Teen-focussed fintech signs with Yoti to enhance security, verify age
Modak, a fintech company that provides financial services and education to teenagers, recently partnered with Yoti, a digital identity company, to enhance the platform’s safety features and verify the age of its users.
Since its launch in December 2022, 25,000 teens have signed up for Modak using Yoti’s facial age estimation technology. The tool also enhances the platform’s current Know Your Customer (KYC) and Anti-Money Laundering (AML) processes, the companies say.
“In conjunction with our standard banking-related KYC/AML processes, Yoti’s tech enhances user experience by streamlining the verification process, reducing manual errors, and minimizing the risk of fraudulent activity,” says Madhu Yalamarthi, CEO at Modak, in a company announcement.
Yoti’s AI facial age estimation technology can reliably assess a user’s age from a selfie. Once a user’s age is estimated, all images are immediately deleted. Built with the GDPR principle of ‘privacy by design,’ an individual cannot be identified by the model. The technology is also accurate across all skin types and gender.
Companies like Instagram, Facebook Dating, and Yubo are also incorporating Yoti’s technology to check the age of users and create age-appropriate experiences.
In Modak’s company announcement, Robin Tombs, CEO at Yoti, says that “facial age estimation gives platforms like Modak an effective, reliable and private way to verify that only teens sign up for their platform.”
“Our technology can help them to verify the age of millions of individuals without compromising on user safety and privacy,” he adds.