VIDA Launches VIDA Identity Stack, Can Reduce Fraud Up To 99.9 Percent

Launch of VIDA Identity Stack (photo: Dinda Buana/VOI)

JAKARTA - VIDA, the leading solution provider in preventing digital identity fraud, launched VIDA Identity Stack, a solution to deal with the threat of fraud in the digital transaction process in Indonesia.

The presence of VIDA Identity Stack is the answer to the massive digital threats that often occur, including deepfakes, AI technology-based fraud, account takeover, and social engineering attacks.

This fact was found in a VIDA research entitled 'Whoe's The Fraud: Protecting Indonesian Business from AI-Generated Digital Fraud', where 97 percent of businesses in Indonesia have been targeted by social engineering attacks in the past year, with phishing and smishing being the most commonly used methods.

The risk of Deepfakes and other fraud by AI technology is real, and many businesses have lost billions of rupiah due to this attack," said Niki Luhur, Founder and CEO of VIDA Group in the middle of the VIDA Executive Summit 2024 event on Wednesday, September 3.

Niki also claims that VIDA Identity Stack can reduce the level of identity fraud by 99.9 percent, so that it can protect businesses safely.

"After we have implemented VIDA Identity Stack in several clients, their fraud has actually turned zero. So we don't dare to guarantee 100 percent, yes, because of that there is definitely no one in this world that is 100 percent. But what we dare is that at the presentation, we were able to prevent 99.9 percent," added Niki.

The solutions available in VIDA Identity Stack include:

Identity Verification (Verification of Identity)

User Authentication (User Authentication)

Fraud Detection (Digital Fraud Detect)