Entrust, ConnectID tapped for biometric fraud prevention as ID theft grows

The importance of fraud prevention with selfie biometrics for user onboarding is evident around the world with Entrust, ConnectID and ID.me announcing new milestones. SentiLink outlines the second-half trends in digital fraud in a benchmark report based on its partners’ data.

SentiLink reports identity fraud jump in H2 2024

Identity fraud has seen a sharp rise in the second half of 2024, particularly for targeting deposit accounts, according to a new benchmark report from SentiLink.

The U.S. identity verification firm recorded an increase from 2 percent to almost 8 percent. The overall rate of identity theft rose from a low of 2 percent of applications in early July 2024 to a peak of above 4 percent in December, its H2 2024 SentiLink Fraud Report has shown.

SentiLink also observes new fraud tactics on the rise, including legacy phone abuse, residential proxy IP manipulation, and Assumed Identity Abuse (AIA), where a person assumes the identity of someone who has left the country. The report also highlighted the emergence of organized fraud rings.

It is not all bad news though, as synthetic fraud dropped by 25 percent from 1 percent of all attacks to 0.75 percent in the second half of last year.

The data is based on an analysis of more than 100 million account applications across credit cards, auto lending, consumer lending and checking accounts (DDAs). The application data was pulled from roughly 200 of SentiLink’s partners.

Entrust, ConnectID and ID.me land clients, boost user numbers

Entrust has landed a new client for its biometric identity verification platform Entrust Onfido Studio. Security Bank Philippines will initially adopt the company’s products for retail banking onboarding, enhancing its electronic Know Your Customer (eKYC) process. After that, it plans to extend Entrust identity verification solutions across its broader portfolio of services.

Security Bank is using the platform’s flexible IDV orchestration capabilities to create customized workflows for regulatory compliance and convenient customer experiences, according to the announcement.

Digital identity service ConnectID, an initiative of Australian Payments Plus (AP+), will provide identity verification for the Australian National Disability Insurance Scheme (NDIS) participants and service providers. The third-party verification will be provided through NDIS’ software platform Caresquare and aims to reduce fraud, minimize administrative errors and help over 690,000 Australians with disabilities access their insurance.

ConnectID is a digital identity exchange that serves as “a bridge between trusted Identity Providers (such as banks) and the business requesting the information.” Some of the biggest banks in Australia have already signed up for the service.

U.S.-based identity verification service ID.me announced that over 70 million Americans have used its selfie biometrics and other products to prove their identity online.

This is nearly half of the 145 million users that have an ID.me wallet. The digital wallets are used for interactions with government agencies, healthcare providers, non-profits and businesses in its network.

Article Topics

biometrics  |  connectID  |  digital identity  |  Entrust  |  face biometrics  |  fraud prevention  |  ID.me  |  identity verification  |  selfie biometrics