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Biometric onboarding and compliance technologies launched as report shows ID fraud rising

Biometric onboarding and compliance technologies launched as report shows ID fraud rising

Biometric technology upgrades and solutions for remote onboarding and compliance have been launched by Smart Engines, and Yoti, while new features and partnerships have been announced by Innovatrics, Refinitiv and GBG, just as a new report from Veriff shows identity fraud continuing to grow.

Identity fraud is the most common type of fraud experienced in fintech, according to new research released by Veriff, and the second most common in the crypto industry.

Veriff’s Fraud Report 2020 also shows identity fraud is continuing to rise, with an 11 percent increase from the first to the second half of the year.

ID cards were used in just over half of all document fraud cases detected by Veriff, followed by driver’s licenses (27.4 percent) and passports (19.1 percent). The report goes into some detail about which country’s credentials are most commonly seen in fraud, and different rates across industries

The report also notes that it now encounters deepfakes on a daily basis, and emphasizes the importance of biometrics to fighting fraud in remote identity proofing.

Smart Engines

Smart Engines has developed a series of upgrades for its document authentication and biometric verification technologies, including face biometrics for remote user verification, liveness detection and computational document forensics.

The new versions of Smart ID Engine, Smart Code Engine and Smart Document Engine are all designed to comply with Green AI principles, and provide recognition time for U.S. driver’s licenses of 250 ms per frame, 150 ms per frame for a German ID card, and 25 frames per second for bank cards, the company says.

The new features also include support for Arabic, Sinhalese, Urdu, Tamil and Persion (Farsi) languages, and for developer tools Flutter and React.

“Smart Engines recognition technologies provide business with a unique opportunity to effectively implement new approaches without high requirements to image capture and hardware for performing AI algorithms,” says said Vyacheslav Tsyganov, VP and CIO Tinkoff Bank. “Users can take photos or show a document, bank card or barcode to the camera as they like, while all calculations do not require high-performance work systems and take seconds even on budget phones.”

The company also announced that its 2020 revenues rose significantly to €2.75 million ($3.37 million), as Smart Engines technology was used to perform 91.9 million recognitions during the year. Smart Engines research scientists also published 28 papers, and presented dozens of reports at major international conferences like ICMV, ICIP and ICPR.

Yoti facial recognition powers art-sales app

Yoti has contributed its selfie biometric technology to the development of a solution to address identity fraud and money laundering in the art world, dubbed ArtAML, the company says in a blog post.

Regulations introduced in 2020 include the art market in rules requiring identity checks for purchases over €10,000 (US$12,240).

“Galleries and art advisors alike regularly transact with collectors who are ‘not present’ (think: sales from Instagram),” explains ArtAML CEO Susan J. Mumford. “Partnering with Yoti has enabled us to provide reassurance to our customers when it comes to verifying a buyer’s identity. Digital ID verification, accompanied by liveness and face match checks when applicable, supports users to take a risk-based approach on a case-by-case basis.”

New capabilities and partnerships

Innovatrics has extended its optical character recognition capabilities to the Arabic language, making it possible for users with ID documents printed with Arabic script, including ligatures, to use its Digital Onboarding Toolkit (DOT) with face biometrics and liveness detection.

Refinitiv has completed its acquisition of Giact Systems, and will offer its real-time payment analytics alongside its World-Check to provide what it says is comprehensive fraud prevention, identity verification and compliance technology.

Bringing the companies together will help a range of customers with KYC and Client Due Diligence from flexible API integrations to in-depth investigations, according to the announcement.

Online trading and investing platform Naga is adopting GBG’s IDscan and ID3global solutions to provide seamless onboarding compliant with KYC and AML regulations.

Naga intends to provide a unified, secure platform for investing, banking, cryptocurrency services and social networking, with a single sign-on, according to the announcement.

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