Veriff Enhances Biometric Authentication Solution to Prevent Account Takeover Fraud
23 July 2024 - 10:00PM
UK Regulatory
Veriff Enhances Biometric Authentication Solution to Prevent
Account Takeover Fraud
It’s a step towards a user-centric digital identity to
ensure a secure and seamless user experience
New York, July 23, 2024 (GLOBE NEWSWIRE) -- Veriff, a preferred
global identity verification provider, today unveiled the latest
enhancements to its Biometric Authentication solution, expanding
its product offering. With improved user experience and accuracy,
strengthened security and more seamless identity assurance, the
Veriff Biometric solution provides a streamlined authentication
process that mainly helps preventing unauthorized access and
account takeovers, but can also be utilized for other use cases.
The updates come as Veriff continues to see strong adoption of its
identity verification (IDV) and biometric authentication solutions
to fight increasing online fraud.
Account Takeover Fraud (ATO) is a growing problem, with
fraudsters employing more advanced and refined approaches to attack
individuals and businesses. According to Veriff’s Fraud Industry
Pulse Survey 2024, almost 78% of US decision-makers have seen an
increase in the use of AI in fraudulent attacks over the past year.
Veriff’s Biometric Authentication solution provides users with
swift, secure and continuous authentication, granting a convenient
and fully automated method for accessing digital products and
services. Fraud checks, liveness detection, and anti-spoofing
capabilities are included in the latest update to prevent
unauthorized access or account takeover.
“In today’s evolving digital landscape, combatting Account
Takeover (ATO) Fraud and other threats is an ongoing challenge that
requires modern security solutions,” said Christopher Adjei-Ampofo,
CIO & CISO at Uphold, a digital asset trading platform serving
more than 10 million customers worldwide. Veriff’s Biometric
Authentication solution is critical to the effectiveness of
preventative tools in fighting fraud by reducing ATO by 80% - 90%
in 2024. The solution has proven mission-critical in helping us
stop account takeovers and continues to safeguard us against
high-risk activities.”
Key features of the Biometric Authentication solution update
include:
- Increased conversion – Improved image
resolution for better face-matching accuracy and enhanced detail
capture in biometric templates.
- Improved fraud detection – Analysis of 30+
risk signals across behavioral, device and network parameters
improve accuracy and the ability to combat more sophisticated fraud
attempts.
- Deepfake and synthetic media detection –
Veriff improved face liveness checks for synthetic and AI-generated
media detection.
- User identity-based authentication – another
step towards user-centric digital identity to ensure a secure and
seamless user experience.
- Actionable insights – With more detailed
insights, customers are equipped with specifics about what took
place during the authentication journey.
“User authentication can be a cumbersome process, with some
fintech customers completing an average of five different
authentication sessions, which introduces friction and negatively
impacts the experience,” says Hubert Behaghel, Veriff CTO. "We've
augmented our Biometric Authentication solution to make it more
efficient, user-centric and secure. Our solution adapts to
individual user behaviors, ensuring authentication for the users
themselves rather than just a session. This level of biometric
authentication is one step forward on our journey to one reusable
digital identity.”
Get more insights from Veriff blog here.
About Veriff
Veriff is the preferred identity verification platform partner for
the world's most innovative growth-driven organizations, including
online marketplaces, financial service, crypto, gaming and mobility
companies, and other sectors. Veriff provides advanced technology
that combines AI-powered automation with reinforced learning from
human feedback, deep insights, and expertise. Veriff is the partner
of choice for organizations that need to rapidly and conveniently
verify and safeguard users anywhere in the world.