June 8, 2015 -
Russell King will be speaking at the Payment Security & Authentication track at PayExpo this week. His speaker session is titled “Biometrics has been tagged as the final frontier in payments validation and security-is it?” and his panel debate is titled “Is biometric authentication as fast, cost effective and secure as the market needs it to be?”
The former authentication approach of trusting user-asserted data with a combination of knowledge based query assessment no longer supports the growing digital commercial landscape.
London, UK-based Paycasso has devoted its efforts to address and hopefully resolve these important issues by delivering solutions that combine the assurance of an individual identity instrument in the form of a government issued ID with the physical presence of the ID holder through a highly secure, simple and effective digital transaction.
The company’s suite of facial recognition solutions is designed to provide a safe and secure environment for both the enterprise and the consumer in a range of sectors, including healthcare, financial services, domain name registries and registrars, gaming, investigative and forensics, and e-commerce.
Paycasso’s products ensure instant and non-repudiated system access across registration, enrolment and authentication.
In a recent interview with BiometricUpdate.com, Paycasso CEO Russell King discussed how Paycasso’s facial recognition products differ from competing products on the market, why he feels that biometrics is the future of payments validation and security, and how the company is currently developing a code of conduct on how the Consumer Privacy Bill of Rights applies to facial recognition technology.
Can you describe how Paycasso’s facial recognition solutions work?
Russell King: We apply facial recognition throughout our product suite to verify a person’s identity. Businesses engaged in ecommerce and mcommerce have had a significant issue in ensuring their customer is who they purport to be, from the initial creation of a new customer account through to allowing access to an existing account. Our product suite leverages facial recognition to provide solutions that address both these issues.
Our VeriSure™ product delivers complete identity verification of a consumer as they register for a new account. This is accomplished by applying facial recognition in comparing the photo on a consumer’s government issued photo ID with a short ‘live’ video capture of the individual submitting the ID.
The solution confirms the ‘live’ individual presenting the ID is the valid holder, authenticates all global epassports and biometric national IDs, validating over 3,000 IDs from over 200 countries, auto-completes registration application with ID data, seamlessly integrates into the client existing registration process, improves the customer experience, supports CDD, KYC & AML regulatory compliance, and is delivered through existing mobile and on-line digital channels.
VeriSure™ supports both our clients’ mobile and online account registration processes. The technology behind VeriSure™ uses the consumer’s mobile device (phone or pad) cameras or computer webcams to walk them through a simple and easy to use process of capturing their ID and their ‘live’ face. By delivering identity verification during the customer registration process, our clients can then apply facial biometrics throughout their relationship with the customer to ensure the highest level of on-going account access security.
Our InstaSure™ product implements the biometric facial data captured during the initial customer account registration (as described above) to subsequently authenticate that customer prior to making further transactions. Enhancing the customer experience and delivering increased security. This is again accomplished through the users mobile device camera or webcam by a simple ‘live’ capture of the user.
We further apply facial recognition capabilities in identifying potentially historical client account issues. IdentiSure™ detects both duplicate and fraudulent account applications. This is a biometric repository that instantly determines, during new account registrations, whether the applicant is an existing customer using the face as the identifier. IdentiSure™ detects parties that hold or have applied for multiple accounts under different names eliminating the opportunity for both fraudulent and duplicate account registrations.
How do Paycasso’s solutions differ from other comparable products on the market?
Paycasso delivers solutions that combine digital security with identity verification. There are a number of highly regarded providers that focus on delivering secure access solutions for known customers. Paycasso addresses the issue of identifying new and previously unknown customers. We accomplish this by leveraging facial biometrics in conjunction with the most durable, verified source of an individual’s identity – their government issued photo identity document.
What are some of the applications for these solutions?
Paycasso solutions are applicable to all ecommerce and mcommerce business activities that involve the opening of a new account and the subsequent use of that account where there are financial transactions associated with its use. With all of these types of accounts it is essential that both parties – the business and the user can engage with each other with confidence.
In other words, that the business can be assured that the identity of their customer is verified, and that the customer has confidence that their account is secure. Examples of this include bank accounts, investment trading accounts, purchasing an insurance policy, money transfer, and online or mobile retail accounts, to name a few.
Why do you feel that biometrics is the future of payments validation and security?
The application of biometric technology supports yet another level of security in combating the significant rise in impersonation fraud. Biometric applications also offer the additional benefits of an enhanced customer experience whilst supporting regulated entities in meeting their compliance requirements.
Is biometric authentication as fast, cost-effective and secure as the market needs it to be?
It is certainly fast, cost-effective and secure. But ‘secure’ is not an absolute. Parties who are intent in their desire to defraud are constantly attacking security features in an effort to circumvent them. Biometrics on their own are not a panacea and companies like Paycasso must continue to enhance functionality to elevate fraud prevention mechanisms so that we are consistently reducing our clients exposure to both fraudulent activity and impersonation fraud.
I understand that you are helping to develop a code of conduct on how the Consumer Privacy Bill of Rights applies to facial recognition technology. Could you tell me why establishing such guidelines is important?
There is quite rightly concern by many parties around the capture and use of an individual’s biometric data. “Personally identifiable information or PII” is the term used when referencing information that can be uniquely associated with a person i.e. it identifies them. Obviously our biometric data allows for even stronger unique identification. The White House, through the National Telecommunications and Information Agency (NTIA) convened a panel to look at the development of a code of conduct to consider the concerns of multiple stakeholders in how facial recognition technology was being deployed, could be further deployed in the future and how consumer’s privacy rights could be impacted.
The Consumer Privacy Bill of Rights is concerned with the consent of a consumer in the capture and use of their PII. The development of a code of conduct applying to the use of facial recognition is designed to address these concerns. I certainly welcomed that Paycasso’s product suite, our commercial deployment in the marketplace and the required consumers consent in their use to register an account with an organization was clearly considered to be a valuable perspective by the NTIA in this multi-stakeholder process.