Onfido unveils biometric tech for faster ID verification
Onfido, the digital identity verification provider used by peer-to-peer lending platforms, has launched a new biometric technology to improve its verification speed.
Motion, the biometric liveness solution, is expected to improve verification speed by 12 times, by detecting the presence of a real person in seconds. It will be used to boost Onfido’s real identity platform, which was launched in May.
The iBeta level two-compliant technology allows businesses to automate the registration of new customers and speed up the assessment of customers, thereby increasing the number of customers that can be checked at one time. The group said 95 per cent of users can now be onboarded in 10 seconds or less.
In addition, false rejection rates and false acceptance rates will fall to less than 0.1 per cent.
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The launch of the technology comes during a period of increased fraud. A recent report by Onfido found that identity fraud had risen 43 per cent year-on-year and sophisticated fraud increased by 57 per cent over the same period.
“With nine out of 10 consumers comfortable accessing digital services, the opportunities for fraudsters are increasing,” said Onfido. “Not only must companies now provide more accurate fraud measures when verifying new and existing customers, but they must also ensure they can establish trust with potential customers in under 10 minutes or risk losing them.”
Motion is built on Onfido’s AI technology, Atlas. Onfido also said the technology can reduce user bias across all ethnicities, due to the use of machine learning models.
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