Were you unable to attend Transform 2022? Check out all of the summit sessions in our on-demand library now! Deepfakes aren't new, but this AI-powered technology has emerged as a pervasive threat in spreading misinformation and increasing identity fraud. The pandemic made matters worse by creating the ideal conditions for bad actors to take advantage of organizations' and consumers' blindspots, further exacerbating fraud and identity theft. Fraud stemming from deepfakes spiked during the pandemic, and poses significant challenges for financial institutions and fintechs that need to accurately authenticate and verify identities.

If anything, the importance and potential of Artificial Intelligence in the KYC space is underplayed and underrated. The industry has been under immense pressure in the past couple of years with regulations and scandals redefining the means and ways you go about Know Your Customer procedures. In the midst of this disarray, AI has emerged as the guiding light, the savior the compliance space was calling for. What does AI mean for compliance, what's the role of this new3 technology and what problems does it really solve? The idea that Artificial Intelligence will replace humans is ignorant, to say the least.