Equifax, the consumer credit checking company, has launched a bespoke Document Verifier product to provide identity authentication for financial product applications, using facial recognition.
The developers say that the product can verify whether an applicant is genuine in a matter of seconds by comparing a live image of the applicant with a photograph of passport or driving licence, taken on a smartphone or webcam enabled device. The automation it is claimed can recognise potential tampering or anomalies on official documents from over 200 countries. It also employs ‘liveness’ detection which detects even the slightest movement when the applicant is taking a photo of their face, meaning the makers say that fraudsters are unable to create a match using a static image of an applicant.
With two document verification and facial recognition companies, Jumio and Paycasso, Equifax can offer a tailored service to meet customer on-boarding requirements for mortgages, credit cards, utilities and telcos. The credit checking firm says the identity verification product will improve the ‘customer journey’ for new customers during an application process, whether for a mortgage or a new phone.
John Marsden, Head of ID and Fraud at Equifax, said: “Fraud is a massive problem in the UK, estimated to account for an annual loss of £193 billion, and changing the way we verify identities will go a long way to help combat the issue. Our recent research, conducted with YouGov, showed that 56 per cent of people online would prefer to use biometric security measures to access their financial accounts, far outpacing traditional identity verification methods. This is also reflected in the positive reaction to using biometric technology in daily life, for example with e-passports or to unlock your smartphone.
“We expect interest in biometrics will continue to rise as customers and businesses reap the benefits of faster and more secure processes using simple selfie or thumb print authentication. Our Document Verifier aims to facilitate the best and most secure customer journey available. It supports consumers’ preference for convenience, and the solution can be tailored to different business strategies for fraud prevention and risk management.”
