![\"digital](\"https://www.pymnts.com/wp-content/uploads/2024/06/digital-ID-verification-consumer-interest.png\")
ID verification firm Socure has introduced a new way for businesses to validate return customers.
\nSelfie Reverification, announced Thursday (Aug. 8), can validate customers online with a selfie from any device in less than two seconds.
\n\u201cIdentity verification isn\u2019t a one-time event. As consumers interact with an online service over time, their risk profile can change,\u201d Pablo Abreu, chief product and analytics officer at Socure, said in a news release.\u00a0
\n\u201cThat\u2019s why it\u2019s important to determine you are still who you say you are, without going through the full verification process again.\u201d
\nAccording to the release, Selfie Reverification capability matches an incoming selfie with the previously verified ID headshot photo submitted during onboarding, while also looking for signs of a deepfake and age discrepancies between the photo and the users\u2019 credentials.
\n\u201cWith identity attacks at an all-time high, once-validated good identities can go risky in an instant,\u201d the company said.
\n\u201cSelfie Reverification allows simple, fast and accurate trust decisions particularly important at the riskiest of moments \u2014 a high-value banking transaction, validating the identity of a babysitter-for-hire in an online marketplace, verifying age for alcohol deliveries.\u201d
\nIn addition, Selfie Reverification has integrated \u2018liveness\u2019 detection technology which makes sure the person taking the selfie is actually present, preventing spoofing techniques like face masks, image-of-an-image and deep fakes.
\nThe release follows Socure\u2019s recently partnership with online notarization firm Proof has\u00a0 to prevent fraud in consumer agreements and forms, which the companies called a $200 trillion market opportunity.
\n\u201cIndustries are fighting an ever-increasing risk of fraud across their entire customer lifecycle,\u201d the companies said in a news release, pointing to FinCEN data showing that false records and forgery cause more than $45 billion in fraudulent activity per year.
\n\u201cBusinesses are susceptible to fraud from the moment an account is opened, to every form, authorization, loan, and transfer that customers perform,\u201d the release added. \u201cThese interactions occur through documents that are approved, signed and notarized.\u201d
\nMeanwhile,\u00a0 PYMNTS discussed identity attacks earlier this year with Bryan Lewis, CEO of Intellicheck, who offered a stark take on the damage a fraudster can inflict with a few bits of information.
\n\u201cPeople don\u2019t realize how easy it is to steal your identity. If I can get your social media account or your email, I can change everything about your life,\u201d he told PYMNTS CEO Karen Webster.
\n\u201cI can change every password you have,\u201d he added, before offering an even more ominous scenario: \u201cI can ruin your reputation.\u201d\u00a0
\nThat\u2019s particularly bad news for merchants, as up to 25% of consumers say they are willing to abandon a retailer if they learn that their identities have been stolen via a breach with that enterprise.
\n\u00a0
\nThe post Socure Debuts Selfie Reverification to Root Out Deepfakes appeared first on PYMNTS.com.
\n", "content_text": "ID verification firm Socure has introduced a new way for businesses to validate return customers.\nSelfie Reverification, announced Thursday (Aug. 8), can validate customers online with a selfie from any device in less than two seconds.\n\u201cIdentity verification isn\u2019t a one-time event. As consumers interact with an online service over time, their risk profile can change,\u201d Pablo Abreu, chief product and analytics officer at Socure, said in a news release.\u00a0\n\u201cThat\u2019s why it\u2019s important to determine you are still who you say you are, without going through the full verification process again.\u201d\nAccording to the release, Selfie Reverification capability matches an incoming selfie with the previously verified ID headshot photo submitted during onboarding, while also looking for signs of a deepfake and age discrepancies between the photo and the users\u2019 credentials.\n\u201cWith identity attacks at an all-time high, once-validated good identities can go risky in an instant,\u201d the company said.\n\u201cSelfie Reverification allows simple, fast and accurate trust decisions particularly important at the riskiest of moments \u2014 a high-value banking transaction, validating the identity of a babysitter-for-hire in an online marketplace, verifying age for alcohol deliveries.\u201d\nIn addition, Selfie Reverification has integrated \u2018liveness\u2019 detection technology which makes sure the person taking the selfie is actually present, preventing spoofing techniques like face masks, image-of-an-image and deep fakes.