September 11, 2017 -
Applied Recognition, Inc revealed that its Ver-ID Credentials service now meets or exceeds the identity verification requirements of the Canadian Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) when implemented within FINTRAC’s Dual Process Method.
Ver-ID Credentials enables online identity verification by using the company’s patented Face Locate technology to ensure that an in-session “selfie” matches the applicant’s government-issued photo ID.
The service is equipped with several built-in security benefits including controls to limit the potential for use of false credentials and ‘liveness detection’ feature to ensure that an applicant is actually present.
“Dozens of industries are governed by the limitations & mandates of the PCMLTFA to establish customer identity,” said Ray Ganong, co-CEO of Applied Recognition. “With Ver-ID Credentials, banks, credit unions, insurers, fintechs, attorney, notaries and many other businesses and professionals can confidently ascertain the identity of a client without the friction of traditional methods that are subject both to high-rates of error and abandonment.”
In order to adhere to government guidelines, Ver-ID Credentials must be combined with a second method to complete a compliant identity authentication.
Ver-ID Credentials can be purchased separately or ‘pre-integrated’ with other methods through an Applied Recognition business partner.
“Government issued photo IDs are how we identify ourselves in the physical world. Our passports allow us to enter other countries and our driver’s licenses are often used to open a bank account or to apply for a credit card,” said Don Waugh, co-CEO of Applied Recognition. “With Ver-ID, we are bringing this level of identity authentication to the digital world and in doing so are introducing technologies that will protect both consumers and businesses alike against identity theft, account takeover, and other kinds of online fraud.”
“Fraudsters are able to commit their crimes because of online anonymity and invisibility, Ver-ID Credentials will prove to be a huge deterrent to fraudsters as they will avoid creating a photo audit trail of their criminal activity.”
Earlier this month, Applied Recognition, Inc. announced it achieved the 0.2 percent threshold for Cross-Over Error Rate (CER) in testing against the FERET dataset maintained by the US National Institute of Standards and Technology (NIST) for facial recognition systems evaluation.