Prove, AWS, and Fraud Experts Discuss Efforts at Fielding Fraud in the Age of AI

Prove and AWS recently pulled their collective team efforts onto the field to host Play Ball: Fielding Fraud in the Age of AI, a series of events held at Yankee Stadium in New York, and Oracle Park in San Francisco, with experts in identity, fraud and authentication. Guests in New York got to see the Yankees take on the Los Angeles Angels, while those in San Francisco were treated to a Battle of the Bay game between the San Francisco Giants and the Oakland A’s.

Guests at the events were invited to an exclusive, closed-door executive roundtable where industry leaders shared their insights on navigating the complex landscape of trust and safety in the face of emerging AI influences across all elements of digital engagement. 

The discussions emphasized the main issues that fraud and identity leaders are concerned with, including:

• How can AI be used in digital products and processes today? 
• What are the optimal ways to establish processes around who is interacting with an organization’s AI assistant?
• How can organizations address malicious prompts?
• What are organizations doing to address employees using AI in day-to-day business processes, potentially putting sensitive data at risk?

Future-Proofing Trust & Safety: AI, Regulations, and Beyond

Prior to the Giants vs. A’s game, John Morrison, North America Fintech BD at AWS, Mary Ann Miller, Fraud & Cybercrime Executive Advisor at Prove, and Mike Bijelich, SVP of Product Strategy at Prove, led an insightful discussion focused on future-proofing strategies amidst the rise of AI, evolving regulations, and emerging threats.  

The roundtable session highlighted the pressing need for effective measures against fraud in the age of AI. Mary Ann Miller's introductory presentation on the current fraud landscape underscored the urgency of the situation, while John Morrison's insights into recent news cycles painted a vivid picture of the evolving threat environment.

Top of mind for the fraud experts in the room were the complexities of safeguarding generative AI, emphasizing the importance of establishing clear processes for user interaction and mitigating malicious prompts. Industry leaders shared how verifying user identities is becoming increasingly crucial for building trust and ensuring safety within their platforms.

The escalating threat of scams and premeditated account abuse further emphasized the need for robust fraud prevention strategies. The roundtable also explored the impact of the shifting regulatory landscape, prompting a discussion on adapting trust and safety protocols to remain compliant and resilient.

Fighting AI-Generated Fraud: Innovative Solutions for a New Era

At the New York event, Prove CRO Scott Bonnell hosted a panel that included Miguel Navarro (Head of Client Identity Verification & Authentication at KeyBank), Vlad Stojkovski (VP - Product at Clear), and Sachin Tandon (Principal - Global Banking Industry at AWS). This group explored the pressing issues and innovative solutions surrounding fraud prevention in the era of artificial intelligence.

The discussion highlighted the following key themes:

• Promising AI use cases: Panelists acknowledged the near-term potential of AI in areas like anomaly detection and behavioral biometrics to proactively identify and prevent fraud.
• Emerging AI threats: Concerns focused on deepfakes, synthetic identities, and the potential for AI to be used by fraudsters to create sophisticated attacks.
• Balancing security and friction: The importance of enabling secure yet frictionless digital journeys emerged as a core challenge. Identity verification was recognized as critical in establishing trust without compromising the customer experience.
• Optimizing onboarding: Experts discussed leveraging AI and identity verification to streamline account opening and onboarding processes, balancing efficiency with accuracy and fraud prevention.
• Trust and safety as a cornerstone: The imperative to establish trust and safety among all parties in digital interactions was underscored.
• Measuring success: The need for robust metrics to evaluate the effectiveness of identity solutions was highlighted.
• Global challenges and opportunities: The panelists explored the complex regulatory landscape and cultural nuances surrounding identity verification in different countries, highlighting the need for adaptable solutions.
• AI's dual role: The potential of AI to both enhance fraud detection and elevate the customer experience was explored, showcasing its potential for a win-win scenario.
• The impact of AI on onboarding and transactions: The discussion touched upon how AI-powered fraud detection systems can accelerate and secure customer onboarding and transaction processing.
• Harnessing generative AI: The panel also explored innovative ways to leverage generative AI, including creating synthetic data for fraud detection model training and simulating potential fraud scenarios.

The panelists emphasized the importance of a proactive, multi-layered approach to fraud prevention in the age of AI, combining technology, expertise, and ongoing adaptation to stay ahead of evolving threats and maintain trust in the digital ecosystem.

A collaborative effort between Prove, AWS, and industry leaders demonstrated a shared commitment to address the challenges and opportunities presented by AI in the context of fraud prevention. It underscored the importance of a proactive and holistic approach that leverages technology, expertise, and best practices to create a secure and trustworthy digital ecosystem.

Learn more about the Prove and AWS partnership, and check out Prove in the AWS Marketplace.