Technologies and regulations supporting selfie biometrics expand
Basis ID has announced a selfie biometrics customer win for compliant customer onboarding, while Verify 365 and iDenfy have launched technologies to build out their selfie biometric services with enhanced fraud protection. The regulatory environment for remote transactions continues to favor face biometrics on mobile devices as well, with approval of a technology just like that introduced by Verify 365.
Online identification processes for onboarding to financial services in Switzerland can include scanning the chips of biometric identity documents, after a regulatory body updated its guidance on ‘video and online identification.
The Swiss Financial Market Supervisory Authority (FINMA) carried out a public consultation prior to issuing the new guidance, which is intended to enable further automation of onboarding processes and smoother experiences for consumers. The change was made particularly to enable financial institutions to make use of biometric passports.
If the requisite biometric data can be read of ID document chips, then financial intermediaries can skip the bank transfer that would otherwise be necessary.
Other changes to ease onboarding processes include the use of geolocation for home address confirmation, however video identification and “downstream manual verification” is considered not yet sufficiently secure.
Basis ID biometrics selected for game skin trading platform
Basis ID is providing a full suite of identity verification technologies, including selfie video biometric matching and liveness checks, to Chinese online services provider NetEase to perform know your customer (KYC) and anti money-laundering (AML) checks for the Buff platform.
Buff is an online marketplace for Counter-Strike: Global Offensive (CS:GO) skins, which has been used by millions of players around the world, according to the announcement.
“In-game asset exchange is a very delicate business, especially when it comes to the delivery of fast, frictionless and 100 percent fraud-free operations,” Basis ID CPO Sergei Sergejev.
To support that business, Basis ID will also provide a customized OCR solution for Visa compliance and simplified customer onboarding.
Verify 365 launches NFC biometric document scanning
Legal sector identity verification provider Verify 365 has launched software to enable consumers to validate NFC-equipped identity documents, like biometric passports, with iOS and Android devices.
The company refers to guidance issued by the UK’s HMLR that biometrics should be used to provide certainty of identity in conveyancing transactions. Complying with the guidance could provide legal Safe Harbour for UK conveyancers, and the company says Verify 365’s NFC solution gives it the only digital identity verification platform in the market to meet the new standard.
Reading biometrics and other identity data directly from the chip of an ePassport reduces the risk of document tampering, and speeds up the verification process.
“The future of the legal sector is digital and to be effective Verify 365 is evolving at a faster pace than the regulatory environment and the competition,” says Verify 365 Founder and CEO Rudi Kesic. “Using an app on their smartphone, a user simply scans the chip of their ID document using the phone’s contactless reader, takes a selfie or video, and the platform then uses complex AI-driven biometric analysis to verify that person.”
iDenfy develops IP screening
iDenfy has launched software that uses an algorithm to analyze the internet and dark web continuously to detect fraudulent IP addresses to supplement its selfie biometrics and onboarding technologies.
IP addresses associated with anonymous IPs or TOR networks, elite proxy, socks 4/5, VPNs or online anonymizers can be scanned for signs of malicious software or use in fraud, in an operation running in the background to increase transaction security without affecting the user experience. IP addresses cleared of malicious software can also be restored to allow transactions from them.
“A common way for companies to identify fraudulent activity is by analyzing IP address locations,” explained iDenfy’s CEO Domantas Ciulde. “However, many criminals use an anonymous IP, sometimes called a proxy, in order to make it look like their online activity is originating from a different computer or location. Proxies are used over 95 percent of the time with fraudulent activity, which makes it very difficult to track down the fraudster. This is why iDenfy, has released Proxy Detection. This new product can determine whether or not the IP address being used in the online transaction is legitimate.”