AI-Enhanced Secure Identity Verification for Financial Services
Mithilesh Ramaswamy - · International Journal For Multidisciplinary Research · 2024
The financial services industry is increasingly targeted by fraud and identity theft due to its reliance on identity verification processes. Traditional verification methods, including document checks and password-based authentication, are proving inadequate against sophisticated attacks such as synthetic identities, document forgery, and deepfake-enabled fraud. This paper proposes an AI-enhanced identity verification framework that integrates multimodal biometrics—such as facial recognition and behavioral analysis—with geolocation data to strengthen security. By leveraging advanced machine learning models trained on diverse real-world datasets, the framework ensures accurate and adaptive fraud detection. Additionally, the integration of privacy safeguards and compliance measures, such as encryption and regulatory adherence, ensures a secure and user-friendly system. This paper outlines the problem, presents a comprehensive solution, and discusses the practical applications and potential impact of this approach on financial systems.