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Fintech fraud and compliance concerns lift selfie biometrics, ID verification providers

Fintech fraud and compliance concerns lift selfie biometrics, ID verification providers

Growth in both the fintech sector and digital fraud rates are providing tail-winds for selfie biometrics and identity verification providers. Innovatrics has launched a document liveness solution to address ID document fraud, and Sumsub has partnered on a guide for crypto platforms trying to keep up with their regulatory and security obligations, and iDenfy has signed up a fintech service provider. IDnow’s revenue from deployments of its ID verification technology is up significantly, while Shufti Pro has announced a new ISO certification, and OCR Labs has added to its UK ID check certifications.

Document liveness from Innovatrics

Innovatrics is pitching document liveness detection as a necessary feature for remote identity verification.

The company has developed algorithms to determine if a presented ID document is physically present, or being presented as an image on a screen. The technology validates the document’s presence in real-time, according to the announcement.

A short video demonstration depicts checks of document expiry, color profile and MRZ field consistency and for screenshot photos.

The document liveness technology can be integrated through Innovatrics’ Digital Identity Service.

Sumsub guide for crypto onboarding

Sumsub and global payments infrastructure platform Mercuryo have collaborated on a guide to user onboarding for cryptocurrency service providers.

‘User verification in Web3. How to solve key challenges and manage user data’ addresses the KYC, AML and identity verification requirements crypto providers must adhere to, and the main ID verification and data control challenges around Web3.

The crypto industry is already navigating regulations like the Travel Rule, for which Sumsub just released a compliance solution, and more are expected to come into force over time.

Sumsub sees Reusable KYC as a way to dramatically improve verification pass rates.

IDnow claims major revenue growth

IDnow says its digital identity proofing platform generated 52 percent more revenue in 2022 than in 2021.

Revenues from financial services clients using its selfie biometrics, video liveness checks and other automated solutions nearly doubled, and telecommunications sector sales increased by 40 percent. Sales in the company’s traditional country markets of France and the DACH region grew, but that growth was outstripped by more than double the amount of revenue from other geographies.

iDenfy fintech customer win

Lithuania-based financial exchange service provider Goat Finance has chosen iDenfy’s full-stack solution to provide its customers with identity verification and KYC checks through selfie biometrics.

Goat Finance selected iDenfy to take advantage of its customizable platform and the richness of its features, according to the announcement. ID verification will take Goat’s customers less than a minute to complete, the partners say.

They also say the deal will give Goat more sustainable KYC conversion rates and allow it to accept more different identity documents.

Certifications for Shufti Pro and OCR Labs

Shufti Pro has received ISO/IEC 27001:2013 certification, which demonstrates its secure data management practices. The company emphasized its dedication to eliminating fraud from the business environment in the announcement.

OCR Labs has been certified to provide right-to-work checks under the UK’s Digital Identity and Attributes Trust Framework.

The company now has 16 certifications under the DIATF, which also cover right-to-rent and DBS checks.

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