The fraud prevention specialist ComplyCube has added facial recognition to its flagship identity verification platform. The technology will be deployed alongside ComplyCube’s existing Document Verification and AML Screening services to give businesses more confidence when entering into a relationship with a potential customer.
As the name would suggest, ComplyCube’s face authentication service will enable biometric authentication for people signing into a platform that is protected with ComplyCube tech. Face authentication can be used to access different services, or to recover an account when someone forgets a password. In both cases, new faces are matched against an image that has already been registered in the system.
The broader goal, according to ComplyCube, is to help mitigate the threat of synthetic identity fraud. In that regard, the company noted that synthetic identity fraud has increased in the past few years as legitimate personal information has become more readily available on the dark web. Since the information being used to create a synthetic identity is real, it may not trigger any red flags in a screening system that cross-references those details with other sources.
ComplyCube believes that face authentication will help solve that problem. Many fraudsters use the same face with different identities, and will try to do so hundreds of times a day to increase their chances of getting through. Even if one application gets rejected, the act of applying creates a real paper trail that makes future attempts seem more authentic.
ComplyCube’s facial recognition tech can spot duplicate faces and faces that have been associated with fraud. That, in turn, allows organizations to flag fake identities even when different personal information is being used for each one. ComplyCube will still conduct Multi-Bureau Checks. Face authentication will simply back up those checks with an additional layer of biometric identity verification. The company’s technology can help clients fulfill their Know Your Customer obligations, and comply with Anti-Money Laundering regulations.
June 22, 2022 – by Eric Weiss