Yoti to fight auto-finance fraud with biometrics, releases inclusive ID verification report
Yoti’s identity verification has been selected by fraud detection provider Paays to address fraud in auto financing. The London-based face biometrics provider also notes the importance of in-person ID check options in a new report on accessible and inclusive identity verification.
Yoti signs up Paays to fight fraud in auto-finance apps
Canada-based fraud detection, KYC, and income verification provider Paays announced it will integrate Yoti’s biometric identity verification software into the Paays ID Verifier software to improve the customer journey, reduce fraud risks, and strengthen identity checks in auto-finance apps.
The Paays ID Verifier gives auto-dealers and lenders the ability to verify the identity of customers online fully digitally, which can result in faster lending decisions while reducing the risk of fraud. Yoti’s selfie biometrics and automated identity verification will enable Paays’ customers to securely confirm identities in real-time.
Customers can use Yoti’s software to confirm document authenticity and verify the legitimacy of every customer account, which is especially important for regulated sectors with higher risks of fraud.
Over 1 in 4 find in-person ID verification more accessible
Yoti has also released a report on the importance of accessible and inclusive identity verification. Online identity verification is a critical process to access public services like healthcare and education as well as benefits and social supports.
Not everyone is able to easily complete online ID verification. A survey of 2,000 Great Britain adults found that 69 percent have proven their identity online using a physical document. Of those, 16 percent of all individuals and 23 percent of those over 55 found the process to be difficult.
To make identity verification more accessible, Yoti partnered with the UK Post Office to offer three verification options: online identity verification, a digital ID app, and in-branch verification.
Yoti’s online identity verification meets version 2.2 of the Web Content Accessibility Guidelines at level AA, which means that the majority of individuals with or without disabilities can access the service.
The reusable Digital ID app gives individuals the ability to verify their identity without a physical ID. Yoti accepts over 350 documents for the creation of their digital IDs. Half of those surveyed would prefer using Yoti ID or Post Office EasyID instead of a traditional identity check.
Yoti also provides in-branch verification. While 47 percent of respondents would prefer online identity verification, 26 percent would prefer to do so in-person. Notably, 40 percent of retirees would prefer in-branch verification. Reasons to prefer in-person services include lack of internet and smartphone access, disability, low digital literacy, and not wanting to share documents online.