VIDA: 100 Percent Business Actors In Indonesia Are Worried About AI-Based Fraud

Photo: Niki Luhur, Founder and Group CEO VIDA (photo: dock. VIDA)

JAKARTA - The latest VIDA report entitled 'Who's The Fraud: Protecting Indonesian Businesses from AI-Generated Digital Fraud' reveals that digital threats in Indonesia have increased by 1.550 percent over the past few years.

Where, VIDA revealed that 100 percent of business people in Indonesia said they were worried about the threat of AI-based fraud (deepfake). However, 46 percent of them said they did not understand how the technology works.

Niki Luhur as Founder and CEO of the VIDA Group even believes that other deepfakes and digital frauds made by AI technology are real, which causes businesses to lose billions of rupiah due to this attack.

In a broader context, the report also shows that this AI-based fraud threat has penetrated various sectors, including banking and fintech, deepfakes can cost up to millions of dollars.

Meanwhile, in the multifinance sector and consumer financing, VIDA sees where the takeover of accounts and document falsification is a serious problem, while digital identity fraud is predicted to cause losses of more than 2 billion US dollars per year.

"This not only causes financial losses, but also serious reputational risks," Niki further said in his statement.

To answer this challenge, VIDA launched Identity Stack, a comprehensive solution designed to address fraud, especially in digital transactions in Indonesia.

This solution is claimed to be able to reduce identity fraud by up to 99.9 percent, provide better protection for business processes and ensure a smooth user experience.