Equifax launches facial recognition solution to improve speed and security of financial applications
Equifax, the consumer and business insights expert, has launched a bespoke Document Verifier solution to provide faster identity authentication for financial product applications using facial recognition.
The solution can verify whether an applicant is genuine in a matter of seconds by comparing a live image of the applicant with a photograph of their passport or driving licence, both taken on a smartphone or webcam enabled device. The automated technology can recognise potential tampering or anomalies on official documents from over 200 countries. It also employs enhanced ‘liveness’ detection which detects even the slightest movement when the applicant is taking a photo of their face, ensuring fraudsters are unable to create a match using a static image of an applicant.
Through partnership with two of the leading document verification and facial recognition companies globally, Jumio and Paycasso, Equifax can offer a tailored service to meet specific customer on-boarding requirements for sectors including mortgages credit cards, utilities and telcos. The solution offers a choice of service that allows the client to strike the right balance of speed and security for specific business needs.
The new offering will improve the customer journey for new customers during an application process, whether for a mortgage or a new phone, through quick and easy identity verification.
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% 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.”