Major shift underway towards documents in identity proofing, Jumio argues
Jumio is arguing that ID document and selfie biometric checks have become cost-effective for preventing fraud in online services, compared to inexpensive legacy approaches. The argument is bolstered by new implementations of solutions from HooYu and Onfido to help with compliant onboarding, and Q5id to prevent fraud in research. Startup AuthMe, meanwhile, continues to emerge onto the market.
With the number of organizations relying on document-centric identity proofing during onboarding processes set to leap from 30 percent today to 80 percent by 2022, a major shift is taking place in the industry, according to a Jumio blog post on the implications of the key findings in Gartner’s 2020 Market Guide for Identity Proofing and Attribution.
Gartner finds that data-centric approaches are no longer viable, due to the proliferation of personal information on the web. While database checks can be carried out frictionlessly in the background of a process while the customer fills out a form, Gartner suggests that this approach is often considered “good enough” by organizations in part because they are comfortable with its low cost, compared to the historical price of ID document and selfie biometric checks.
The cost-benefit calculation is changing, however, according to the Jumio post.
Sleeper fraud, account takeover attacks and new account fraud, among other types, can cause too much damage, in the form of lost revenue, regulatory fines, and brand damage, for the status quo to remain cost-effective.
The ID document and selfie facial recognition check process is also becoming more familiar to consumers, reducing the friction associated with it without any change to the process itself.
HooYu implemented for esports betting compliance
Hooyu’s ID document and selfie biometric solution has been adopted by esports betting operator Midnite to secure customer onboarding and meet know your customer (KYC) requirements.
Esports have enjoyed a rapid rise in popularity, but its customer base includes many people whose age or geographic location make it challenging to quickly meet customer age and identity checks for regulatory compliance.
HooYu provides Midnite with database checks, ID document validation, facial biometrics and identity confidence scoring technology, orchestrates the KYC technology, and embeds user interface and user experience tools within Midnite’s sign-up process to guide user through the process and maximize customer acquisition rates, according to the announcement.
Deliveroo selects Onfido
Deliveroo will use Onfido’s document verification and facial biometrics to onboard its food delivery drivers easily, quickly and securely as the company carries out its global expansion plans.
With food delivery services in greater demand, Deliveroo is attempting to scale, and the modern workflow provided by Onfido saves time and money during the onboarding process for Deliveroo by eliminating the requirement for new riders to provide additional documentation on sign-up, the authentication provider says.
Onfido Co-founder and CEO Husayn Kassai says that if Deliveroo can meet the demand on its services, it will go a long way towards sustaining a fragile restaurant industry through the difficult time ahead.
AuthMe presents at Microsoft Demo Day
AuthMe presented its ID authentication solution with face biometrics and liveness detection at Microsoft Taiwan’s Startup Demo Day.
According to the company’s announcement, AuthMe counts well-known financial institutions as customers of its identity verification technology, which it says makes use of deep learning to “revolutionize” KYC processes. Users complete the process with three steps in under three minutes, and the company’s software helps to reduce manual review costs by 70 percent, registration time by 90 percent, and provide 100 percent accurate ID authentication.
Q5id biometric ID verification chosen to maintain research integrity
Q5id has partnered with Conduct Clinical Trials (CCT) to deliver its biometric enrollment and authentication platform for maintaining the integrity of clinical trials with identity management.
CCT is a network of clinical trial research sites with more than 900,000 active patients and 800 physicians. It selected Q5id to further strengthen its identity verification to prevent simultaneous participation in multiple studies, according to the announcement.
Q5id says it is the only company on the market offering a live video interview capability along with multiple biometric captures for identity and liveness proofing. The company launched just a year ago.