The All Kerala Private Bankers Association (AKPBA) has unveiled an artificial intelligence (AI) application designed to detect fake gold, marking a shift towards digital security in the state’s financial sector. The launch took place at the association’s 67th annual meeting at the Younus Convention Centre in Kollam, inaugurated by finance minister K.N. Balagopal.
Developed by Technopark-based fintech firm IGNOSI, the AI Fake-Gold Detection App analyses customer photographs against a database of reported fraud cases. Within seconds, the app produces a result — either ‘doubtful’ or ‘not doubtful’ — helping banks and financiers spot suspicious transactions before they proceed.
At the same event, IGNOSI also rolled out an AI-powered Registration Counter that processed more than 1,500 financier members in real time. The system captured photographs, verified identity and firm details, and confirmed registrations instantly, cutting down paperwork and errors.
AKPBA president P.A. Jose said the association views technology as essential for the sector’s growth. IGNOSI plans to expand the fake-gold detection system and AI registration process to banks and financial institutions across India in the coming months, with demonstrations and pilot projects lined up.