Selfie biometrics secure ID verification for e-signatures, range of financial services

Identity verification companies that utilize selfie biometrics such as IDVerse, Oz Forensics, FaceTec, authID and Simplici have announced a wealth of new milestones, customers and products.

The digital signature industry has welcomed a new kid on the block called Simplici Sign. The platform is promising affordable e-signatures targeted at the financial industry with authenticity confirmed through optional biometric verification.

The product was created by Texas-based Simplici, an account onboarding, KYC, KYB and AML company launched in October by Satschel, Inc. The company is betting on affordability to win clients, claiming that its offering represents an approximately 80 percent cost reduction compared to its peers. Its unlimited packets subscriptions start at $4.99 a month plus $0.50 per packet.

Signing requests can be set for signer authentication with selfie biometrics and active liveness detection, as clearly depicted in a video demonstration.

The company’s Chief Information Security Officer Jayant Sonsurkar also says that it has been strengthening security by adopting industry standards.

“This commitment includes, but is not limited to, adherence to ISO 27001, ISO 27017, ISO 27018, ISO 22301, the NIST Cybersecurity Framework, and a Principal-Based Privacy Program, ensuring compliance with privacy regulations such as GDPR, CCPA and others” says Sonsurkar.

authID nabs new fintech client

Identity verification company authID has landed a new fintech client. Payments-focus startup Bieases plans to use authID’s biometric authentication platform for its new digital payment wallet. The California-headquartered company offers P2P and P2B digital banking and cross-border payments in the United States, United Kingdom and the European Union.

“As we launch our international digital payment wallet, authID’s state-of-the art identity platform proved to be the ideal solution to protect our merchants against fraudulent account openings and offer our customers the convenience and frictionless experiences they expect,” says Bin Li, CEO of Bieases.

authID recently launched its next-generation ID verification platform, designed to prevent fraud and account takeover attacks. The U.S.-based firm was also named “Best ID Management Platform” in the annual FinTech Breakthrough Awards, the company says in a release.

Oz Forensics case study boasts 0 successful biometric attacks

Biometric verification and deepfake fraud prevention company Oz Forensics has onboarded 40,000 clients for Armenian digital bank Evocabank.

“The rate of biometric fraud cases last year was 0.5 percent. None of the biometric attacks bypassed the system,” says Ruben Sagoyan, Head of Digital Business at Evocabank who stated that Oz Forensics protection was directly related to reducing potential losses.

“Fraudsters try to bypass the biometric system when lending online, thereby increasing the risk of non-performing loans,” Sagoyan was quoted in Oz Forensics’ case study.

Based in Dubai and Almaty, Kazakhstan, the company has been expanding its global footprint. Aside from working with one of Kazakhstan’s Eurasian Bank, Halyk Bank and Freedom Finance Bank, the company collaborates with US-based AI company Mototech, Chilean biometrics firm RobleLabs and Spanish digital identity company Bewor Tech.

The firm recently enhanced its Web SDK for face biometrics and liveness detection.

Crypto platform hits 1M users verified with FaceTec

Cryptocurrency wallet Zengo, which has been using FaceTec’s facial recognition to protect crypto transactions, says that it has reached the 1 million customer milestone.

Zengo attributes its success to enhanced security. Aside from using the multi-party computation (MPC) cryptographic protocol, this year the company expanded the use of FaceTec technology by adding customer authentication in the form of server-side biometrics. The move was made to prevent customers from losing access to their assets if their phone gets stolen or lost. The wallet previously used native device biometrics for account access.

The company claims credit in the release for re-inventing secure authentication for crypto wallets with magic links, cloud back-ups, and biometric liveness detection, which are now routinely used in the industry.

IDVerse will offer identity verification for Mastercard customers globally

ID verification company IDVerse is partnering up with Mastercard to offer automated identity verification for the card issuer’s customers globally through selfie biometrics on its Mastercard Engage program.

As an eKYC provider, IDVerse will help verify new users with just their face and smartphone. The company, formerly known as OCR Labs Global, covers over 16,000 documents and 142 languages and typesets.

London-based IDVerse has been busy clinching deals with new customers in October, including end-to-end contract lifecycle management company Conga, US gambling industry data verification service Aristotle Integrity and cryptocurrency exchange Birake Exchange.

Article Topics

authID  |  biometrics  |  FaceTec  |  identity verification  |  IDVerse  |  KYC  |  Oz Forensics  |  selfie biometrics  |  Simplici