The National Federation of Farmers Procurement, Processing and Retailing Cooperative of India Ltd. (NACOF) has signed a Memorandum of Understanding (MoU) with FaceOff Technologies to help cooperative banks and allied organizations tackle the growing threat of AI-driven fraud, including deepfakes and synthetic identity fraud.
Under the agreement, NACOF-affiliated cooperative banks and institutions will gain access to FaceOff’s Sovereign AI platform, which uses Post-Quantum Cryptography to strengthen identity verification, Know Your Customer (KYC) processes, and fraud detection systems against emerging cyber threats.
The MoU was signed by NACOF Founder and Chairman Ram Iqbal Singh and FaceOff Technologies Founder and CEO Dr. Deepak Kumar Sahu.
Singh said the partnership will equip member institutions with advanced tools to safeguard millions of farmers and rural customers while preserving trust in cooperative banking. Sahu noted that AI-generated fraud is already affecting financial institutions, making stronger identity verification systems essential.
