Biometrics and document verification solutions make fraud gains as fake ID problem persists
The threat of identity fraud is forcing companies to consider the ID document authentication capabilities of their fraud prevention solutions, along with the biometric and artificial intelligence-based data analysis tools. AU10TIX says it has found an effective balance, while 4iQ’s successful fundraising suggests it too is on the right track. Vietnam’s government has developed its own remote KYC tool, which will have to be robust if it is to defeat fraud on the scale U.S. authorities have been finding, as described by a FaceTec executive.
Combining its identity document verification and biometrics with neural networks to detect fraud indictors like photo and text replacement forgeries is resulting in dramatic results for AU10TIX customers, the company says in an announcement.
These improvements come in part from better readability for more automation and stronger fraud detection. AU10TIX has focussed on increasing and improving the quality of data it takes into its systems with neural networks. Machine-learning capabilities are now embedded in the company’s core backend and frontend, as well as ID processing and ID capturing, AU10TIX says.
ID fraud techniques such as text and images copied and pasted with methods undetectable to the human eye and legacy algorithms can now be detected by the company, it says in the announcement. The rise in synthetic identity fraud makes forgery detection particularly important, and AU10TIX claims to have made major progress by building and training bespoke neural networks for a variety of sophisticated techniques.
The launch of INSTINCT earlier this year, with its data correlation capabilities, provides safe, anonymous fraud information from each participant in the network to all others, which AU10TIX says both keeps businesses safer and yields ways to reduce friction in the user experience.
Companies using AU10TIX’ 2020 integration of advanced neural networks and other engineering innovations are experiencing gains like a 30 percent increase in effectiveness over previous identity verification techniques, 8 percent more business automation, decreasing operating costs, and an 85 percent increase in the ability to differentiate non-IDs from IDs, the company says.
AU10TIX also claims its customers are finding an improvement of 400 times in detecting low-quality images which are still sufficient to carry out the identity-proofing process.
4iQ raises $30M to bring fraud intelligence solution to market
Identity intelligence company 4iQ has raised $30 million in a Series C funding round to invest in go-to-market efforts and appointed former Waterline Data boss Kailash Ambwani to its Chief Executive role, VentureBeat reports.
The round was led by ForgePoint Capital, with participation from Benhamou Global Ventures, C5 Capital, and Adara Ventures, and brings 4iQ to more than $63 million raised in total.
The IDHunt platform provided by 4iQ aggregates identity information from public websites, social media and the dark web, and the company claims to posses 45 billion records with more than a trillion total attributes to help companies prevent fraud, money laundering, terrorism financing, insider threats, cybercrime and identity theft. It counts more than 100 customers with over 25 million users, according to the report.
Datapoints collected by IDHunt include historical DomainWhoIs, cryptocurrency and reverse IP lookups, allowing 4iQ to build up information about threat actors and calculate risk scores with machine learning algorithms in seconds.
Vietnam stands up public telecom-developed biometric digital KYC
Vietnam’s Ministry of information and Communications has announced a new eKYC solution with face biometrics developed by state-owned VNPT (Vietnam Posts and Telecommunications Group) to detect fraudulent ID cards and other identity credentials, according to government publication Nhan Dan.
The digital KYC solution is one in a series of planned launches of locally-made services to power Vietnam’s digital transformation.
The solution identifies customers during video calls, and utilizes a large database of Vietnam-specific information along with highly accurate optical character recognition, according to the article. VNPT’s digital KYC technology also include blockchain, Nhan Dan reports, and can be applied to many different sectors.
FaceTec VP reviews state of digital identity fraud
Enormous volumes of fake IDs have been seized by U.S. Customs and Border Protection, including nearly 20 thousand fraudulent identity documents at a single port in only six months, FaceTec VP of Communications John Wojewidka writes in a LinkedIn post.
The scope of the problem and its impact on the cybersecurity landscape is examined by Wojewidka, along with how 3D biometrics and true liveness detection can help.