With a three-second video selfie, Onfido recreates the 3D shape of the user’s face and matches it to the biometric data provided when their real identity was established at registration, enabling repeat access to services, whether it’s to update personal account information, initiate high-value transactions, or access new products and services.
Onfido, the global customer identity verification and authentication provider, today announced Onfido Face Authenticate, which adds a fast and seamless biometric face authenticator as well as new security tools, including Onfido Private Key Encryption, to its Real Identity Platform.
„The new product suite provides businesses with the high levels of assurance they need to prove their customers are who they say they are in a remote setting without compromising user experience or privacy” according to the press release.
With Onfido’s Real Identity Platform, comprising of Onfido Verify (document and facial biometric onboarding) and Onfido Face Authenticate (biometric face authentication), „companies can now go beyond safely onboarding new users for Know Your Customer (KYC) or compliance purposes by providing a safe and frictionless way for trusted users to re-access existing accounts within seconds and unlock new revenue opportunities for digital products and services,” Onfido says.
“Identity fraud losses cost $56B last year as more businesses adopted a digital-first approach to customer onboarding, providing a larger landscape for fraudsters to attack,” said Alex Valle, Chief Product Officer at Onfido. “Onfido Face Authenticate, in tandem with our verification product, provides a more robust identity lifecycle solution for businesses, ensuring the people accessing online accounts are the same legitimate people who were verified at registration, without compromising user experience or privacy.”
Onfido Face Authenticate leverages class-leading, 3D Face Liveness Detection AI during user authentication. Compatible with billions of iOS and Android devices, tablets and PCs, users simply take a three-second video selfie. Onfido then recreates the 3D shape of the user’s face and matches it to the biometric data provided when their real identity was established at registration, enabling repeat access at high-risk or high-value moments.
These include:
. Self-service account recovery: a simple video selfie can be used to recover locked accounts after repeated failed attempts by genuine users. Up to 50% of help-desk calls are for password resets which can be costly for businesses and frustrating to users. A recent consumer survey revealed that 58% of consumers would prefer to use a biometric in place of a password*.
. New product enrollment: quickly authenticate an existing customer’s identity to allow them to more seamlessly apply for additional financial products or services. For example, a bank customer applying for a mortgage or loan.
. Authorizing high-value transactions: For example, transferring large sums of money or purchasing a high-value item through an online store.
. Remote access: unlocking rental cars or hotel rooms with only your face; provides fast, secure access to high-value assets or high-risk places with no human supervision.
. Authenticating gig workers: confirming a person who originally registered for employment is still the same trusted driver or delivery worker carrying out a task.
Onfido Face Authenticate ensures that trusted users are live in-person during every authentication session. The system can even operate in low-light conditions by modulating the screen brightness of the device. Onfido Face Authenticate leverages FaceTec’s 3D FaceMap technology to achieve a class-leading False Acceptance Rate (FAR) of less than 1/12.8M (for face matching) and is NIST/NVLAP PAD Level 1 & 2 certified.
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*Censuswide survey of 4,047 general consumers aged 16+ in the UK, USA, France and Germany between 20.04.21 – 23.04.21.
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:
