Trulioo upgrades document verification, biometric facial recognition to help SMBs fight online fraud
Trulioo has upgraded EmbedID with new document verification and biometric facial recognition features to provide fraud prevention and regulatory compliance for SMBs, the company announced.
EmbedID is a preconfigured tool to work with identity verification marketplace GlobalGateway’s API, which can now be leveraged by SMBs to verify identity during account creation, reduce fraud and meet Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance requirements.
To add the extra security layer, a snippet of code can be embedded in the website to create a registration form linked to GlobalGateway for ID verification and biometric authentication to confirm authenticity of government-issued IDs. Biometric facial recognition with liveness detection will confirm the match between the person opening the account and the photo on the ID.
“Taking a multi-layered approach to identity verification offers businesses the strongest defense against increasingly sophisticated bad actors,” said Trulioo Director of Growth Rutherford Wilson in a prepared statement. “Adding document verification gives another layer of protection to help reduce risk, especially when combined with reliable identity verification. By enabling both of these capabilities, organizations can have increased confidence in knowing the user is tied to a real identity and that they are who they claim to be online.”
Accenture research says SMBs struggle with lower budgets which makes it difficult to implement advanced, bank-grade technology and security. More vulnerable to attacks, only 14 percent of SMBs can fend off cyberthreats, in an environment where 43 percent of attacks target small and medium businesses.
“In an age of ongoing digital transformation, it’s essential for SMBs to be able to access the same identity verification solutions used by large organizations to protect their business and scale their company,” added Wilson. “Sadly, 60 percent of small and mid-sized businesses go out of business after an attack, and we designed EmbedID to help level the playing field to allow for accelerated innovation, customer acquisition and competition in the marketplace.”
When it introduced GlobalGateway in 2014, Trulioo found that even though it had been providing technology for hundreds of organizations around the world, there was still a market gap. By introducing EmbedID, the company aims to make fraud defense available for all companies, regardless of size.
“SMBs tend to have limited IT budgets and KYC/AML compliance expertise,” said Wilson. “We wanted to build a solution for SMBs that provides battle-tested identity verification, reduced integration costs for IT departments, and an easy to use administrative portal so non-tech individuals can make updates as requirements change.”
Trulioo was recently recognized in June by the World Economic Forum as a Technology Pioneer for its excellence and innovation in biometric digital identity and online trust to establish financial inclusion.