World, the identity project co-founded by Sam Altman, has launched World ID for banking and finance, enabling institutions to verify that a real person is behind each transaction. Bain Capital, Pantera Capital, VanEck Funds, OpenExchange and Outtake are design partners for this offering based on three cryptographic proofs: Proof of Human, Proof of Presence and Proof of Attributes. The group cites the case of an Arup employee who transferred $25.6 million in 2024 after a video call where all participants were deepfakes, and Deloitte forecasts estimating AI-enabled fraud losses in the U.S. could reach $40 billion by 2027, up from $12.3 billion in 2023. More than 18 million people hold a Proof of Human ID and the World Foundation raised $52.5 million this year. However, the project faces regulatory pushback in Spain, Kenya, Brazil and Hong Kong over biometric data handling.
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