“Our unrivaled biometric security layers add confidence to Cynopsis’ already highly effective ARES onboarding solution, and provide their customers with a significant competitive advantage.” – Kevin Alan Tussy, CEO, FaceTec
Cynopsis Solutions, a rapidly growing RegTech company based in Singapore, has partnered with FaceTec in order to bolster its remote onboarding. FaceTec 3D Face Authentication will bring its renowned biometric liveness detection and matching to ARES, Cynopsis’ digital onboarding platform.
The partnership comes at a time when the growing trend of digital onboarding is undergoing further acceleration thanks to the COVID-19 pandemic response. With businesses relying on work-from-home measures to keep employees safe, and with customers demanding more IT channels through which to transact, demand for remote enrollment has never been higher.
Face-based authentication solutions are rising to the occasion, but fraud is on the rise as the world undergoes its digital transformation, so ensuring the utmost security is crucial in preventing the looming specter of fraud.
“Digital Authentication is now the primary way we ensure users are who they purport to be, so it is essential to verify that the person creating or accessing an account is not just providing the user’s stolen information, but that the real user is physically present during the interaction, and is doing so from any device,” said Kevin Alan Tussy, CEO of FaceTec. “Our AI verifies that the user is legitimate, and can prevent unauthorized account access that leads to account takeover, ID theft and fraud, money laundering, and many other cyber attacks.”
FaceTec’s AI-enhanced biometric authentication software boasts lab-tested liveness detection that’s certified to Level 1 and Level 2 of the ISO 30107 presentation attack detection (PAD) standard. That certification is further backed-up by a five-tier biometric spoof bounty that offers up to $100,000 to anyone able to successfully fool the liveness solution.
“Our unrivaled biometric security layers add confidence to Cynopsis’ already highly effective ARES onboarding solution, and provide their customers with a significant competitive advantage,” said Tussy.
In addition to security, an ideal remote enrollment solution offers an optimal user experience. Too much friction in the enrollment process is a known factor in transaction abandonment. FaceTec uses artificial intelligence to optimize both its defenses and its UX. This, evidently, was a factor in Cynopsis’ choice to partner with FaceTec.
As Cynopsis CEO Chionh Chye Kit put it:
“To ensure that we offer a highly secure, comprehensive world-class solution to our clients globally, partnering with FaceTec provides the perfect environment for our clients to pursue new and legitimate opportunities in a quick and frictionless experience, and yet are able to achieve regulatory advantage by staying on the right side of regulations.”
The partnership with Cynopsis is the latest of many integrations FaceTec has announced in recent months. In July, the biometrics specialist partnered with Gulf Data International, a major move that stands to see FaceTec 3D Face Authentication deployed in financial, healthcare, and remote work scenarios throughout the the MENA region. Shortly before that, GoodDollar – a digital wallet nonprofit developing a blockchain-based universal basic income solution – implemented FaceTec 3D Face Authentication into its demo pilot.