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Smartphone biometrics increasingly trusted as banks stand up remote authentication and onboarding

Onfido remote age verification approved
Smartphone biometrics increasingly trusted as banks stand up remote authentication and onboarding

New research published by Entersekt suggests smartphone biometrics are the easy way forward for financial institutions adjusting to new payments regulations, just as new approvals, business gains and customer wins are announced by Onfido, Techsign, Idenfy and Smart Engines. Jumio, meanwhile, offers some historical perspective on AML.

Consumer trust in smartphone-based biometrics continues to grow, and smart speakers are likewise increasingly familiar to them for a range of use cases, according to a new white paper from Entersekt and Mercator Advisory Group.

Revisiting authentication in the age of SRC and EMV 3-D Secure’ examines the impact of international mandates for Secure Remote Commerce (SRC) and EMV 3-D Secure on the authentication strategies of financial institutions. Mercator argues that issuers need to carefully consider their customer authentication methods to compete for the top of consumer wallets.

Nearly 90 percent of UK residents between 16 and 75 already have smartphones, and customer authentication techniques should be implemented on them, according to the white paper.

“Consumers face an increasingly complex authentication landscape, which can vary greatly depending on the communication channels they use,” states Frans Labuschagne, UK&I country manager at Entersekt. “Multiple authentication techniques create unwanted friction and uncertainty. This paper gives actionable advice to FIs that need to keep security top of mind while also providing a good user experience.”

Onfido remote age verification approved in Germany

Germany’s Commission for the Protection of Minors in the Media (KJM) has approved Onfido’s age verification technology, which is based on a photo of an ID document and a biometric selfie or live video captured within an app, in an assessment.

KJM found that Onfido’s solution is suitable as a complete “AVS concept,” meeting its criteria for ensuring a closed user group for adults, as specified by the Interstate Treaty on the Protection of Minors in the Media. The Treaty requires that content designated harmful to minors only be disseminated to a closed user group that consists only of adults.

As of late-2019, the regulator declared that age verification does not need to be carried out in person, but can be performed remotely through biometrics and a government-issued ID document.

Techsign biometrics revenues boosted by regulatory updates

Regulatory updates in Turkey to support digital transformation and remote identity verification have helped Techsign double its customer base so far in 2020, according to a company announcement.

Techsign reports revenue growth of 80 percent and team growth of 30 percent compared to last year.

Turkey has a young population with high mobile device penetration and usage, and the country has made regulatory changes related to remote customer acquisition and fraud detection which are driving increased demand for identification and verification services like Techsign’s biometrics and document verification, the company says.

Liveness detection demand has also increased significantly, according to the announcement, and goes along with a preference for the use of NFC-enabled smart cards and passports in identity verification.

“Turkey is a market with high digital conversion potential and demand,” Techsign CEO Abdullah Kip says. “The developments in regulation once again proved this fact. In this transformation, Techsign is the market leader in the identity industry by unlocking a way for transformation.”

Idenfy biometrics chosen by global payment platform

Idenfy has been chosen by DSBC Financial Group to secure the institution’s platform from phishing and identity-related fraud and secure its remote onboarding process with facial recognition, ID verification and liveness detection.

DSBC Financial Group provides global payment solutions for current accounts, merchant accounts, foreign exchange, payment cards and cash management. Adding Idenfy’s technology enables DSBC to comply with its know your customer (KYC) and anti money-laundering (AML) obligations faster, with fewer errors and less human involvement, according to the announcement.

“Our remote identity verification service is an optimum solution to mitigate identity-related frauds and improve overall productivity and time efficiency,” states Domantas Ciulde, the chief executive officer of iDenfy.

Kazakhstan bank selects Smart Engines OCR for remote processes

Alfa Bank Kazakhstan in standing up digital onboarding and online payments capabilities through a partnership with Smart Engines to utilize its optical character recognition technology.

Smart Engines AI-based computer vision software provides recognition for Kazakh passports and ID cards, as well as a variety of bank cards for Alfa Bank’s mobile application, with superior speed, accuracy and safety, and a seamless user experience, according to the announcement. The OCR capability works in all natural conditions, Smart Engines says, from low to excessive light, with scanning performed in a fraction of a second and processing performed on the device to maintain the security of private data.

Jumio observes Bank Secrecy Act’s 50th Anniversary

AML in the U.S. has turned 50, with the anniversary of the passage of the Bank Secrecy Act, Jumio points out in a blog post.

The company takes a look at the history of AML efforts in America, from fighting organized crime in the 1970s, through the war on drugs in the ‘80s and the establishment of the Financial Crimes Enforcement Network in 1990. Preventing terrorism has become a more central focus in AML, and FinCEN has become a larger and more forceful organization, Jumio explains.

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