\nThe release follows Socure\u2019s recently partnership with online notarization firm Proof has\u00a0 to prevent fraud in consumer agreements and forms, which the companies called a $200 trillion market opportunity.\n\u201cIndustries are fighting an ever-increasing risk of fraud across their entire customer lifecycle,\u201d the companies said in a news release, pointing to FinCEN data showing that false records and forgery cause more than $45 billion in fraudulent activity per year.\n\u201cBusinesses are susceptible to fraud from the moment an account is opened, to every form, authorization, loan, and transfer that customers perform,\u201d the release added. \u201cThese interactions occur through documents that are approved, signed and notarized.\u201d\nMeanwhile,\u00a0 PYMNTS discussed identity attacks earlier this year with Bryan Lewis, CEO of Intellicheck, who offered a stark take on the damage a fraudster can inflict with a few bits of information.\n\u201cPeople don\u2019t realize how easy it is to steal your identity. If I can get your social media account or your email, I can change everything about your life,\u201d he told PYMNTS CEO Karen Webster.\n\u201cI can change every password you have,\u201d he added, before offering an even more ominous scenario: \u201cI can ruin your reputation.\u201d\u00a0\nThat\u2019s particularly bad news for merchants, as up to 25% of consumers say they are willing to abandon a retailer if they learn that their identities have been stolen via a breach with that enterprise.\n\u00a0\nThe post Socure Debuts Selfie Reverification to Root Out Deepfakes appeared first on PYMNTS.com.", "date_published": "2024-08-08T16:14:39-04:00", "date_modified": "2024-08-08T16:14:39-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/08/socure-selfie-reverification.jpg", "tags": [ "AI fraud prevention", "authentication", "deepfakes", "digital transformation", "ID fraud", "Identity", "identity fraud", "identity verification", "News", "Pablo Abreu", "PYMNTS News", "selfie reverification", "Socure", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=2020038", "url": "https://www.pymnts.com/identity/2024/velera-debuts-id-verification-tool-for-credit-union-members/", "title": "Velera Debuts ID Verification Tool for Credit Union Members", "content_html": "Credit union service organization Velera has introduced an identity security/authentication tool.
\nIDCheck by Co-op, announced Thursday (Aug. 1), is available to members of the Co-op Shared Branch network, which lets credit union members conduct transactions at partner credit unions throughout the country.
\n\u201cWith the increase in digital capabilities and payments offerings, the potential for fraud will also continue to grow,\u201d Amy Evans, Velera\u2019s senior vice president for strategic network solutions, said in a news release provided to PYMNTS.\u00a0\u201cIDCheck supports an omnichannel fraud fighting and prevention strategy to safeguard credit unions and their members participating in Co-op Shared Branch.\u201d
\nAccording to the release, IDCheck can help protect credit union (CU) members by authenticating their identity through their smart devices when accessing their accounts at a shared branch.
\nThe tool asks members to share a photo of their ID and a selfie, and then uses advanced graph-defined logic, artificial intelligence (AI) and biometric data to verify the ID and the member in real time. From there, members get a one-time passcode to share with a teller and confirm their identity.
\nThey can also pre-authenticate their identification before going into a branch to transact, or save their validation for future visits, said Velera, previously known as PSCU/Co-op Solutions.
\nAs PYMNTS wrote last year, fraud attacks against banks and CUs aren\u2019t new, although consumers have begun taking them much more seriously.
\nOne recent study found that nearly three-quarters of consumers rate fraud protection as one of their top three priorities when opening a new account at a bank or CU, surpassing ease of use (61%) and good value for their money at 46%.
\n\u201cCUs must implement strong measures to protect themselves and their members from fraud \u2014 or watch members take their business elsewhere,\u201d PYMNTS wrote.
\nMeanwhile, PYMNTS Intelligence and Velera recently collaborated on the report \u201cHow CUs Can Drive Engagement with Self-Service Banking Innovation.\u201d
\nThe study found that \u201congoing innovation in self-service banking \u2014 including online and mobile options and the ability to use any ATM \u2014 can help CUs stand out, especially among younger consumers.\u201d
\nFor example, close to one-quarter of Generation Z and bridge millennials picked a financial institution (FI) based on self-service banking convenience and user experience. CUs that make investments in self-service banking innovations are well-positioned to increase memberships among younger consumers \u2014 particularly Gen Z.
\nThe post Velera Debuts ID Verification Tool for Credit Union Members appeared first on PYMNTS.com.
