May 17, 2017 -
Trulioo has released an ID document verification platform with facial comparison technology to further improve authentication capabilities, which marks the first time a global identity verification provider is offering a combined service through a single solution.
The combination of electronic identity verification (eIDV) and ID document verification enables clients to establish the ideal balance of offering consumers a simple onboarding experience while ensuring the enterprise adheres to cross-border Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance requirements.
By partnering with identification verification software solutions firm Mitek, Trulioo’s API now collects, analyzes and authenticates 3,500 different types of passports, driver licenses and identity cards from almost every country in the world.
“Identity document verification with facial comparison enables an additional factor of authentication for high value transactions,” said Stephen Ufford, CEO of Trulioo. “This new partnership with Mitek ensures our clients continue to have instant access to powerful tools for their fraud prevention and compliance systems.”
To verify that the individual holding the license is exactly who they say they are, the user can take a selfie and the system compares the photo to the image on the ID document.
Working in tandem, document verification combined with eIDV crates a solution for organizations to combat financial crime while benefiting cost and time-savings on staffing requirements, while eliminating the need for face-to-face authentication of documents.
“We are pleased to collaborate with Trulioo to provide the industry with a comprehensive ID verification solution that combines both our companies’ expertise for today’s digital era,” said Sarah Clark, general manager of identity solutions at Mitek.
Last year, Mitek released survey findings of the mobile preferences, purchase habits and financial goals of millennials, which forecasts that more than $3 billion mobile commerce transactions in 2017 will incorporate selfies for authorization or authentication.