Ensuring secure and reliable identity verification is crucial for businesses and institutions. Identity fraud and theft have surged with the rise in online transactions, remote work, and digital services. According to the Federal Trade Commission (FTC), identity theft cases reached nearly 1.4 million in 2023, up from 650,000 in 2019. This alarming trend underscores the necessity for robust identity verification solutions that effectively combat fraud and ensure user authenticity.

Rising Threats of Fraud and Identity Theft

The digital transformation has streamlined business operations and improved customer access to services. However, it has also opened new avenues for fraudsters. Traditional identity verification methods, such as password-based systems or manual document checks, must be revised. Fraudsters have become adept at exploiting these weaknesses, using stolen identities to commit fraud and causing significant financial and reputational damage to businesses.

For instance, in online banking, fraudsters often use stolen credentials to access bank accounts, leading to unauthorized transactions and financial losses. According to a report by Javelin Strategy & Research, identity fraud losses in the US amounted to $16.9 billion in 2019. Such incidents highlight the critical need for advanced and reliable identity verification solutions.

How Authenticate® Prevents Fraud and Identity Theft

Authenticate® addresses these challenges with its advanced identity verification, which combines Facial Recognition and Liveness Detection technologies. These solutions provide a secure, efficient, and user-friendly verification process that significantly reduces the risk of fraud and identity theft.

Facial Recognition Technology

Authenticate® leverages state-of-the-art facial recognition technology to enhance security in identity verification processes. This technology compares facial features from a user's live selfie with those on their government-issued ID, ensuring that the individual is who they claim to be.

How It Works:

Document Capture: Users upload an image of their government-issued ID, such as a driver's license or passport, via the Medallion™  interface.

Live Selfie Capture: Users take a live selfie using their camera, guided by the system to ensure clear and accurate image capture.

Facial Feature Mapping: The technology maps and analyzes key facial landmarks, such as the distance between the eyes and the shape of the jawline, from both the live selfie and the ID photo.

Correlation Score Generation: A correlation score is calculated to determine the likelihood that the live selfie and the ID photo are of the same person. A high score indicates a match, while a low score may indicate the need for further verification steps.

Liveness Detection Technology

Liveness Detection is essential to Authenticate®'s identity verification services. Utilizing iBeta Level 2 anti-spoofing technology ensures the presence of a real person during the verification process, effectively preventing fraud attempts that use photographs, videos, or masks.

How It Works:

Integration with Facial Recognition: Liveness Detection is performed simultaneously during the facial recognition step to ensure the authenticity of the live selfie.

Detection Techniques: The technology assesses signs of life, such as blinking, facial muscle movements, and depth perception, to distinguish a live person from a static image or video.

Verification Process: The verification is successful if liveness is confirmed and a high correlation score (recommended ≥ 75) from the facial recognition process.

Why Authenticate^® is the Best Choice

Authenticate® stands out in the market for several reasons:

Advanced Technology: By integrating cutting-edge facial recognition and liveness detection technologies, Authenticate® offers a comprehensive and reliable identity verification solution.

Fraud Prevention: The combination of these technologies ensures that only legitimate users can pass the verification process, significantly reducing the risk of identity fraud and theft.

Compliance: Authenticate® helps businesses meet regulatory requirements for identity verification, ensuring compliance with industry standards.

User Experience: The verification process is designed to be quick and user-friendly, providing a seamless experience for users without compromising security.

In an era of ubiquitous digital interactions, ensuring the security and authenticity of user identities is crucial. Authenticate®'s identity verification solution, with its advanced facial recognition and liveness detection technologies, offers a robust defense against fraud and identity theft. Businesses looking to enhance security measures to protect their users' identities and prevent fraud should consider evaluating Authenticate®'s solution. By integrating Authenticate^®, businesses can safeguard their operations and build customer trust.

Explore how Authenticate® can fortify identity verification processes and protect your business from fraud. Contact us today for a comprehensive evaluation of our identity verification solutions.