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Top Institutions Point to Blockchain Interoperability as Critical to Asset Tokenization

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    New York, NY, June 6th, 2024, FinanceWire

    Citi, Deutsche Bank, Mastercard, Northern Trust and Centrifuge provide insights on paths to secure, multichain asset tokenization for report produced by Axelar Foundation and Metrika

    A group of leading financial institutions and Web3 innovators have contributed to an in-depth paper on a path to achieve interoperability for tokenized assets across public blockchains, private blockchains, and legacy systems. 

    Published today, “Institutional Interoperability: How Financial Institutions Navigate a Multichain World” addresses how to achieve increased accessibility and liquidity for tokenized assets, with flexibility, privacy, transparency and scalability. 

    Tokenized assets are on-chain representations of financial assets such as real estate, currencies and securities. A recent report authored by Boston Consulting Group and market operator ADDX predicts multi-trillion-dollar value in tokenized assets within the decade. All institutions participating in the paper emphasized the need for interlinked network models that embrace multiple blockchains, as well as traditional systems, in order to realize this potential.

    Financial institutions Citi, Deutsche Bank, Mastercard and Northern Trust contributed insights to the paper in spotlight sections. Topics covered include descriptions of their projects in asset tokenization, points where they have implemented multiple blockchains, and potential requirements and challenges for blockchain interoperability. Web3-native innovators Axelar Foundation, Centrifuge and Metrika also contributed to the paper.

    The paper acts as a road map for financial institutions developing tokenized-asset opportunities and facing a complex array of blockchains public and private, alongside stringent requirements imposed by clients and regulations. It was authored by blockchain analyst Emily Parker, based on a framework laid by the Monetary Authority of Singapore’s Project Guardian in 2023. 

    Contributors to the paper will be invited to discuss the paper’s findings in a panel event at Point Zero Forum in Zurich, July 1-3. To download the paper and sign up to request an invitation, readers can click here.

    “Tokenized assets are by design interoperable, bridging assets recorded on off-chain ledgers with on-chain representations,” said Georgios Vlachos, director of Axelar Foundation and co-founder of Axelar protocol. “The question isn’t, how do we facilitate one such connection – it’s how do we facilitate potentially thousands of connections across on-chain and off-chain ledgers, in a way that’s secure, scalable and open.” 

    “Multichain asset interoperability and servicing will in all likelihood become a necessity for securities service providers as their clients adopt different chains,” said Anand Rengarajan, managing director, global head of sales & head of securities services APAC, Corporate Bank, Deutsche Bank. “It will be essential that asset servicers know how to address and service interoperability – between chains and with traditional processes – on a cost and risks-managed basis to enable sustainable growth that multiple chains can amplify.”  

    “Northern Trust is preparing for significant growth in the share of its assets under custody that are tokenized on-chain,” said Alvin Chia, head of digital assets innovation for Asia Pacific at Northern Trust. “To provide the best services possible to our clients, we’ll need to participate actively in the blockchain ecosystem, connecting multiple blockchains with tailored approaches at multiple points.”

    “Asset tokenization brings major advantages in access and liquidity – and with a modular, multichain architecture, it can also do a great deal to improve visibility and on-chain utility,” said Bhaji Illuminati, CMO of Centrifuge. “This is Centrifuge’s path to enable flexibility and scalability in the rapidly evolving RWA ecosystem.”

    “Tokenized assets hold transformative potential for financial institutions, and interoperability in tandem with risk management is key to unlocking that potential,” said Nikos Andrikogiannopoulos, Founder and CEO of Metrika. “Effective risk management and ongoing surveillance ensure these digital assets seamlessly, reliably and securely integrate into existing financial systems, fostering confidence, accessibility, liquidity and innovation.”

    About Axelar

    Axelar is the Web3 interoperability platform, delivering the shortest path to scale on an open stack to connect all blockchains. Adopters include Uniswap, Microsoft and dozens of natively multichain startups, building applications to reach all blockchain users at once – 10X as many active users as the leading Web3 application environment. Axelar supports smart contracts on a cross-chain layer that is open, scalable and secure. Backers include Binance, Coinbase, Dragonfly, Galaxy and Polychain.

    To learn more: axelar.network.

    About Axelar Foundation

    Axelar Foundation is a nonprofit established to support the growth and adoption of the Axelar network, a decentralized interoperability network that connects multiple blockchain ecosystems. Learn more at axelar.foundation.

    About Centrifuge

    Founded in 2017, Centrifuge creates better technology for financial products. Centrifuge provides asset managers a way to tokenize, manage and distribute their funds on-chain and investors better access to a diversified portfolio of high-quality tokenized assets. 