\n", "content_text": "Credit union service organization Velera has introduced an identity security/authentication tool.\nIDCheck by Co-op, announced Thursday (Aug. 1), is available to members of the Co-op Shared Branch network, which lets credit union members conduct transactions at partner credit unions throughout the country.\n\u201cWith the increase in digital capabilities and payments offerings, the potential for fraud will also continue to grow,\u201d Amy Evans, Velera\u2019s senior vice president for strategic network solutions, said in a news release provided to PYMNTS.\u00a0\u201cIDCheck supports an omnichannel fraud fighting and prevention strategy to safeguard credit unions and their members participating in Co-op Shared Branch.\u201d\nAccording to the release, IDCheck can help protect credit union (CU) members by authenticating their identity through their smart devices when accessing their accounts at a shared branch.\nThe tool asks members to share a photo of their ID and a selfie, and then uses advanced graph-defined logic, artificial intelligence (AI) and biometric data to verify the ID and the member in real time. From there, members get a one-time passcode to share with a teller and confirm their identity.\nThey can also pre-authenticate their identification before going into a branch to transact, or save their validation for future visits, said Velera, previously known as PSCU/Co-op Solutions.\nAs PYMNTS wrote last year, fraud attacks against banks and CUs aren\u2019t new, although consumers have begun taking them much more seriously.\nOne recent study found that nearly three-quarters of consumers rate fraud protection as one of their top three priorities when opening a new account at a bank or CU, surpassing ease of use (61%) and good value for their money at 46%.\n\u201cCUs must implement strong measures to protect themselves and their members from fraud \u2014 or watch members take their business elsewhere,\u201d PYMNTS wrote.\nMeanwhile, PYMNTS Intelligence and Velera recently collaborated on the report \u201cHow CUs Can Drive Engagement with Self-Service Banking Innovation.\u201d\nThe study found that \u201congoing innovation in self-service banking \u2014 including online and mobile options and the ability to use any ATM \u2014 can help CUs stand out, especially among younger consumers.\u201d\nFor example, close to one-quarter of Generation Z and bridge millennials picked a financial institution (FI) based on self-service banking convenience and user experience. CUs that make investments in self-service banking innovations are well-positioned to increase memberships among younger consumers \u2014 particularly Gen Z.\nThe post Velera Debuts ID Verification Tool for Credit Union Members appeared first on PYMNTS.com.", "date_published": "2024-08-01T10:00:36-04:00", "date_modified": "2024-07-31T18:06:48-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/Velera-ID-verification.jpg", "tags": [ "authentication", "credit unions", "CUs", "fraud", "Fraud Prevention", "ID verification", "identity fraud", "Identity Theft", "identity verification", "News", "PYMNTS News", "Velera", "What's Hot", "Identity" ] }, { "id": "https://www.pymnts.com/?p=2014658", "url": "https://www.pymnts.com/identity/2024/samsung-idemia-partnership-brings-mobile-ids-to-iowa-drivers/", "title": "Samsung-IDEMIA Partnership Brings Mobile IDs to Iowa Drivers", "content_html": "Biometrics firm IDEMIA has teamed with Samsung to bring mobile IDs to Iowa.
\nThe collaboration, announced in a news release Monday (July 22), allows Iowa residents to store their mobile ID in their Samsung Wallet.
\nResidents can now use the mobile ID to confirm their identity using their mobile phone at TSA checkpoints at the Des Moines and Eastern Iowa airports, along with 25 other participating airports in the country and other participating businesses.
\n\u201cThe launch of Iowa mobile ID in the Samsung Wallet brings an elevated convenience and security for Iowans with Samsung smartphones for airport security screening, age-restricted products, and other identity checks,\u201d the release said. \u201cIowans can easily access their mobile ID in the Samsung Wallet by simply tapping their phone near the mobile ID reader or having the mobile ID reader scan the QR code.\u201d
\nSamsung and IDEMIA first announced their partnership last year, rolling it to residents of Arizona and Iowa.
\n\u201cTravelers who want to take advantage of this new capability will find that their Iowa mobile ID is a convenient option when going through the security process,\u201d said John Bright, security director for the TSA in Iowa. \u201cTSA will continue to embrace technology that improves security effectiveness while streamlining the passenger experience at airports.\u201d
\nMeanwhile, PYMNTS wrote last month that the intertwined fates of digital identity and biometrics have begun to transform payments. As digital wallets gain traction, the security features fueling their use are emerging as components shaping the future of both commerce and authentication.\u00a0
\nFor example, Mastercard recently debuted its first biometric checkout program in Europe, a face and iris payment pilot in Poland that lets users \u201cbuy with your eyes, pay with your glance,\u201d as the company put it.
