iDenfy introduces Face Authentication service for fraud detection

More about Face Authentification capabilities

The technology is tailored to identify fraudulent biometrics and upgrade security without causing inconvenience to users. Face Authentication allows online platforms to establish a safer environment by identifying suspicious behaviours instantly, thus reducing the risk of fraud throughout the customer experience.

Face Authentication is poised to revolutionise the onboarding process, allowing businesses to swiftly and securely onboard new customers. With verification times as fast as 15 seconds, this service helps efficiency but also guarantees a high level of security. It is an important tool for businesses that point to compliance and user experience.

Key features of the Face Authentication solution

The fully automated solution functions by matching the customer's real-time face with a reference image. This method includes AI-powered data extraction, which reads details from the customer's ID document. The extracted data is then used to validate the authenticity of the face. Through iDenfy's facial recognition technology, the customer's live face is automatically assessed and compared to the picture on their ID, confirming their identity.

The face-matching capability is a key feature of the face authentication solution. Businesses can use this feature to re-confirm a customer's identity post-onboarding. This ongoing verification process is important for compliance with Know Your Customer (KYC) regulations. The face authentication tool aids in maintaining current customer data, particularly for high-risk customers necessitating Enhanced Due Diligence (EDD). 

Additionally, the new face authentication tool includes active liveness checks to verify the authenticity of the individual being verified and prevent fraudulent activities. By integrating this feature, companies can experience immediate positive outcomes, leading to improved user conversion rates as stated by iDenfy. This authentication method aids in customer retention and facilitates rapid growth, particularly beneficial for fintech or crypto online platforms that prioritise security without complicating user experience.

Face authentication provides businesses with insights like match ratio and failure reasons through an upgraded dashboard. Compliance officers can track verification sessions, ensure security, and start new sessions from the dashboard.