Fintech fraud and compliance concerns lift selfie biometrics, ID verification providers
Growth in both the fintech sector and digital fraud rates provide a tailwind for suppliers of selfie biometrics and identity verification. Innovatrics has launched a document lifecycle solution to address ID document fraud, Sumsub has collaborated on a guide for crypto platforms trying to keep up with their regulatory and security obligations, and iDenfy has signed up a fintech service provider. IDnow’s revenue from the distribution of its ID verification technology has increased significantly, while Shufti Pro has announced a new ISO certification, and OCR Labs has added its UK ID check certifications.
Document liveliness from Innovatrics
Innovatrics presents document viability detection as a necessary feature for external identity verification.
The company has developed algorithms to determine whether a presented ID document is physically present, or presented as an image on a screen. The technology validates the document’s presence in real time, according to the announcement.
A short video demonstration shows controls for document output, color profile and MRZ field consistency and for screenshots.
The document life technology can be integrated through Innovatrics’ Digital Identity Service.
Sumsub guide for crypto onboarding
Sumsub and global payment infrastructure platform Mercuryo have collaborated on a user onboarding guide for cryptocurrency service providers.
‘User verification in Web3. How to Solve Key Challenges and Manage User Data addresses the KYC, AML and identity verification requirements crypto providers face, and the key ID verification and data control challenges surrounding Web3.
The crypto industry is already navigating regulations such as the Travel Rule, for which Sumsub has just released a compliance solution, and more are expected to come into effect over time.
Sumsub sees reusable KYC as a way to dramatically improve verification rates.
IDnow claims great revenue growth
IDnow says its digital identity verification platform generated 52 percent more revenue in 2022 than in 2021.
Revenue from financial services customers using its selfie biometrics, video liveness checks and other automated solutions nearly doubled, and sales in the telecommunications sector increased by 40 percent. Sales in the company’s traditional country markets of France and the DACH region grew, but this growth was outpaced by more than double revenues from other geographies.
iDenfy fintech customer wins
Lithuanian financial exchange services provider Goat Finance has chosen iDenfy’s full-stack solution to provide its customers with identity verification and KYC checks through selfie biometrics.
Goat Finance chose iDenfy to take advantage of its customizable platform and richness of features, according to the announcement. ID verification will take Goat’s customers less than a minute to complete, the partners say.
They also say the deal will give Goat more sustainable KYC conversion rates and allow it to accept more different identity documents.
Certifications for Shufti Pro and OCR Labs
Shufti Pro has received ISO/IEC 27001:2013 certification, demonstrating its secure data processing practices. The company emphasized its dedication to eliminating fraud from the business community in the announcement.
OCR Labs has been certified to provide right-to-work checks under the UK’s Digital Identity and Attributes Trust Framework.
The company now has 16 certifications under DIATF, which also cover the right to rent and DBS checks.
Article topics
biometric liveness detection | biometrics | digital identity | document verification | iDenfy | identity verification | IDnow | Innovatrics | OCR Labs | selfie biometrics | Shufti Pro | Sum sub
