As AI improves, it is opening the door for better risk mitigation — but also for increasingly sophisticated fraud schemes as bad actors use the tech to create synthetic identities, clone voices, automate schemes and falsify images. 

Fraud within financial services is expected to rise 153% to $58.3 billion by 2030, up from $23 billion in 2025, according to a Juniper Research study released Aug.18. 

Read more: Why FIs should invest in fraud detection 

To combat the growing threat of AI-manufactured lending schemes, visual risk intelligence provider Truepic today announced a solution that encourages shared intelligence among its network of financial institutions, a Truepic spokesperson told Bank Automation News. 

The company uses image verification and data authenticity to reveal hidden risk within financial service workflows, including: 

• Falsified locations; 

• Suspicious devices;
• Misuse of devices; and 

• Image fraud attempts. 

“As fraud tactics evolve, bad actors are increasingly leveraging devices and AI to scale deception, Truepic Chief Executive Jeffrey McGregor said in today’s release.  

In an example provided to Bank Automation News by a company spokesperson, a loan application might come in from a farmer or business owner based on collateral such as equipment. To prove possession of the assets, the borrower would be required to send photos of the farm, equipment or any associated assets.  

Truepic Risk Network is able to determine whether the photos were taken of a real tractor, in real time, from a legitimate location, on a legitimate device, according to the spokesperson. 

Those results can create flags that can then be shared with Risk Network participants, allowing financial institutions to identify suspicious devices associated with bad actors, or good actors, across the network, thereby reducing fraud and streamlining loan decisioning. 

Truepic’s clients include Equifax, Dun & Bradstreet, EXL Service and OnDeck. The company is backed by Sony, Adobe, Stone Point Capital, Hearst and Microsoft’s venture fund M12, according to the company.  

The company’s Risk Network ecosystem is live with 10 institutions, the spokesperson said, without naming them. 

Check out our exclusive new bank industry data here.