FinVolution leverages GenAI to tackle deepfake fraud, enhancing security in financial services.

Deepfake technology is a growing threat in financial crimes. FinVolution, a fintech leader, is countering this with GenAI. An alarming case highlighted the issue when a finance worker was deceived into transferring $25 million through a deepfake of their CFO. This incident underscores the vulnerability of financial systems to sophisticated AI-driven fraud.

FinVolution has seen a rise in AI-generated attacks and has invested heavily in deepfake detection technology. The company’s voiceprint recognition algorithm, commercially used two years before open-source models, identifies fraudulent voices within four seconds, supporting multiple languages. This technology significantly boosts security, particularly in Indonesian and Spanish markets, where FinVolution has a strong presence.

The company’s GenAI tools, including advanced facial and document forgery detection and voice synthesis algorithms, are integrated into leading global apps. These tools play a vital role in preventing impersonation and enhancing risk management, achieving a fraud detection accuracy rate of over 98% in Southeast Asia.

FinVolution is also driving industry collaboration to advance AI deepfake detection. Their 9th Global Data Science Competition focuses on detecting falsified speech, pushing for innovation in AI adversarial techniques. Featured in the International Joint Conference on Artificial Intelligence (IJCAI) 2024, this initiative highlights FinVolution’s commitment to safeguarding global financial environments.