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Artificial intelligence is reshaping the dimensions of almost every sector around us. An estimated 10.9 billion will be spent on intelligent process automation (IPA) in 2021. The significant applications of AI are being employed in fraud prevention, securing customers’ data, and many more. Fintech trends are expected to be worth 26.5 trillion US dollars in 2022. Various identity thefts, account takeovers, and financial frauds can be dropped down by deploying AI-powered ID verification modules in the systems.