Jumio brings facial recognition to KYC process
24 October 2016 | 2929 views | 0
Jumio, the leading digital ID verification company, today announced the company has added the ability to conduct biometric facial recognition to Netverify.
This makes the company’s digital ID verification solution, which also includes Face Match and ID verification, a three-pronged approach to the Know Your Customers (KYC) process on mobile devices by confirming an identity, as well as the validity of the person holding the ID.
Companies are challenged to meet the growing demand to expand mobile business, including reducing brick and mortar locations, or even becoming digital pure plays. For many industries, digital is the only way to expand into emerging markets. But with this comes an increased risk of digital fraud. Netverify with biometric facial recognition enables companies to conduct ID verification combined with a complete identity verification - ensuring the person is physically who they say they are and have possession of the documentation to prove it.
The Netverify process will significantly reduce both fraud in a number of industries, including banking and finance, travel, online gaming and more. With an estimated global loss of $7.2 billion expected as a result of nonhuman traffic in 2016—a $1 billion increase from 20151—it’s clear that the issue of digital fraud is steadily increasing, and it’s essential that organizations invest in the tools to prevent it.
“Adding biometric facial recognition to Netverify was inspired by a need that impacts organizations across many industries, especially financial services with account opening and money transfers,” said Jumio CEO Stephen Stuut. “As evidenced by the millions of unauthorized accounts that were opened at Wells Fargo, it’s critical to look beyond existing multi-factor authentication solutions whenever any digital transaction takes place. The addition of biometric facial recognition, combined with ID verification, will not only help ensure that the individual in front of the screen is who they say they are.”
In addition to scanning and authenticating government-issued documents for ID verification to ensure compliance with industry regulations, Netverify’s biometric facial recognition combats fraudsters who attempt to use static images to “fake” their identity. Netverify will do both a Face Match and will also complete a liveness check, which takes no more than five seconds, to monitor for even the slightest facial movement. This improved process will not only increase customer conversions, it will also minimize fraud and the resulting costs associated with unauthorized transactions, all without impacting the customer experience.