SmartSearch US is pitching its biometric fraud prevention technology to American financial institutions that need to comply with stricter Anti-Money Laundering (AML) regulations in the United States. To that end, the company has released an enhanced version of its face-based onboarding solution, which uses face and document recognition to match a selfie to the image on a photo ID. That process is backed up with liveness detection for extra security.
The liveness detection check is performed with a Selfie Liveness Video, while the document check uses optical character recognition to make sure the ID is legitimate. SmartSearch noted that it is still unsafe to conduct manual checks and onboard customers in person due to COVID-19, so financial institutions need a remote option to facilitate new business.
SmartSearch is also the latest company to warn about higher rates of fraud during the pandemic. Money laundering rates have surged in the past few months, largely because cybercriminals have managed to take advantage of the disruption caused by the coronavirus.
“Businesses need confidence that they are going to be able to move forward without further threats to their day-to-day operation, which is what this enhanced system does,” said SmartSearch US National Sale Director Chad Rawlings. “Our mission is to make compliance easy. While the technology behind SmartSearch is highly advanced, the interface and the outputs have been designed with the user in mind, meaning staff at any level can easily do a SmartSearch and stay compliant.”
The US division of SmartSearch is targeting banks, law firms, real estate agencies, and other businesses that move large sums of money. The company argues that its solution is both more secure and more efficient, since it reduces the amount of time needed for an identity check.
SmartSearch itself is based in the UK. The company first added facial recognition to its Anti-Money Laundering platform back in May.
January 13, 2021 – by Eric Weiss