The easy access to online banking and rise of digital payments, has encouraged young netizens in the Middle East to dig deeper into fintech platforms for quick investments. These digital financial firms have also raised the bets by accelerating innovation to bring smart solutions on board for processing information, so that users get the best returns.

This increasing enthusiasm about online trading and virtual investment vehicles, has also led to a higher risk of scammers tricking new players with promises of unreal profits. This is why Turkey's decision to upgrade the process of creating digital IDs through use of biometrics, has created possibilities for high-tech systems being used by fintech firms globally.

The new regulations are primarily meant for communication service providers, and shift the responsibility of digital verification from the consumers to the operators. They also place limitations on use of electronic pens or similar hardware to collect biometric info.

Among innovative options for the process, a solution called FaceTec designed for spotting fake documents, also offers capability to carry out user verification using selfies. For strengthening the safety net against fraudsters further, the smart tool also has the ability to measure 3D liveness in an individual.

Another ID verification method which is equipped with tech to thwart scams, TruNarrative let's fintech platforms bag more users, since it allows people to open online accounts within four minutes. The system from TruNarrative also relies on facial recognition to enhance the KYC process, to help new users get started.

Although cryptocurrencies haven't exactly enjoyed a dream run in Turkey owing to recent restrictions, solutions for making transfer or digital coins safer may help. Platforms like Sumsub are already using selfie verification via smartphone and digital scanning of documents, depending on the amount of crypto cash that a user wants to move.

So far AI has been used by firms to detect signs of a scam from unusual online behaviour among employees or by flagging suspicious texts.