UK firms fight online fraud with facial recognition-based onboarding services
Aimed at the growing threat of fraud facing businesses in a range of different sectors including property, legal, and financial services, a suite of modular software tools developed by UK technology company Sinerix enable clients to verify the true identity of their customers in a matter of seconds.
The company claims that the technology works by allowing people to be positively identified and matched in real time, against any form of international ID. The cloud-based platform also enables users to carry out background database checks while simultaneously verifying a biometric face match and digitally signing documentation.
“This development is particularly timely as the UK’s Home Office acknowledges the benefits that technologies, capable of using algorithms and facial recognition software, bring in helping to crack down on rising levels of online fraud and identity theft,” said David Kern, CEO of Sinerix. “Our solution helps businesses to speed up everyday document workflow while reducing unnecessary risks when sending confidential data to an unknown recipient.”
A recent report shows that more than half (52 percent) of European consumers abandon onboarding processes, with the need to present paper ID documents one of the main reasons why. The same number said they would be more likely to sign up for a service with a completely online onboarding process.
Startup Credas acknowledged
Wales-based tech startup Credas, which offers an identity verification solution that enables businesses across multiple markets and sectors to onboard people using a real time ID verification software, was recently acknowledged with a Wales Online Digital Award for Best Emerging Technology.
The awards celebrate the individuals and organizations which are driving innovation and growth across digital technology in Wales, the UK and further afield, and aim to recognize the best in Welsh business.
Credas’ technology is suitable for a range of sectors, including recruiters, mortgage and finance providers and any business which needs to verify ID to comply with regulations.
The company celebrated its first anniversary in business this May.