September 18, 2015 -
Socure announced it has introduced Perceive, a new solution designed to curb potential online financial fraud by using facial recognition to confirm a person’s identity.
Perceive features a range of capabilities to combat the threat of account takeover and enables secure login authentications – almost instantly – for high-value, high-risk transactions.
Earlier this week, Socure CEO and founder Sunil Madhu demonstrated the technology at financial and banking technology conference Finovate Fall in New York City.
Using the Socure Social Biometrics Platform, Perceive avoids complicated and time-consuming training processes that are normally associated with facial recognition systems.
The system compares the person’s face with trusted online and social media profile data to confirm the user’s identity.
Perceive’s technology uses the front-facing camera on standard smartphones to instantly recognize the person’s facial features.
The facial biometrics are then compared using Socure’s patent-pending entity resolution system to deliver an authenticity rating back to the requesting financial institution, which can then accurately confirm an identity.
Perceive can be rapidly scaled in a device and is compatible with any operating system, enabling the solution to work across billions of faces, millions of devices, and thousands of applications.
“Perceive provides the highest level of secure identity verification; better than device fingerprinting, click-flow, payment and other forms of user behavior analysis as well as out-of-band verification via SMS or email, which are rife with friction,” said Madhu. “With instances of malicious activities on the rise, confirming a person’s identity through remote facial biometrics also eliminates the need for passwords, which are still the number one point of vulnerability for account-takeover fraud.”
Perceive’s system simultaneously performs liveliness checks to prevent spoofing to ensure that the user is real and not just a photo or video clip.
The Socure Social Biometrics Platform is currently used by many financial institutions, including some of the top US remittance companies and payment processors, identifying consumers in more than 175 countries worldwide.
Previously reported, risk and fraud management software developer Feedzai partnered with Socure to provide their mutual clients with a “plug-and-play” solution that combines online and social biometric data-based authentication with fraud risk scoring.