Jakarta, 3 September 2024 – VIDA, a leader in identity fraud solutions, proudly announced the launch of the VIDA Identity Stack, a comprehensive suite designed to address the most pressing fraud threats plaguing Indonesia's digital transactions. These threats include Deepfakes, AI-generated fraud, account takeovers, and social engineering attacks, which have increased up to 1,550% in recent years. With the VIDA Identity Stack launch, VIDA is showcasing its dedication to protecting Indonesian businesses from fraudsters with a 99.9% identity fraud prevention solution.
This announcement was made at the VIDA Executive Summit 2024, an industry-leading event that brought together top experts and thought leaders, including world-renowned cybersecurity expert Mikko Hypponen. The summit highlighted the risk of digital identity fraud for Indonesian businesses, including Deepfakes, Account Takeovers, and Social Engineering, and showcased the solutions needed to keep businesses safe.
Coinciding with this launch, VIDA also released a whitepaper titled “Where’s The Fraud: Protecting Indonesian Businesses from AI-Generated Digital Fraud." The report reveals that 97% of Indonesian businesses have been targeted by social engineering attacks in the past year, with phishing and smishing being the most prevalent methods. Notably, 46% of these businesses lack a deep understanding of the AI technologies driving these threats, underscoring the urgent need for comprehensive, AI-powered solutions.
Nezar Patria, Deputy Minister of Communication and Informatics of the Republic of Indonesia highlighted the stakes: “Digital transformation brings unparalleled opportunities but also significant risks. Between 2017 and 2021, digital fraud has cost Indonesia an estimated IDR 18.8 trillion. The VIDA Identity Stack is a timely and necessary innovation to counter these escalating threats.”
The VIDA Identity Stack directly addresses two critical concerns: financial losses and the erosion of trust in digital systems. The whitepaper also notes that 84% of businesses have experienced identity fraud in the last year, and 100% of surveyed businesses expressed concern about the risks posed by deepfake technology. Additionally, 90% of businesses identified phishing as their primary threat, with 56% struggling to detect and prevent these attacks. VIDA’s solutions are meticulously designed to mitigate these risks and protect businesses from evolving digital threats.
Niki Luhur, Founder and CEO of VIDA Group, commented, “The risk of deepfakes and other AI-generated fraud is real, and businesses are losing billions of rupiah because of these tactics. The 99.9% reduction in identity fraud from VIDA Identity Stack is designed to keep businesses safe and seamless for the customers' user experience.
He added, “We’re proud to have launched so many different solutions today, showcasing our commitment to helping businesses keep transactions safe in the digital world. The future of digital transactions hinges on trust, which is becoming increasingly difficult to find online today.”
Key Solutions in the VIDA Identity Stack:
1. Identity Verification- Document Liveness:
Confirms the authenticity of identity documents submitted for online onboarding - Face Liveness:
Prevents fraud by detecting fake images or videos. - Income Verification:
Provides accurate income checks using sophisticated Artificial Intelligence (AI).
- PhoneToken:
Connects an account (example: banking) to your phone, so transactions cannot be completed on a different device. Secures authentication by making sure the devices you use are really yours. - FaceToken:
Replaces SMS with facial recognition for enhanced security and ease of use.
- Fraud Scanner:
Uses advanced AI and machine learning to detect fraudulent activities. - Deepfake Detector:
Identifies and prevents deepfake content. - Deepfake Shield:
Prevents fraudsters from hacking your device's camera, offering real-time defense against deepfake threats.
In addition, VIDA launched new solutions for its VIDA Sign platform, including Sign OpenAPI. As part of the 99.9% Identity Fraud Prevention guarantee, this solution allows highly secure signing and document processing by seamlessly integrating with existing enterprise systems. VIDA Sign OpenAPI is built using the VIDA Identity Stack, which makes it the most secure signing platform in Indonesia.
VIDA’s whitepaper offers a detailed analysis of security risks and fraud threats within Indonesia’s digital transaction ecosystem and demonstrates how the VIDA Identity Stack can effectively mitigate these risks. Businesses have effectively deflected up to 99.9% of fraud by using VIDA Identity Stack solutions. Access the full whitepaper here for more insights on the need for robust security measures and how VIDA drives digital trust
Download whitepaper "Where's The Fraud?" VIDA now!
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