World has launched a new system to protect banks from AI-related identity fraud and deepfakes, unveiled at the Money20/20 conference.
The World project has unveiled a new suite of tools called World ID for Banking and Finance, designed to protect financial institutions from identity fraud leveraging deepfake technology and AI.
This initiative was introduced by co-founder Alex Blania during the Money20/20 conference in Las Vegas on October 18. This marks the first industry-specific World ID package, incorporating existing tools such as:
- World ID app — an application that allows users to store and present cryptographic proofs, enabling them to verify their identity with selfies or specific attributes like age and nationality;
- World ID for Zoom — a system that verifies participants' identities during video calls to safeguard against deepfakes;
- World ID for Agents (AgentKit) — a toolkit for developers that enables users to delegate verification to an AI agent, currently in beta testing.
According to the developers, this launch responds to the rising trend of AI-related fraud, with Deloitte predicting that annual losses in the U.S. could surge from $12.3 billion in 2023 to $40 billion by 2027.
World’s technology aims to help banks verify customers when opening accounts, visiting branches, confirming large transfers, and recovering account access, all without needing to collect and store additional personal data.
Early adopters of this verification system include partners like Bain Capital, OpenExchange, Outtake, Pantera Capital, and VanEck Funds, drawing on a network that has verified over 18 million individuals through a Proof of Human confirmation.
However, no specific banks implementing the product have been disclosed, nor has the cost of using the service been revealed.
Zoom Identity Verification
Additionally, World has launched access to World ID for Zoom for corporate clients, available through the Zoom Marketplace. Participants must complete an initial verification using the Orb device and link their World ID to their Zoom account.
During a call, users receive a notification to take a selfie within the World ID app. The system then compares three images:
- a cryptographically signed photo taken during verification on the Orb;
- the selfie taken during the call;
- the video frame of the participant from Zoom.
Upon matching, a Human Badge will appear next to the user's name for others to see. This integration processes only video, without audio or conversation transcriptions, ensuring Zoom does not access personal data during the process.
Meeting organizers can set the badge's validity duration, requiring participants to reverify their identities thereafter. Any participant can request re-verification during a meeting, and future updates will include a waiting room feature for identity confirmation before joining calls. To broaden access, World’s developer, Tools for Humanity, has joined the Zoom ISV Exchange program, allowing Zoom clients to deploy Orb within their offices.
Earlier this year, the World team enhanced the World ID architecture to support multiple keys, account recovery, and session management, along with the announcement of Zoom identity verification integration.
