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Toss Bank, one of the top three online banking service providers in South Korea, created an artificial intelligence system that can detect fake identification cards or documents. The company revealed it was able to spot at least 600 fake IDs recently.
Toss Bank said that its new AI system that provides real-time results has played a big part in the company’s prevention of any incidence of financial fraud. It said that since the system was launched earlier this year, it has already found 600 bogus identifications in its systems. This is a big number considering the tool was only deployed six months ago.
According to The Korea Times, Toss Bank explained that its ID detection system could say if the submitted ID photo of a new customer is fake or not on the spot. It helps the company by rejecting applications with fake ID requirements.
The system can detect if the photos are authentic, fake, or edited. Once the artificial intelligence system determines that the information does not match the customer's data or the photos are mismatched, all financial transactions, including the simple opening of an account, are prohibited until a re-verification is carried out.
"As an internet-only bank, it is paramount to develop our own technology and capabilities that guarantee safe services, such as online face identity verification procedures," an official at Toss Bank stated. "The bank will continue to make significant investments in developing AI and data-related technologies to enhance its ability to provide customers with secure financial services."
Meanwhile, the Korea Post reported that Toss Bank rolled out its real-time detection system in May 2022, and it was tested in October of that same year. It was only in February 2023 when the tool was officially introduced.
Photo by: Toss Website
