Veriff Voices

Unlock the secrets to safeguarding financial services in the digital age with insights from Kevin Shine, VP Sales and Partnerships at Fraud.net. He outlines how the evolving fraud landscape is driven by digitization, legacy technology, and data silos. Discover how real-time transactions and regulatory demands are exposing vulnerabilities, and how to harness the power of AI and machine learning to prevent fraud.

[00:26] Intros [0:58] Kevin's background and Fraud.net [02:26] The move to real-time transactions and regulatory pressures [06:32] Digital fraud in financial services [07:44] Digital transformation challenges [10:09] Fraud prevention as a differentiator [12:01] Data sharing and collaboration [13:13] Types of fraud in financial services [19:14] Education and customer engagement [21:16] Balancing user experience and friction [23:38] The future of fraud in financial services

Read more about this conversation, here: https://bit.ly/3Ec6TeH.

A self-confessed law enthusiast, Dmytro Sashchuk, Associate Legal Researcher and Analyst at Veriff, joins us to discuss age verification laws and their impact on businesses. These regulations vary from one region to the next, but they share a common and crucial goal: protecting children and vulnerable groups. Dmytro shares best business practices for compliance, trends and challenges in age verification, and how Veriff is tackling them.

[00:49] Introduction [03:56] Differences in age verification laws around the world [11:28] What is the Online Safety Act and how will it impact children? [17:34] What compliance trends and challenges are businesses facing? [21:10] Industries affected by age verification regulations [26:26] Age verification solutions [28:42] How will the regulatory landscape change in 2024?

Read more about this conversation, here: https://bit.ly/4cmSJUD.

From local government to the healthcare, Mike Haley has since spearheaded efforts in fraud detection and prevention for over 30 years. In his current role as CEO of Cifas, a not-for-profit focused on fighting fraud and financial crime, Mike aims to foster cross-sector collaboration to confront fraud head-on. In this episode we discuss the role of social engineering in the evolving fraud landscape, how automation is enabling fraud at scale, and the need to reshape the narrative around fraud victims.

[00:50] Mike's first role and accidental journey to a career in fraud prevention [02:50] Transitioning to more a strategic role [06:00] Lord Goldsmith's 2006 review of fraud, a turning point [07:21] A short-sited closure of the National Fraud Authority has likely cost the UK millions in fraud [08:11] Bringing an anti-fraud culture to the Ministry of Defense [09:22] Prevention is better than cure [11:34] Social engineering [15:17] The impact of deepfakes on social engineering [19:22] A smart community working together to stay ahead of fraudsters [19:54] A new and perfect storm [21:04] Social engineering and automation [21:56] An increase in identity fraud [23:58] Protective Registration, a Cifas solution [26:05] Collaboration and data sharing [34:33] Changing the narrative around victims of fraud [38:25] Mike's predictions

Read more about this conversation, here: https://bit.ly/42mFOxA.

Broadway actor turned talent acquisition expert, Andrew Allen, discusses flexible working and Crossover's distinctive approach to helping skilled workers find their dream job. Remote work has become a major trend in the last decade, bolstered by the Covid-19 pandemic, and Crossover is at the forefront of hiring talent for some of the world's leading digital innovators. As VP of Marketing, Andrew sees firsthand the challenges in verifying global workers' identities and skills and how Veriff has helped address them. We explore the global talent market, trust and inclusivity in remote work, and harnessing AI to enhance the hiring process.

[00:54] Introduction [02:31] Crossover's unique value proposition [05:53] A diverse client base [07:56] The need for IDV in remote hiring [10:22] Cost of not implementing IDV [12:09] Integration of Veriff into Crossover's Systems [13:44] Impact of Veriff on Crossover's business and differentiation in the market [16:38] Future of remote hiring and global talent pool [20:04] Challenges and opportunities in fraud prevention [22:53] Importance of Veriff's document coverage for Crossover [24:00] Role of AI in Crossover's future

Visit Crossover's website: https://www.crossover.com/. Discover their bi-weekly Out of Office podcast: https://www.youtube.com/@crossover4work.

Read more about this conversation, here: https://bit.ly/4iW5iIZ.

As the lending and financing industry experiences unprecedented growth, Dana Endicott, Senior Vice President at US lender Vantage Recreational Finance (VRF), shares her insights into the unique challenges faced by her company - from combating fraud to ensuring a seamless customer experience. Discover how VRF leveraged advanced technology, including Veriff's fraud prevention solutions, to thwart identity theft attempts and protect both buyers and sellers in the evolving landscape of financial security. Discover the proactive measures they've taken to educate and collaborate with industry peers to set new fraud prevention standards.

[01:13] Introduction [02:56] The use case for VRF [05:24] What business problem did Veriff solve? [09:09] Why chose to work with an external supplier over dealing with the issues in-house? [11:24] The user experience [13:26] Getting internal buy-in and testing a solution internally [15:08] Having a robust fraud prevention strategy as a USP [17:31] Being agile in your defences and working with friendly competition [19:31] The true cost of fraud [20:52] What we can expect to see from VRF in 2024

Read more about this conversation, here: https://bit.ly/4j7lOX2.

