Technology firm Become Digital and cooperative bank CoopCentral announced an alliance to strengthen identity validation and fraud prevention in Colombia's cooperative sector.
The alliance will allow cooperatives to adopt facial biometry technologies, identity validation and real-time risk monitoring.
The sector has more than 4.5 million associates and represents about 4% of national GDP, with more than 3,800 active cooperatives.
Jose Prada, CEO of Become Digital, noted that fraud includes identity theft, falsified documents and deepfakes. “Fraud is moving toward entities with high user proximity and lower technological investment capacity,” he said.
Prada added that identity validation helps more people access digital services without replacing the cooperative sector's care model.