The newly launched service will help authenticate existing customers by eliminating account takeover threats.
iDenfy explains that many businesses aim to design a seamless onboarding experience for their customers, making it as fast and easy to use as possible. Despite that, the identity verification company continues to argue that some enterprises concentrate on the speed factor and are tempted to weaken the security part of their identity verification process.
The Federal Trade Commission (FTC) reports that each year, fraudsters steal at least 9 million identities around the world. Once this data is breached, cybercriminals open many doors: from making purchases and wiring funds to selling the data on the Dark Web. According to iDenfy, mitigating identity fraud in the digital world isn’t an easy task, as there’s a constant threat of account takeover when performing high-value transactions or changing sensitive account data.
To simplify the journey for the customers, iDenfy has created a feature using a biometric authentication data – the face. Based on identity verification market research and the demand for user-friendly Know Your Customer (KYC) solutions, iDenfy designed a new facial recognition implementation.
According to the enterprise, the customer completes the whole process in three simple steps. First, they need to go through the standard identity verification using their face. Then, the customer performs simple head movements. Lastly, after receiving the ID verification results, due to the new Face Authentication feature, the service will instantly tell whether the customer performing face authentication is the one who completed identity verification in the first place.
To find more about iDenfy, check their company profile.
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