Innovatrics is expanding its portfolio with the release of its new DOT Trust Platform. The solution is geared toward remote onboarding, and combines the large-scale identity management capabilities in the Innovatrics ABIS (Automated Biometric Identification System) with the onboarding tech in the company’s Digital Onboarding Toolkit (DOT).
According to Innovatrics, the new solution will help prevent fraud while reducing overhead for clients that implement the platform. The company specifically suggested that the DOT Trust Platform can lower onboarding costs by as much as 90 percent, and at the same time produce a 90 percent increase in identity fraud detection rates. The solution also delivers a better experience for end users, insofar as the onboarding process can be completed in a matter of minutes (instead of hours). That lack of friction translates to a much higher conversion rate, with fewer people abandoning the registration process.
The Innovatrics offering is compliant with various Know Your Customer and Anti-Money Laundering regulations. During onboarding, users are asked to take a selfie and an image of an identity document. Innovatrics’ document-reading tech analyzes the ID to make sure it is authentic, and then uses facial recognition to match it to the person in the selfie. The solution is backed up with passive liveness detection that has cleared the Level 2 iBeta evaluation.
Innovatrics’ ABIS technology, meanwhile, helps ensure that there are no duplicates in the system. The solution can cross-reference a new face with a database of millions in only a few seconds, and in doing so stop fraudsters that try to use the same face to create multiple accounts. It also allows the organization to identify anyone who may be on a watchlist for suspected (or confirmed) criminal behavior.
The system can let a legitimate customer know that they may be a victim of identity fraud if someone else tries to use their face. Innovatrics’ facial recognition tech has consistently performed well in independent DHS and NIST testing.
July 11, 2022 – by Eric Weiss