\n\u201cWhen combined with digital IDs, which provide a secure and verifiable way to identify individuals online, the security of biometrics is further strengthened,\u201d PYMNTS wrote. \u201cObservers say the integration of biometric authentication and digital IDs could result in a fundamental rethink of how authentication and transaction security are approached, and ultimately help unlock the next generation potential of the digital, connected economy.\u201d
\nThe post Samsung-IDEMIA Partnership Brings Mobile IDs to Iowa Drivers appeared first on PYMNTS.com.
\n", "content_text": "Biometrics firm IDEMIA has teamed with Samsung to bring mobile IDs to Iowa.\nThe collaboration, announced in a news release Monday (July 22), allows Iowa residents to store their mobile ID in their Samsung Wallet.\nResidents can now use the mobile ID to confirm their identity using their mobile phone at TSA checkpoints at the Des Moines and Eastern Iowa airports, along with 25 other participating airports in the country and other participating businesses.\n\u201cThe launch of Iowa mobile ID in the Samsung Wallet brings an elevated convenience and security for Iowans with Samsung smartphones for airport security screening, age-restricted products, and other identity checks,\u201d the release said. \u201cIowans can easily access their mobile ID in the Samsung Wallet by simply tapping their phone near the mobile ID reader or having the mobile ID reader scan the QR code.\u201d\nSamsung and IDEMIA first announced their partnership last year, rolling it to residents of Arizona and Iowa.\n\u201cTravelers who want to take advantage of this new capability will find that their Iowa mobile ID is a convenient option when going through the security process,\u201d said John Bright, security director for the TSA in Iowa. \u201cTSA will continue to embrace technology that improves security effectiveness while streamlining the passenger experience at airports.\u201d\nMeanwhile, PYMNTS wrote last month that the intertwined fates of digital identity and biometrics have begun to transform payments. As digital wallets gain traction, the security features fueling their use are emerging as components shaping the future of both commerce and authentication.\u00a0\nFor example, Mastercard recently debuted its first biometric checkout program in Europe, a face and iris payment pilot in Poland that lets users \u201cbuy with your eyes, pay with your glance,\u201d as the company put it.\n\u201cWhen combined with digital IDs, which provide a secure and verifiable way to identify individuals online, the security of biometrics is further strengthened,\u201d PYMNTS wrote. \u201cObservers say the integration of biometric authentication and digital IDs could result in a fundamental rethink of how authentication and transaction security are approached, and ultimately help unlock the next generation potential of the digital, connected economy.\u201d\nThe post Samsung-IDEMIA Partnership Brings Mobile IDs to Iowa Drivers appeared first on PYMNTS.com.", "date_published": "2024-07-22T16:44:57-04:00", "date_modified": "2024-07-22T16:46:14-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/07/mobile-ID-IDEMIA-Samsung.jpg", "tags": [ "airport ID", "biometrics", "digital identity", "digital transformation", "digital wallets", "IDEMIA", "mobile IDs", "Mobile Wallets", "News", "PYMNTS News", "Samsung", "Samsung Wallet", "TSA", "What's Hot", "Identity" ] }, { "id": "https://www.pymnts.com/?p=2011445", "url": "https://www.pymnts.com/identity/2024/prove-debuts-self-service-id-verification-platform/", "title": "Prove Debuts Self-Service ID Verification Platform", "content_html": "Prove has introduced tools to help customers integrate its identity verification technology into their operations.
\nThe company on Tuesday (July 16) announced its developer self-service platform along with an identity solution known as Prove Link SDK.
\n\u201cAs businesses exhaust huge amounts of resources to fight fraud and mitigate risk, they\u2019re oftentimes doing so at the expense of the consumer experience,\u201d Prove said in a news release provided to PYMNTS.
