TransUnion unveils biometric fraud solution for UK businesses
TransUnion, a global information and insights provider, says it has rolled out a new Document Verification and Facial Recognition solution in order to help businesses in the United Kingdom (UK) fight against identity fraud.
The company said in a press release that the state-of-the-art technology will provide customers with ID authentication and identity verification services at a time when fraud is running high in the world of business. The system will enable real-time and online verification of a customer’s document and biometric selfie capture with the help of their own device, the statement specified. The selfie capture process includes a few seconds of video to perform the biometric match against the ID, as well as liveness proofing.
TransUnion said the solution, which is customizable and can easily be integrated into customer journeys by way of an app or website, is vital for the enhancement of customer experience in three major ways, namely new account openings, enhanced verification and identification, as well as event-driven processes.
There features mean the solution can verify new-to-business consumers through enhanced CX capacities where digital onboarding, international ID verification or false account detection is needed, among other measures. TransUnion’s Document Verification and Facial Recognition also provides step up verification for consumers where more detailed customer verification is called for, due to potential ‘thin file’ data scarcity issues, higher risk or higher value products, or where processes have become overly manual and inefficient, and can also enable verification based on product lifecycle events such as verifying additional parties to an account, digitally fulfilling varied and additional documentation requests and providing the capability to re-verify customers for regulatory purposes, the statement explained.
Shail Deep, TransUnion’s chief product officer for the UK said the solution comes as a timely response to fraud which has not only proliferated in the last five years, but has also found fertile ground online especially with the advent of the coronavirus pandemic. “Given these ever-present fraud threats, consumers expect organisations to protect their identities, and to deliver safe, convenient online experiences. Our global identity verification solution enables businesses to confirm a customer’s identity and mitigate risks of fraud, without compromising the customer journey,” he affirmed.
John Cannon, TransUnion’s Managing Director for Fraud and ID in the UK said a study by the company revealed that up to 26 percent of UK consumers had been targeted by a fraud attempt because of social distancing measures orchestrated in response to the pandemic. This, he said, highlights why businesses need to increase their security vigilance and step up precautionary measures by “…incorporating the latest biometric technology where appropriate so they can deliver the smooth online experiences that consumers expect.”
The new solution by TransUnion has also been designed to rigorously check that documents issued by government are genuine and valid. It also has a system that allows for near-field communication (NFC) reading of chip-enabled passports.