As documented in both the 2024 State of Identity Fraud Report and the 2024 Mid-Year Identity Fraud Review, both identity fraud attempts as well as data breaches are at record highs, impacting both consumers and businesses amidst surges in fraud. Bad actors are constantly finding new security loopholes to exploit, allowing them access to systems and sensitive data.
AuthenticID, a global leader in identity verification and fraud prevention solutions, announced the newest release of Smart ReAuth™. „Smart ReAuth™ is a reauthentication solution that leverages a selfie to re-confirm an identity. First released in 2021, this enhanced version offers verifications in less than one second, with rapid deployment.” – according to the press release.
Smart ReAuth™’s biometric-based approach ensures fast, accurate and secure identity verification. During enrollment, users pass through a full identity verification transaction to verify them as a good, authenticated customer. Moving forward, the users can more seamlessly prove their identity for use cases like high-risk or high-dollar value transactions, to reset a password or simply log into an application.
„This allows businesses to confidently verify customers or employees at any point in their journey, while blocking fraudsters and account takeovers (ATO).” – the company said.
„For businesses, Smart ReAuth™ offers flexible deployment options. It can be rapidly deployed via a web service or seamlessly embedded into a client’s own web or mobile workflow. The intuitive merchant manager offers a user-friendly admin console and a seamless experience for users. Smart ReAuth can be customizable based on specific use cases and risk tolerance.” – the company explained.
With liveness detection and anti-fraud checks, Smart ReAuth™ confirms the person is present and is who they claim to be. The platform also offers secure encryption storage: once a user is reverified, their information is stored in a separate, secured, and encrypted database within the AWS cluster with custom data retention policies allowing instant data deletion.
“Businesses are constantly trying to balance both security and customer experience, but with the increase in sophisticated identity fraud threats, businesses need the enhanced security that biometrics offers,” noted Alex Wong – AuthenticID VP of Product Management. “Smart ReAuth™ was developed to ensure that this solution isn’t just a powerful tool to fight fraud, but also improves the customer experience, giving fraud-weary customers peace of mind while eliminating the need for cumbersome processes like KBA or passwords.”
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Smart ReAuth™ is part of AuthenticID’s comprehensive identity verification technology suite that offers fully automated verifications with over 99% accuracy in detecting counterfeit IDs, and 98% first-time pass rates. Smart ReAuth™ can be used in both consumer and workforce use cases including but not limited to:
Account takeover protection via step-up: Smart ReAuth™ offers powerful protection against ATO attempts and deepfake detection, which may occur during account recovery, password or account change requests, large purchase attempts, lost/stolen card requests, and more.
Workforce Access: Protect sensitive data while allowing employees and contractors easy access to the systems based on security levels set by the business.
Zero Trust Model: Use biometric Smart ReAuth™ with a zero-trust security architecture to ensure users have the resources they need while fighting fraud.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
