INTELLIGENT BRANDS // Enterprise Security
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Tackling the trillion-dollar
identity fraud crises
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O
nline identity theft syndicates are
dealt a significant blow as proven
remote digital identity technology
platform goes mainstream.
Fraud costs trillions of dollars to world
economies annually and, for consumers
whose identity data has been stolen, the
impact on their lives can vary from being a
nuisance to financial and emotional trauma
Worldwide, around 40% of consumers have
been the targets of identity theft syndicates
at least once.
Worth trillions of US dollars annually,
identity theft has historically been easy
to achieve – particularly for larger crime
syndicates. And as a result, businesses are
buckling under the weight of fraud-related
losses due to identity theft scams.
However, the Fourth Industrial Revolution
has enabled a combination of mobile
phones, sophisticated 3D facial identity
algorithms and systems linked to
government ID bureaus, to make it possible
to accurately identify and authenticate
someone remotely.
“We have built a world-class technology
platform that, using a mobile phone, can prove
the identity of a person within 30 seconds and
with an accuracy of one error in 10, 000. The
current ratio is about 11 inaccuracies per 100
using standard biometrics.”
Using a mobile phone and an official
identity document, the technology platform
does four critical things:
• It proves that the person is alive
• It matches the selfie the user has taken
with the image on their ID document
• The data is then extracted off the identity
document – including the person’s name,
surname and ID number
• All the data is then matched with a facial
biometric at an issuing authority or
government department – for example,
Home Affairs
“Using that golden triangle of identity, we
can prove the individual is who they say they
are,” added Fanaroff.
“Only then do we onboard them. Through
three-dimensional analysis, we can prove
that the individual online is really alive. The
depth of our facial recognition algorithms
means we can recognise anyone from any
region of the globe – we can handle on-
boarding of all ethnicities.
“The false accept rate is the risk that an
organisation will onboard the wrong
individual and enable identity theft. The
false reject rate is when the correct person is
dismissed and rejected. We have to balance
fraud with friction by minimising both.”
Businesses can ensure that all consumers being
enrolled are thoroughly vetted with digital
identity verification technologies and that
the transactions that pose the highest risk are
gated with multi-factor authentication.
These technologies will protect businesses
and consumers from data theft and change
the economics of fraud, so that it is no longer
in favour of the criminals. n
Businesses can now authenticate new or
existing customers without them having
to show up in person – the entire process
is seamless, secure, remote and digital.
Lance Fanaroff, a director at iiDENTIFii,
a world leading company that provides a
remote biometric digital authentication
and automated on-boarding technology
platform, says people want to be able to
open a bank account without going into a
bank or buy something without going to a
shopping centre.
“It’s critical that an individual’s online
identity is protected,” he said.
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