Digital identity firm iDenfy has announced that it’s adding a new automated ID verification toolkit to its security solution arsenal.
The ‘Face Authentication’ service is designed to bring additional measures when authenticating existing customers in order to reduce account takeover threat rates.
As the fintech industry progresses in developments, iDenfy warns that some businesses are ready to make compromises with identity verification in favour of a fast and seamless customer experience.
In a statement, the company cites the Federal Trade Commission by highlighting that more than nine million identities around the world are stolen by fraudsters every year.
CEO of iDenfy Domantas Ciulde argues that companies should do everything in their power to mitigate fraud, and that using face biometrics will help do that without taking away from a simplified customer journey.
The solution works by prompting the user to perform a specific head movement, which is then automatically processed and a decision is made if the face corresponds to the data previously saved. This way, returning customers will not have to go through the full verification process again.
Ciulde concluded: “Instead of passwords that are difficult to remember, customers can be onboarded easier using our new facial recognition technology. Our module can be integrated into any onboarding flow within a few hours. We also customise our solution to match brand guidelines and make it more familiar for the customers.”