By  Victoria Lee and Andrew W. Grant

On September 12, 2019, the Task Force on Artificial Intelligence, which is a task force within the House Financial Services Committee (FSC), held a hearing titled “The Future of Identity in Financial Services: Threats, Challenges, and Opportunities.” As the FSC wrote before the hearing, the way customers identify themselves and have their identities verified in the financial marketplace has evolved over the years, especially as transactions move online. With evolutions in digital identity, financial institutions are turning to artificial intelligence to enhance identity verification, but artificial intelligence can also be used for nefarious motives, such as committing fraud. Read more here.