AI technology helps to identify fraudulent loan applicants

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A full set of smart loan solutions called "Gamma" has been introduced by Ping An Financial OneConnect, a subsidiary of Ping An Insurance (Group) Company of China, Ltd., to help small and medium-sized financial institutions with risk management by using micro expression recognition technology, reported.

"Gamma" is a smart loan integrated machine with AI technology at its core. The intelligent micro facial expression recognition technology is introduced to capture the changes in expressions of loan applicants.

The number of deceitful borrowers in China has risen to 1.6 million, according to Qiu Han, the deputy general manager and Chief Innovation Officer of Ping An Financial OneConnect. "Among today's online borrowing cases, over half of the bad loans are due to fraud, but not credit risk, and the most common way to cheat is through identity theft."

"Gamma" can recognize 54 kinds of facial expressions, including some extremely subtle expressions. Even experienced fraudsters can't succeed when facing "Gamma", because unlike regular facial expressions, it is difficult to hide micro expression reactions.

Ping An said they have made sample statistics based on videos. "This intelligent micro expression system has the world's largest micro emotion database, and the accuracy rate of the micro expression fraud recognition is up to 80%," said Ye Chunwang, CEO of Ping An Financial OneConnect.

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