OneSpan launches automated account opening service with facial recognition

OneSpan has launched a Secure Agreement Automation cloud solution to reduce fraud in the digital account opening process by combining an identity verification hub with facial biometrics, eSignature workflow, and an end-to-end audit trail with open APIs.

ID verification checks offered through the identity verification hub include credit checks, multifactor authentication, and facial recognition, which according to the announcement can help organizations reduce false positives.

The company notes that banks estimated global fraud losses last year at more than $31 billion, according to McKinsey & Company, and Javelin Strategy & Research found that new account fraud cause $3.4 billion in losses in the U.S. in 2018. At the same time, Aite Group research indicates that consumer abandonment rates range from 65 to 95 percent for financial institutions.

“Even as application fraud attacks continue to escalate, research shows that improving the customer experience continues to be the number one driver of business cases as financial institutions invest in new account onboarding solutions,” says Aite Group Fraud & AML practice Research Director Julie Conroy. “Solutions like Secure Agreement Automation promise a win-win, by bringing automation to streamline onboarding while also facilitating the requisite fraud and KYC controls.”

Secure Agreement Automation connects to OneSpan’s Trusted Identity (TID) platform, and is available through open APIs for banks to add Risk Analytics, Intelligent Adaptive Authentication, which was recently recognized for customer value by Frost & Sullivan, and mobile application security capabilities.

“The battle for banking consumers is being waged based on the quality of the digital experience, which demands both ease of use to reduce abandonment rates and strong security to lessen account fraud,” comments OneSpan CEO Scott Clements. “Secure Agreement Automation represents the fulfillment of OneSpan’s promise to help financial institutions reduce costs and increase growth by establishing trusted identities, devices and transactions throughout the customer journey.”

OneSpan shifted to a greater focus on biometrics in 2018, after rebranding from VASCO.

Related Posts

Article Topics

 |   |   |   |   |   | 

Comments

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Most Read This Week

Featured Company

Biometrics Research

Biometrics White Papers

Biometrics Events

Explaining Biometrics