The VIDA Identity Stack delivers several key features, including:

• Identity Verification: Confirm the authenticity of documents and identities in real-time, preventing fraud through fake images or videos.
• User Authentication: Ensure secure access through mobile-based authentication and facial recognition.
• Fraud Detection: Using AI and machine learning to detect and prevent fraudulent activity, including deepfakes.

Launching LIFE Identity Stack affirms VIDA's commitment to protecting businesses in Indonesia from increasingly complex digital fraud threats. With technology continuing to evolve, this solution is expected to become the main line of defense for businesses in maintaining the security of their digital transactions.

Founder & CEO VIDA Group Niki Luhur stated, "The risk deepfake and AI-based fraud is becoming more and more real, causing significant financial losses for many businesses. The VIDA Identity Stack is designed to protect businesses from these threats, so they can run their operations more securely and smoothly."

Report on cyber threats

In addition to the product launch, VIDA also released a research report entitled “Where's The Fraud: Protecting Indonesian Business from AI-Generated Digital Fraud.” The report revealed that 97% of businesses in Indonesia have fallen victim to social engineering attacks in the past year, with Phishing and smishing as the most frequently used method. Furthermore, 46% of these businesses do not yet have a deep understanding of AI technology to prevent these attacks, indicating an urgent need for more comprehensive solutions.

In more detail, here are the main findings in the report:

• AI-Based Fraud Threats Are Increasing Rapidly: AI-generated digital fraud, incl deepfakes, social engineering (social engineering), account takeovers, and document forgery, continue to increase. Traditional technologies are becoming increasingly ineffective in the face of these increasingly sophisticated threats, resulting in significant financial and reputational losses.
• 97% of Indonesian Businesses Experience Social Engineering Attacks: Almost all businesses in Indonesia have been the target of social engineering attacks, with methods Phishing (67%), smishing (51%), and vishing (47%) as the most commonly used technique.
• 84% of Businesses Experience Identity Fraud: Most businesses in Indonesia report experiencing identity fraud in the past year. Deepfakes and synthetic identity forgery is becoming an increasingly difficult threat to detect.
• 100% of Businesses Are Concerned About Deepfakes and AI-Driven Fraud, but 46% Don't Understand the Technology: While all business respondents expressed concern about the threat of AI-based fraud, nearly half admitted to not having a deep understanding of the technology.
• 96% of Businesses Face Document Forgery: Businesses across sectors such as finance and real estate often fall victim to document and signature forgery, resulting in financial losses, data breaches and reputational damage.
• 97% of Businesses Experience Account Takeover Attempts: Business in the financial and e-commerce sectorstrade highly vulnerable to account takeovers, with 76% of attacks successfully resulting in unauthorized transactions or data theft.
• AI Helps in AI-Based Fraud Prevention: AI-powered solutions, such as biometric-based identity verification and fraud detection using advanced algorithms, are critical to addressing the ever-growing threat of fraud.

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Disclosure: This article was produced with AI technology and supervision of the content writer