IDV providers respond to growing consumer demand for stronger fraud prevention

A range of digital identity and financial fraud prevention capabilities and solution updates have been released just as Veriff issues its latest survey highlighting the impact on businesses and consumer expectations for stronger protection.

US businesses grapple with surging online fraud, Veriff survey reveals

Businesses across the US are facing a significant rise in fraud incidents, as revealed in the Veriff fraud industry pulse survey 2024. According to the findings, nearly 87 percent of respondents reported an increase in online fraud over the past year, with only 1.19 percent experiencing no fraudulent identity attempts.

The financial impact is noticeable, with almost 90% of businesses suffering revenue losses between 1 percent and 9 percent due to fraud. For a company with $100 million in annual revenue, this could translate to a loss of up to $9 million. This trend is not unique to the US; globally, fraud has risen by 20 percent year-on-year, according to Veriff.

Consumer awareness of fraud risks is also on the rise. Over 86 percent of US fraud decision-makers noted that their customers demand stronger fraud prevention measures. This is corroborated by the Veriff Fraud Index 2024, which found that 75 percent of consumers consider a company’s fraud prevention record before using its services.

Additionally, AI is playing a dual role in the current fraud landscape. Nearly 78 percent of US decision-makers have observed an uptick in AI-driven fraudulent attacks. Conversely, about 79 percent are leveraging AI and machine learning for fraud prevention, benefiting from capabilities like fraud pattern identification (69.38 percent) and automated identity verification processes (57.85 percent).

ANZ Plus joins NAB and CBA as identity providers for ConnectID

Australian Payments Plus (AP+) has unveiled that its digital identity software, ConnectID, is now accessible to ANZ Plus customers. This move follows the integration of ConnectID with NAB and CBA, in a bid to bolster the service’s reach and security offerings.

ConnectID was developed by AP+ to streamline the identity verification process, with the aim of enabling individuals to securely confirm their identity with businesses without repeatedly sharing unnecessary personal information.

In September 2021, ConnectID became the first non-government operator of a digital identity exchange accredited under the Australian government’s Trusted Digital Identity Framework (TDIF).

Andrew Black, Managing Director of ConnectID, expresses his enthusiasm about the partnership, stating: “We are delighted to have ANZ Plus go live with ConnectID. Its customers will enjoy greater control over what personal data is shared with and used by businesses. ConnectID also ensures consumer and business convenience and confidence, with fast and secure identity verification.”

Capital.com partners with Trulioo for global expansion, fraud prevention

Trulioo has announced a partnership with Capital.com, a retail trading platform, in a bid to facilitate Capital.com’s global expansion through more efficient and user-friendly onboarding processes.

“We are excited to partner with Trulioo, an industry leader in the digital client verification space,” says Dana Massey, chief product officer at Capital.com.

“This collaboration affirms our commitment to ensuring an exceptional user experience for our clients. With the integration of the Trulioo verification capability, we can provide a faster, more efficient client verification process without causing any inconvenience to our clients while maintaining the highest standards of security and compliance.”

Fideo Intelligence launched to combat fraud

A new initiative called Fideo Intelligence has been introduced to enhance efforts against fraud. Fideo’s intelligence aims to identify more accurate digital personas by fusing digital, transactional, behavioral, device-related, geospatial, and historical fraud data together to give platforms the ammunition needed to keep pace with potential fraudsters.

“As companies transform digitally, verifying the authenticity of identity information is more challenging than ever. Fraudsters use a mix of real-world information from a mixture of people to create synthetic identities that are becoming increasingly difficult to detect,” says Chris Harrison, CEO of Fideo Intelligence.

net digital AG introduces automated identity verification

net digital AG has launched a new automated identity verification product called airis:ident. The company boasts that the AI-driven software can verify the authenticity of identity documents and the identity and age of individuals across more than 200 countries within 10 seconds.

The system uses a database of over 13,000 identity documents, such as passports, ID cards, driving licenses, and residence permits. Users submit a photo of their ID and a selfie, and the AI checks the document’s authenticity and the individual’s identity. This verification process complies with all relevant legal requirements and processes the information almost instantaneously.

Resecurity rolls out digital identity protection in Singapore

Resecurity (USA) has launched its Digital Identity Protection (IDP) software in Singapore. As a major financial and trade hub in the Asia-Pacific region, Singapore faces significant threats from cybercriminals and cyber espionage groups, according to the company.

Resecurity’s IDP solution, which was also launched recently in Thailand and Philippines, is designed to help individuals and organizations protect their digital identities from evolving cyber threats. The solution uses real-time threat intelligence to monitor, detect, and counteract identity theft and unauthorized access to personal information.

Key features of Resecurity’s IDP solution include real-time monitoring and threat detection, and software for identity verification.

Revolut introduces wealth protection feature

Revolut is launching wealth protection, a new biometric identification feature designed to protect customers’ savings from theft. The feature, part of Revolut Secure, will verify the identity of users against their initial selfie ID checks, significantly hindering fraudsters’ attempts to access savings accounts.

Launching ahead of a busy summer season, Wealth Protection aims to address the increased risk of theft at large events and crowded tourist hotspots. With physical theft responsible for a significant portion of unauthorized fraud losses, Revolut’s advanced facial technology offers an additional layer of security for customers.

Woody Malouf, head of Financial Crime at Revolut, emphasized the importance of this new feature in combating rising phone thefts and ensuring the security of customers’ savings.

Article Topics

connectID  |  digital identity  |  document verification  |  face biometrics  |  Fideo Intelligence  |  financial services  |  fraud prevention  |  net digital AG  |  Resecurity  |  Revolut  |  selfie biometrics  |  Trulioo  |  Veriff