Yoti, Onfido, Sumsub and ID.me step up biometric, digital ID onboarding efforts to tackle online fraud
Several biometrics providers have announced new partnerships this week, sharing their e-Signing and KYC solutions to combat online fraud.
Particularly, Yoti has been selected by the estate agency Connells Group to provide its eSignatures services, cryptocurrency exchange provider Bitex has partnered with Onfido to implement the biometric firm’s Know Your Customer (KYC) and Anti-Money Laundering (AML) measures, and Mercuryo has selected Sumsub’s video face biometrics for faster onboarding.
Also, digital identity services provider ID.me announced its technology is blocking around a billion dollars of fraud a week.
Yoti e-Signing selected by Connells Group
Yoti’s e-Signing platform has been chosen by Connells Group to deliver digital identity verification, AML, and KYC checks for its sales and lettings business.
The partnership builds on a previous one the companies signed in April 2020, which saw Connells using Yoti for sales contracts.
The move, which saw the deployment of Yoti across 600 Connells Group branches, reportedly improved document completion rates by 67 percent.
Now, through the biometric digital signing platform, Connell’s customers will be able to verify themselves with an embedded ID document check or the free reusable ID app, for an extra layer of protection.
Onfido partners with Bitex on KYC for crypto investors
The collaboration will see Onfido provide Bitex with biometric KYC checks for its Cryptocurrency Exchange and wallet platform.
Powered by Onfido’s facial verification technology, the combined solution will now allow Bitex customers to match their identity to documents scanned via smartphones for secure and user-friendly authentication.
Bitex provides cryptocurrency trading including Bitcoin, Ethereum, and Ripple. Thanks to the new partnership with Onfido, the company’s transactions will now be secured from hacks, scams, and frauds.
Onfido has been quite vocal about securing cryptocurrency transactions with biometrics, recently publishing a blog post concerning the security of authentication for cryptocurrency wallets.
Sumsub selected by Mercuryo for faster onboarding
Global cryptocurrency payments network Mercuryo has chosen Sumsub’s video face biometrics to speed up onboarding for up to 350,000 users and maintain regulatory compliance.
Sumsub’s reusable KYC feature is particularly appealing to Mercuryo, which has seen twenty-time growth in its global payment gateway, according to the announcement. By automating Mercuryo’s compliance and reporting processes, Sumsub is supporting its regional expansion, allowing it to onboard applicants at a high rate of success and reduce verification time to a couple of minutes.
Mercuryo’s defenses against fraud and scams now include Sumsub’s AML data screening, ongoing monitoring against international watch lists, sanctions, and PEP lists, along with graphic editor detection and metadata analysis.
ID.me reports $1B weekly savings from unemployment fraud
According to Pete Eskew, Senior Vice President of Public Sector at ID.me, most of these fraudulent attempts come from overseas. Basic identity theft makes up between 18 and 20 percent of successful fraud attacks, and face biometric spoofing or presentation attacks make up 2 to 2.5 percent, according to Eskew.
ID.me had been already chosen as the identity verification provider to vet suspect unemployment claims in Pennsylvania last October.
Now, the company serves 19 states, with thousands of fraudulent claims allegedly blocked in Florida alone.