Fintech startup launches AI solution to detect gold fraud in financial enterprises | Thiruvananthapuram News
Thiruvananthapuram: Financial technology (Fintech) startup Ignosi Enterprises, a venture backed by Kerala Startup Mission (KSUM), launched a breakthrough AI solution for the entire spectrum of financial enterprises, including banks, to improve their efficiency in detecting fake assets and fraudulent practices.The AI fake-gold detection application is designed to identify fake gold loan cases through facial detection and fraud-pattern analysis by instantly alerting institutions about suspicious customers linked with previous fake-gold fraud records. This will help banks, cooperative societies and financial institutions who often struggle to identify or zero in on fraudsters. The breakthrough addresses fake gold pledging cases, a frequent issue faced by cooperative banks and private financiers in the state and strengthens preventive banking security through indigenous AI innovation, said a statement issued by Ignosi. It will also help banks and financial institutions to identify the past records of an applicant automatically. The other new product of IGNOSI is an AI-powered registration counter, which can process live member registrations in real time using photo capture and instant firm verification.
