Biometrics from Acuant, AU10TIX, Veriff, iDenfy, FaceTec to secure banking, payments, and dating apps
Several biometrics providers have signed up new customers for remote onboarding and security technologies, with Acuant and AU10TIX partnering with new Mexican financial institutions in separate agreements, Veriff and iDenfy each announcing new payment and money-transfer app customers, and FaceTec signing up a dating app.
Acuant and AU10TIX each announce customer wins with Mexican challenger banks
Acuant has signed up Mexican neobank albo for its Trusted Identity Platform, which will provide biometric know your customer (KYC) and anti money-laundering (AML) checks to meet the country’s regulatory requirements for remote financial services onboarding.
The integration of Acuant’s compliance technology streamlines albo’s KYC processes to reduce customer friction, and customers can now download the app and open an account within three minutes with an ID document and selfie biometric check, according to the announcement.
“Our partnership with Acuant means we can provide each client with a process that will keep their information safe, while complying with Mexican law and regulation requirements in the most accurate way,” says Oscar Cruz Hernández, compliance officer at albo. “We are building a prosperous relationship with Acuant and we look forward to tackling the issue of AML fraud head-on.”
AU10TIX has been chosen by Mexican challenger bank Fondeadora to provide identity document verification, liveness detection and face biometrics for identity verification within 8 to 10 seconds as part of a customer onboarding workflow and account log-ins. Fondeadora will also implement AU10TIX INSTINCT for synthetic identity fraud detection.
The partnership enables completely remote customer onboarding, and is part of the bank’s plan to improve banking services within the heavily-regulated environment, in which roughly 65 million people still use cash for the majority of their transactions. This context makes automated KYC checks and digital onboarding critical for Mexican challenger banks, the companies say.
“AU10TIX is excited to join Fondeadora on its mission to provide financial access to all of Mexico through technology,” says Carey O’Connor Kolaja, CEO, AU10TIX. “Together, we can build a trusted digital payments ecosystem, one in which Fondeadora can confidently link the physical and digital identity attributes of its account holders necessary to not only comply with local regulations but also exceed consumer expectations for speedy, seamless access.”
Veriff, iDenfy sign up payments apps
Social financing app Joompay has selected Veriff’s biometrics and liveness detection to meet KYC and AML requirements for account opening, and prevent identity fraud.
Joompay provides P2P payments, including to non-Joompay users, connecting to existing payment cards or accounts.
“Innovative fintech companies like Joompay make financial services easily accessible to more people online and provide the great user experience we’ve all come to expect from digital brands today,” observes Veriff Co-founder and CPO Janer Gorohhov. “We are glad to provide a reliable and secure identity verification service to prevent online identity fraud as Joompay’s customer base continues to grow around the world.”
iDenfy has announced the adoption of its biometric identity verification by wallet-to-wallet mobile payment solution KogoPAY to provide low-friction security for the app.
The partnership is expected to improve the app’s ease of use and enhance its security with detection of fraudulent ID documents and selfie biometrics.
KogoPAY enables remote and in-person payments through QR codes.
“We’re thrilled to work with KogoPAY. The solution is an impressive resource for customers of all kinds who want to transfer funds from one wallet to another using multiple currencies,” says iDenfy CEO Domantas Ciulde. “We wanted to make this process more secure than ever through our identity verification services.”
“We are delighted to have partnered with iDenfy, with its excellent solution in identity verification,” KogoPAY Founder and Chief Executive Dr. Narisa Chauvidul-Aw comments. “iDenfy’s solution supports our strong offering in wallet-to-wallet payments and foreign exchange, reinforcing our commitment to secure payments and currency transfers across the globe.”
FaceTec biometrics to secure dating service
Romance scams have grown from a $75 million burden on daters in the U.S. in 2016 to $304 million in 2020, with the number of victims roughly tripling to 30,000 in the time.
“We can add a layer of security that social media and online dating hasn’t had before,” states Kevin Alan Tussy, CEO on FaceTec. “Our Liveness Detections technology has been working exceptionally well for more than 150 million of our users from all over the world.”
FaceTec will provide its face biometrics and liveness detection through two-second video selfies to prevent fake accounts and confirm the user’s identity.
The company has gone through more than 45,000 attacks through its bug bounty program so far, according to the report, with two security flaws successfully identified in the past 14 months.