Artificial intelligence (AI)-driven cyber fraud “caused losses exceeding 20 billion pesos” in Mexico during 2024, estimated Incode founder and CEO Ricardo Amper.
This figure gains significance as Incode, a global leader in artificial intelligence (AI)-based identity technologies, announced the acquisition of AuthenticID, the world’s leading identity verification platform, according to a company statement.
In addition to driving innovation in Mexico and Latin America, the document explains that the transaction will focus on “ensuring digital trust” in an environment where “AI-driven fraud causes millions in losses” and the adoption of AI agents is advancing rapidly.
Amper also highlighted that Incode and AuthenticID processed “more than 4 billion identity verifications last year, offering companies around the world the certainty that every digital interaction is secure and trustworthy.”
He also noted that, in the era of synthetic fraud and AI-powered impersonation, identity verification has become the foundation of digital trust.
“Together with AuthenticID, we are strengthening the first line of defense against these threats, so that every company can trust every interaction,” he added.
He also mentioned that the merger of these companies also seeks to create an integrated AI powerhouse, in a market that could reach $116 billion by 2027.
With this goal in mind, Incode’s CEO highlighted the importance of its applied innovations, which include advanced neural networks and visual language models trained to detect and prevent identity fraud in real time.
According to Deloitte’s most recent risk survey for Latin America, 71% of financial institutions in Latin America identify identity fraud as their main digital threat.
Identity Fraud Increases 300% Due to AI Use
Currently, one of the most advanced threats, driven by AI, includes GenAI toolkits that generate “deepfakes”—synthetic faces and voices—in real time, which has led to a 300% increase in account opening fraud, according to information provided by Incode.
Meanwhile, the US consulting firm Gartner highlighted that more than 25% of all consumer interactions will be managed from start to finish by “fully autonomous agents,” who can be easy targets for impersonation without a reliable identity infrastructure.
Given this scenario, AuthenticID CEO Reed Taussig stated that clients need more point solutions as fraud becomes more sophisticated, requiring a comprehensive, end-to-end approach supported by a true strategic partner.
“Incode’s vision and technological leadership allow us to offer an agile, secure, and highly adaptable identity platform for an ever-expanding customer base,” he concluded.
Both the National Banking and Securities Commission (CNBV) and the Bank of Mexico (Banxico) have launched pilot programs on digital identity (eID), advanced biometrics, and proactive verification models, in collaboration with private sector stakeholders.
Furthermore, the EY Mexico 2025 Fintech Survey revealed that 90% of Mexico’s leading banks have already included AI in at least one component of their regulatory compliance and digital onboarding strategy.
Source: informador
