Consumers fine to take time for biometric ID verification in return for less fraud: Veriff

The prevalence of identity fraud incidents is making consumers weigh the fraud protection record of businesses before signing up with them, according to a new report from Veriff. The report has been released just as Daon, Au10tix and iDenfy announce new selfie biometrics customers, and a couple of FaceTec clients reveal new partnerships.

The 2024 Veriff Identity Fraud Index shows 75 of consumers now claim to consider fraud prevention record before onboarding to a service. Accordingly, 64 percent say they would be willing to go through a longer sign-up process involving an ID document check and selfie biometrics to receive stronger identity and data protection. Just over half (52 percent) of consumers say they are happy to use IDs and face biometrics to confirm their identity online.

The results are gathered from 1,000 survey responses by people in North America and Europe.

Nearly 4 in 10 respondents (39 percent) told Veriff they consider biometrics to be the most secure method of signing up for an online service. This is more than the two most frequently-used methods, one-time passwords (21 percent) and passwords (14 percent).

Safer tabletop games

The Adventure Nexus (TAN), a company that provides an online platform for tabletop game players, has turned to Daon to implement identity verification so players can connect safely.

TAN has integrated Daon’s xProof to perform fast, accurate matching of verified ID documents and selfie biometrics with presentation attack detection (PAD), according to the company announcement.

“Tabletop games” is a term used to describe role-playing games like Dungeons & Dragons, card games like Lorcana and strategy board games like Settlers of Catan.

“At The Adventure Nexus, building a safe and inclusive community is paramount. Partnering with Daon allows us to implement industry-leading identity verification, ensuring that everyone feels secure and protected while connecting and enjoying their favorite tabletop games,” says TAN Founder and CEO Ian Gauger. “This partnership signifies our commitment to fostering a trustworthy environment where players and Game Masters can come together with confidence.”

Web3 and fintech

Crypto network and FaceTec client Humanode has partnered with Mintlayer to upgrade the latter’s resistance to Sybil attacks, in which fake identities are used to “manipulate or destabilize networks,” according to a company blog announcement.

Humanode’s BotBasher has been integrated with Mintlayer’s Discord to link Discord accounts to individuals with biometric verification.

Web3 privacy layer Coti has partnered with Civic to integrate FaceTec biometrics for dynamic decentralized identity (DID). Coti V2 users can perform KYC and AML checks with Civic Pass, which is a verified credential and a non-transferable token stored in a digital wallet.

Civic integrated FaceTec’s biometrics for Proof of Personhood in October.

SelfKey DAO is using selfie biometrics for identity verification, duplicate account checks and user authentication through its SelfKey iD, Crypto Head reports.

SelfKey iD combines biometrics with zero-knowledge filters and self-sovereign identity (SSI) to support transparency and accountability in decentralized autonomous organizations (DAOs). The company added voice biometrics to its platform back in 2018 through a partnership with VoiceIT.

The Stratos Group of companies (collectively referred to as FXCM), which provide services for foreign exchange, stock and CFD trading, has selected Au10tix to provide biometric identity verification for seamless user onboarding.

Au10tix’ technology is already integrated with FXCM’s platform, and has increased ID document approval rates by 29 percent, boosting revenue growth, according to the announcement.

FXCM integrated Au10tix’ IDV Suite, Web SDK and biometric solutions to automate user verification and fraud detection.

Czechia-based trading education platform FTMO has chosen iDenfy for identity verification and remote user onboarding.

FTMO chose iDenfy after searching for a reputable regtech company, according to the announcement. iDenfy’s KYC and KYB capabilities, along with its ability to catch duplicate account submissions, motivated FTMO’s choice.

Article Topics

AU10TIX  |  biometrics  |  Daon  |  FaceTec  |  fraud prevention  |  Humanode  |  iDenfy  |  identity verification  |  selfie biometrics  |  Veriff