Sam Altman-backed World launches AI identity tools for banks
What's the story
World, backed by OpenAI CEO Sam Altman, has launched an innovative artificial intelligence (AI) tool for identity verification. The new offering was unveiled by Alex Blania, co-founder of World, at the Money20/20 conference on Sunday. It is specifically designed for banks and financial institutions to help them combat deepfake fraud and impersonation as more tasks are carried out online.
Product features
AI tool combines 3 products
The new AI tool from World combines three key products. The first is the World ID app, which lets users access and share digital proofs of their information.
The second, World ID for Zoom, helps participants confirm they are talking to a real person and not a deepfake during video calls.
This feature is now generally available after a limited beta period that started in April.
Third component
AgentKit feature for delegating identity proofs to AI agents
The third component of World's AI tool is World ID for Agents, also known as AgentKit.
This feature lets users delegate their identity proofs to AI agents, which can then present these credentials on third-party platforms while performing tasks on behalf of the user.
The launch of this innovative tool comes as financial institutions face a growing problem with AI-generated faces and voices making it difficult to identify who is actually accessing an account or participating in a business interaction.
Market response
Design partners exploring potential uses in financial services
World's AI tool aims to add an identity verification layer across customer accounts, employee workflows, and AI-driven services.
The company has named OpenExchange, Bain Capital, VanEck Funds, and Outtake as design partners exploring potential uses in financial services.
However, it has not revealed any bank currently using the product or its pricing details.
User base
Growing concern over AI-driven fraud
World claims that over 18 million people hold a Proof of Human credential.
The company also highlighted a Deloitte estimate that AI-driven fraud losses in the US could grow from $12.3 billion in 2023 to $40 billion by 2027.
This launch comes amid wider discussions about the security risks posed by increasingly capable AI systems.