Shufti Pro, Sumsub upgrade platforms for faster selfie biometrics processing
Shufti Pro and Sumsub have both announced updates to improve the effectiveness of their face biometric software, for authentication in the former case and identity verification in the latter.
Shufti reduces authentication time from 30 seconds to 5 seconds
ID verification and AML screening provider Shufti Pro has announced its platform can now process face authentication in 5 seconds, down from 30 seconds. The update will improve user experience and reduce bounce rate, according to the announcement.
According to IdentityTheft.org, the median loss of fraud cases for victims is roughly $500. Total losses for the year are estimated at $10.2 billion. Identity theft has continually and rapidly trended upwards in recent years.
The primary cause for this scam market is weak KYC and easily-bypassed biometric verification, the announcement claims. Shufti Pro’s improved software has a spoof protection rate of up to 100 percent and clone detection rate of up to 97 percent.
Sumsub improves Global Database Verification product
Sumsub has announced it has improved its Global Database Verification software, reducing its average onboarding time to 4.5 seconds and improving pass rates by 37 percent.
Sumsub’s ID verification platform has three main features. Biometric identity verification verifies that personal data and ID documents are authentic. Age verification checks the user’s age to determine if they can access age-restricted content and services. Address verification determines the legitimacy of a customer’s residence.
The verification process also ensures that customer data is accurate and up to date, which prevents synthetic fraud.
“By eliminating time- and resource-consuming verification steps such as multiple document uploads, Sumsub’s regulated customers will be able to streamline their KYC processes, resulting in a smoother onboarding journey and a significant pass rate increase,” says Sumsub co-founder and CTO Vyacheslav Zholudev.
“For non-regulated businesses, Global Database Verification will boost security by checking personal data through reliable sources without disturbing users,” he says. “In terms of business development, this will help both regulated and non-regulated companies expand their global reach with confidence, efficiently scaling operations into new markets backed by reliable, diverse databases spanning 45+ countries.”