Currently in beta testing and set for a full launch on February 14, 2024, viida is life is a live video-based speed dating app that aims to make online dating fast, fun, and safe for users. We spoke to co-founders Ashraf Elashiry and Harin Rhandawa about viida's fresh new take on the online dating scene, their vision to create happier humans, and why creating a safe environment for users is a key differentiator for their business.

[01:10] Introduction [03:37] The concept behind viida is life [05:05] How it will differ from other dating apps [09:35] The challenges faced when creating a new dating app [10:26] Online safety, validation, and efficiency as their USP [12:27] Future trends in online dating [15:37] Ashraf's fears in the run up to their launch [16:53] Excitement as the app nears launch [17:46] Harin on taking chances and not living with regrets [20:10] Embedding safety, trust, and respect in to viida's culture [22:42] Safety and verification as a differentiator for viida [24:04] What users can expect

Fellow Estonian tech company eID Easy is an aggregator and provider of secure and easy-to-integrate global digital signature infrastructure for businesses. We chatted to the company's cofounder Joao Rei about how the electronic signature market has evolved, the challenges it faces as it looks to the future, and why he's excited about partnering with Veriff to build trust online – by taking safety and security to the next level.

[01:19] Introduction to eID Easy and their partnership with Veriff [04:19] Significance of integrating digital signatures and identity verification in a single solution [08:10] Balancing robust compliance with user-friendly onboarding [11:55] Addressing fraud concerns while acknowledging some fraud is inevitable [12:48] The key differentiators for the partnership between eID and Veriff [15:34] The challenges to widespread adoption of identity-based signatures [19:28] What excites Joao about this partnership [20:49] The challenges involved in making the partnership successful and why it will take time [23:39] Concluding thoughts

Read more about this conversation, here: https://bit.ly/4i91Qts.

In the second Veriff Voices episode with our Senior Vice President of Product, Suvrat Joshi, we tackle the thorny topic of AI bias. With more than two decades of product leadership experience at major tech companies including Amazon, Dropbox, Meta, Microsoft, and Yahoo, Suvrat is well versed in how algorithmic bias can affect technological applications. In this conversation, we focused on how Veriff uses reinforcement learning from human feedback (RLHF) to address bias in our systems.

[01:11] The biggest threats and issues resulting from AI bias in general [02:37] What causes AI bias in the first place [03:44] Can AI bias ever be beneficial? [04:34] Is it possible to have an unbiased AI model? [05:56] Specific issues relating to AI bias in identity verification (IDV) [07:09] What organizations can do to address AI bias [08:42] How Veriff identifies and addresses AI bias in its applications [10:21] How reinforcement learning from human feedback (RLHF) can be used to address bias [11:22] How RLHF can provide reassurance to customers in relation to the use of AI [12:18] Some specific use cases for RLHF by sector [13:08] How RLHF works [14:41] Can RLHF be used to effectively remove bias? [15:27] RLHF as a differentiator for Veriff [17:47] How RLHF enables Veriff to offer a superior product [18:31] What to expect in terms of developments in generative AI in 2024

You can learn more on our website: https://bit.ly/3FUZFMV.

Our Senior Vice President of Product Suvrat Joshi's impressive CV combines a background in coding with an MBA from Berkeley and over 20 years at the coalface working for tech companies of all sizes. We sat down with Suvrat to talk about the challenges and benefits of working across geographies and industries, adapting to the ever-evolving demands of the identity verification space, and ensuring that Veriff's products are always of the highest possible quality.

[01:11] Introduction [01:54] Suvrat's reasons for joining Veriff [03:00] How Suvrat collaborates with a globally dispersed team [04:09] Varied management styles and their impact on final products [06:32] Key components of the product development process [07:51] Determining the success criteria for a product [09:08] Launch of the Age Estimation product [10:24] Catering to customer needs across different regions and industries [12:25] Staying updated on the latest technology and trends [13:30] The potential impact of generative AI in the verification space [14:34] Advice for aspiring product managers [16:18] Similarities in product management across different companies [17:20] What Suvrat means by the term 'spicy' [18:45] Highlights of working in various locations

You can learn more on our website: https://bit.ly/3R5Dq9a.

Kathryn Sharpe is Head of Financial Crime Product at Griffin, an API-first UK bank and full-stack banking-as-a-service platform. Griffin was set up to help companies embed financial services into their own products and manage complex infrastructure and compliance requirements, enabling them to focus on their core business. We talked to Kathryn about financial crime, the impact of AI on financial services, and how collaborating with Veriff is helping Griffin deliver for their clients.

[01:21] Introduction [02:15] What does Griffin do? [03:12] How Griffin chose to work with Veriff [04:42] The alignment of values and priorities between Griffin and Veriff [06:20] The impact of implementing Veriff's services [08:11] Regulatory trends [10:14] The benefits and challenges of making financial services more accessible [12:28] How Griffin prioritizes customer safety [14:54] Griffin's unique perspective on fraud [15:57] How Griffin responds to fraud [16:55] How AI will impact fraud and financial crime [19:54] The right approach to using AI as a fintech [23:02] The appetite for third-party outsourcing in financial services [25:42] The current developments at Griffin [27:09] Preparing to enter a new sector

You can learn more on our website: https://bit.ly/3FWSnYS.