Allo Bank And ADVANCE Collaboration AI Strengthen Digital Bank Security From Deepfake Threats

Allo Bank partnered with ADVANCE.AI (photo: Rana/VOI)

JAKARTA Allo Bank has formed a partnership with ADVANCE.AI to strengthen the security of its digital platform. Through this partnership, Allo Bank wants to eradicate deepfake-based fraud.

Deepfake is a type of fraud that relies on Artificial Intelligence (AI) to create fake images, videos, or recordings. This type of fraud can be found in various sectors, especially in the financial sector.

Scams like this can be found during the digital verification process or onboarding of customers. Cybercriminals can steal user data, such as photos and other personal data, to create a character with a face that is as similar as possible.

If successfully used in the verification stage, this will harm customers and service providers. Therefore, to overcome problems that may be caused by deepfakes, Allo Bank is working with the company ADVANCE.AI.

"Digital banks need to implement a risk optimization strategy that is able to balance customer experience and security aspects in order to maintain long-term satisfaction and loyalty (perpetrators)," said Double Raharja Rusli, Director of Risk, Compliance, and Legal Allo Bank Indonesia on Thursday, July 17.

In fact, the financial sector in the country has suffered many losses due to deepfake fraud cases. In just three months, namely November last year until February this year, losses due to deepfake cases have reached Rp700 billion.

This problem is also considered by the Financial Services Authority (OJK) because the threat continues to increase. This is in line with the emergence of the Scams-as-a-Service tool to make content easier.

If not addressed properly, the evolution of technology in the financial sector will be hampered. To assist Allo Bank in overcoming the problem, ADVANCE.AI provides deepfake detection and prevention methods with a security-by-design approach.

"The rapid evolution of deepfake technology and its impact on the financial sector pose a serious threat to the main foundation of consumer confidence in digital banking," said Anggraini Rahayu, Country General Manager of ADVANCE. AI. "We are committed to supporting Allo Bank in implementing innovative security measures."