March 29, 2017 -
Equifax has released its Document Verifier solution which uses facial recognition technology to provide faster identity authentication for financial product applications.
Document Verifier authenticates the identity of an applicant within seconds by comparing a live image of the individual with a photograph of his or her passport or driving licence, both of which are captured by a smartphone or webcam enabled device.
In addition, the automated technology can detect potential tampering or anomalies on official documents from over 200 countries.
The solution also uses enhanced ‘liveness’ detection technology which detects even the slightest movement when the applicant is taking a selfie, ensuring fraudsters are unable to generate a match using a hard copy photo of an applicant.
Through its partnerships with document verification and facial recognition developers Jumio and Paycasso, Equifax can provide a customized service to meet the unique customer on-boarding requirements for sectors including mortgages, credit cards, utilities and telcos.
Document Verifier enables clients to select a service that provides the right balance of speed and security for their specific business needs.
“We expect interest in biometrics will continue to rise as customers and businesses reap the benefits of faster and more secure processes using simple selfie or thumb print authentication,” John Marsden, head of ID and fraud at Equifax, said. “Our Document Verifier aims to facilitate the best and most secure customer journey available. It supports consumers’ preference for convenience, and the solution can be tailored to different business strategies for fraud prevention and risk management.”
Earlier this week Equifax published new research that found that 56 percent of UK consumers would prefer to use biometric authentication over traditional options like passwords to access their financial accounts.