    About Metrika

    Metrika is the definitive industry leader in blockchain risk management, enabling you to proactively assess risks and guarantee compliance across digital asset services. Implement strategic risk frameworks, navigate regulatory compliance by jurisdiction, and shield your operations from emerging risks with ongoing monitoring and surveillance. Users can learn more at metrika.co

    Contact

    PR Director
    Karla Vilhelem
    MarketWaves PR
    [email protected]
    (754) 215-4315

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    Deepfake Fraud Doubles Down: 49% of Businesses Now Hit by Audio and Video Scams, Regula’s Survey Reveals

    2024-09-30T11:00:00Z

    RESTON, Va., Sept. 30, 2024 (GLOBE NEWSWIRE) -- In 2024, every second business globally reported incidents of deepfake fraud, revealing a growing trend in AI-related crimes over the past two years. Meanwhile, fraud involving fake or modified documents now outpaces AI-generated scams. These are the first findings from a new survey* “The Deepfake Trends 2024” commissioned by Regula, a global developer of forensic devices and identity verification solutions.

    Regula’s survey data shows a significant rise in the prevalence of video deepfakes, with a 20% increase in companies reporting incidents compared to 2022**. While 29% of fraud decision-makers across Australia, France, Germany, Mexico, Turkey, UAE, UK, and the USA reported encountering video deepfake fraud in 2022, this year’s data — covering the USA, UAE, Mexico, Singapore, and Germany — shows this figure has surged to 49%. This sharp increase across the revised cohort underscores the growing challenge of video deepfakes and their continued threat to businesses.
    Audio deepfakes are also on the rise, with a 12% increase compared to 2022 survey data.

    Identity fraud tactics

    Capture: The 12% rise in audio deepfake incidents and the 20% rise in video deepfake incidents from 2022 to 2024 highlight the need for enhanced detection and prevention measures.

    The survey also reveals industrial and regional differences regarding companies’ experience with deepfake threats. For example, audio deepfakes prevail over video ones among the three of the surveyed sectors, including Financial Services (51%), Aviation (52%), and Crypto (55%). At the same time, Law Enforcement (56%), Technology (57%) and FinTech (57%) are reporting more face video scams.

    The UAE and Singapore show higher susceptibility to deepfake fraud, with 56% of businesses in the UAE experiencing video deepfakes and 56% of businesses in Singapore encountering audio deepfakes. This is above the global average. In contrast, Mexico reported the lowest impact, with only 35% and 38% of businesses encountering video and audio deepfakes, respectively.

    Old threats still persist

    While video deepfakes are seeing the biggest jump over the two-year period (+20%), all other identity-related fraud has also grown, and some of its forms are more common than AI-generated scams.

    As Regula’s survey shows, 58% of businesses globally have experienced identity fraud in the form of fake or modified documents. This happens to be the top identity fraud method for Mexico (70%), the UAE (66%), the US (59%), and Germany (59%). This implies that not only do businesses have to adapt their verification methods to deal with new threats, but they also are forced to combat old threats that continue to pose a significant challenge.

    Interestingly, in a country more exposed to deepfakes, Singapore, this “traditional” threat is much lower than in the world at large: only 43% of businesses there reported having dealt with fake or tampered IDs.

    “Our latest survey demonstrates that AI-generated identity fraud has become an everyday reality. The surge in deepfake incidents over the two-year period of our survey leaves businesses no choice but to adapt and rethink their current verification practices. Deepfakes are becoming increasingly sophisticated, and traditional methods are no longer enough. What we think may work well is the liveness-centric approach, a robust procedure that involves checking the physical characteristics of both individuals and their documents; in other words, verifying biometrics and ID hardcopies in real-time interactions. This is what we adhere to in our R&D and what we recommend that our customers do to protect themselves,” says Ihar Kliashchou, Chief Technology Officer at Regula.

    Stay tuned for further insights as we continue to analyze and release more data on deepfake fraud. We’ll provide key updates to keep you informed and prepared for emerging threats.

    Additional resources:

    *The research was initiated by Regula and conducted by Sapio Research in August 2024 using an online survey of 575 business decision-makers across the Financial Services (including Traditional Banking and FinTech), Crypto, Technology, Telecommunications, Aviation, Healthcare, and Law Enforcement sectors. The respondent geography included Germany, Mexico, the UAE, the US, and Singapore.

    **After aligning the 2024 survey data with the 2022 cohort for a direct comparison, it reveals that 49% of companies experienced both audio and video deepfakes, up from 37% and 29%, respectively, in 2022. However, the unadjusted 2024 survey — which includes a larger sample size and new regions such as Singapore, in place of countries like Australia and Turkey — indicates that 50% of companies were affected by both types of deepfakes.

    About Regula

    Regula is a global developer of forensic devices and identity verification solutions. With our 30+ years of experience in forensic research and the most comprehensive library of document templates in the world, we create breakthrough technologies for document and biometric verification. Our hardware and software solutions allow over 1,000 organizations and 80 border control authorities globally to provide top-notch client service without compromising safety, security, or speed. Regula has been repeatedly named a Representative Vendor in the Gartner® Market Guide for Identity Verification.

    Learn more at www.regulaforensics.com.

    Contact:
    Kristina – [email protected]

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/59658107-89ca-4806-956c-853e8dfaad3e


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