Fraud Prevention

How Axis Bank Prevents Identity Fraud With Video-Based Onboarding

Identity fraud is pervasive threat, with fraudsters stealing identities and constructing fake ones to steal $16.9 billion in 2019. Technologies like video onboarding and artificial intelligence (AI) have shown promise in facing this threat, but each is vulnerable when deployed alone. In this month’s Fighting Financial Crimes Tracker, PYMNTS talked with Sameer Shetty, head of digital banking at Axis Bank, about how these two technologies form a multilayered defense system that can make identity fraud nearly nonexistent.