Experian touts Biocatch behavioral biometrics, adds Onfido face authentication for onboarding
Experian is taking another step in its embrace of biometrics, implementing facial authentication from Onfido and touting the benefits of its integration of behavioral biometrics from BioCatch to enhance its fraud detection capabilities for new account openings while improving customer experience.
The layered fraud detection approach provided to CrossCore through the partnership with BioCatch has resulted in a 73 percent increase in fraud detection and up to $23 million in fraud prevention savings for a global financial services provider, according to the announcement.
“In today’s new environment, companies have no choice but to provide safe and convenient digital experiences while optimizing their operations,” states Marika Vilen, SVP Platform Commercialization, Global Identity & Fraud at Experian. “At Experian, we know there’s no silver bullet when it comes to fighting fraud, that is why we continue to develop our curated partner ecosystem and took this opportunity to demonstrate how a layered approach makes a significant impact.”
“We are excited about the success that has been achieved through our support of the anti-fraud efforts of Experian, a company that shares our commitment to innovation in fraud prevention and dedication to customer experience,” says BioCatch Founder Avi Turgeman. “Layering BioCatch behavioral biometrics on top of Experian’s own capabilities adds a powerful frictionless dimension of intelligence to Experian’s digital identity offerings and further enables organizations to react quickly to changing usage patterns and emerging risk.”
BioCatch’s behavioral biometrics were originally integrated with the Experian CrossCore identity and fraud prevention platform in 2017.
Face biometrics technology from Onfido will be used by people applying for loans or opening new bank accounts remotely as part of identity checks by Experian, and also TransUnion, according to the Telegraph.
Onfido’s remote authentication technology allows people to prove their identity by submitting a photo of a government-issued identity document and a selfie for biometric matching.
A deal is expected soon with Experian, which provides identity-checking services to clients including Barclay’s the Co-Operative, HSBC, Lloyds and the Royal Bank of Scotland. TransUnion counts Monzo and NatWest among its clients, but its deal with Onfido does not include coverage of the UK at this time, the Telegraph writes.
The service is optional, and Onfido says in a statement reported by the Telegraph that it can provide more secure and accessible onboarding, but that a shift towards entirely digital identity verification could exclude people.