Security is a huge factor for today’s customers who expect convenient and safe services. With new innovations storming into the market, businesses turn to technology in hopes of achieving this goal. But there’s still a dilemma regarding maintaining high security standards, at the same time, providing swift, user-friendly services. This is where identity verification and biometric verification come in handy.
Accessing sensitive information requires effective security measures. Unlike passwords, specialists argue that biometric authentication systems are more efficient because they do not require remembering complex credential combinations. Biometrics, or body measures, such as fingerprint, facial and voice recognition, are widely spread in the financial sector as a user authentication method.
By taking biometric data and retrieving it from a user, businesses authenticate entities and cross-match their details against particular devices. The success of this technology comes from the fact that it leaves a positive impression on the user. According to a recent finding by Visa, 86% of customers prefer using biometrics to verify their identity and make payments. Even though authentication and verification are closely related terms, they have different meanings.
Based on the user experience, usually, the verification process includes the customer’s identity document, whereas the authentication procedure reviews the client’s biometric data. According to Domantas Ciulde, the CEO of iDenfy, the global ID verification and fraud prevention business, combining biometric technology and identity verification into a single solution provides the needed multi-layer security for companies.
iDenfy’s biometric identity verification eliminates the chances of fraud by preventing unauthorized parties from accessing sensitive information or initiating fraudulent transactions. Ciulde claims that the key aspect of biometrics is that this data is unique, making it hard to hack it: “Taking a selfie as an additional during customer onboarding is significantly more secure than a single password.” — explained iDenfy’s CEO.
When developing its verification solution, iDenfy focused on combining advanced Facial Recognition technology with Liveness Detection. As stated by the global ID verification provider, its biometric technology algorithms instantly detect fake selfie pictures as well as images with 3D masks, deepfakes, and spoofing.
From a user perspective, according to iDenfy, such an identity verification process is simple. Once the ID document is reviewed, the customer is asked to photograph their face so that the software can scan their biometric features. iDenfy’s solution instructs the user on how to position themselves correctly to make the verification procedure even smoother. Currently, the full-stack ID verification provider supports more than 2,500 documents from over 190 countries and territories.
iDenfy recently announced a new partnership with Backed, a blockchain and finance platform that allows its users to speculate on the future of startups by exchanging virtual company coins. As claimed by Backed, integrating liveness detection and using biometric technology in identity verification is the new industry standard for the crypto world, which is built on security and privacy. For this reason, the business’ goal was to find a balance when choosing a trusted Know Your Customer (KYC) provider that could effectively establish the users’ legitimacy for Backed.
“To prevent cybercrime and ensure that personal data is kept private, many businesses need to redefine security standards by implementing biometric authentication. For us, it was iDenfy’s multi-layer biometric identity verification system that offered maximized security.” — stated Lee Betts, the founder of Backed.
Read the latest edition of PCR’s monthly magazine below:
Like this content? Sign up for the free PCR Daily Digest email service to get the latest tech news straight to your inbox. You can also follow PCR on Twitter and Facebook.