\n\u201cToday\u2019s consumers are inundated with an endless cycle of security measures online, saddling them with the responsibility of proving their identity, and ultimately leading them to abandon sign-ups, delay arduous onboarding and more. These so-called protective measures are grinding growth to a halt.\u201d
\nThe developer self-service platform, prove said, combats this problem by simplifying identity verification and authentication processes for businesses, offering real-time identity management throughout the lifecycle of customer identities, allowing for the highest pass rates with the lowest fraud rates.\u00a0
\nWith the Prove Link SDK, the company says it is meeting an increased demand for identity solutions for things ranging from purchasing concert tickets to hailing a ride: \u201cseparating the bots and fraudsters from the verified consumers enables businesses to create better, trusted experiences for their customers and grow their bottom lines.\u201d
\nAlso Wednesday, the company announced the hiring of two new executives. Catherine Porter, a veteran of companies such as Meta, OpenTable and LinkedIn, has been named chief business officer, while Eric Lesser joins Prove as chief financial officer after spending time with companies that include Sealed, YipitData, and Payoneer.
\nPYMNTS spoke earlier this year with Prove CEO Rodger Desai, who said that he himself has been targeted by scammers using artificial intelligence (AI) to commit identity fraud.
\n\u201cSomeone sent me a website where I put in a two-second clip of my voice \u2026 and it had me singing songs,\u201d Desai said. \u201cThe technology\u2019s becoming democratized quickly, and it\u2019s pretty cheap.\u201d
\nHe told PYMNTS CEO Karen Webster that deepfakes present an increasing threat to business, adding that the phone needs to be the cornerstone of identity verification because it is often the device used to carry out fraud. A surge in business identity fraud requires a new approach to authenticating the person sending invoices, phoning in and even texting.
\n\u201cThe digital front doors of most businesses are not very secure,\u201d said Desai.
\nThe post Prove Debuts Self-Service ID Verification Platform appeared first on PYMNTS.com.
\n", "content_text": "Prove has introduced tools to help customers integrate its identity verification technology into their operations.\nThe company on Tuesday (July 16) announced its developer self-service platform along with an identity solution known as Prove Link SDK.\n\u201cAs businesses exhaust huge amounts of resources to fight fraud and mitigate risk, they\u2019re oftentimes doing so at the expense of the consumer experience,\u201d Prove said in a news release provided to PYMNTS.\n\u201cToday\u2019s consumers are inundated with an endless cycle of security measures online, saddling them with the responsibility of proving their identity, and ultimately leading them to abandon sign-ups, delay arduous onboarding and more. These so-called protective measures are grinding growth to a halt.\u201d\nThe developer self-service platform, prove said, combats this problem by simplifying identity verification and authentication processes for businesses, offering real-time identity management throughout the lifecycle of customer identities, allowing for the highest pass rates with the lowest fraud rates.\u00a0\nWith the Prove Link SDK, the company says it is meeting an increased demand for identity solutions for things ranging from purchasing concert tickets to hailing a ride: \u201cseparating the bots and fraudsters from the verified consumers enables businesses to create better, trusted experiences for their customers and grow their bottom lines.\u201d\nAlso Wednesday, the company announced the hiring of two new executives. Catherine Porter, a veteran of companies such as Meta, OpenTable and LinkedIn, has been named chief business officer, while Eric Lesser joins Prove as chief financial officer after spending time with companies that include Sealed, YipitData, and Payoneer.\nPYMNTS spoke earlier this year with Prove CEO Rodger Desai, who said that he himself has been targeted by scammers using artificial intelligence (AI) to commit identity fraud.\n\u201cSomeone sent me a website where I put in a two-second clip of my voice \u2026 and it had me singing songs,\u201d Desai said. \u201cThe technology\u2019s becoming democratized quickly, and it\u2019s pretty cheap.\u201d\nHe told PYMNTS CEO Karen Webster that deepfakes present an increasing threat to business, adding that the phone needs to be the cornerstone of identity verification because it is often the device used to carry out fraud. A surge in business identity fraud requires a new approach to authenticating the person sending invoices, phoning in and even texting.\n\u201cThe digital front doors of most businesses are not very secure,\u201d said Desai.\nThe post Prove Debuts Self-Service ID Verification Platform appeared first on PYMNTS.com.", "date_published": "2024-07-16T09:00:54-04:00", "date_modified": "2024-07-16T06:54:34-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/01/digital-identity-verification-cybersecurity.jpg", "tags": [ "authentication", "fraud", "Fraud Prevention", "identity verification", "News", "Prove", "PYMNTS News", "What's Hot", "Identity" ] }, { "id": "https://www.pymnts.com/?p=1960782", "url": "https://www.pymnts.com/identity/2024/state-department-tests-online-passport-renewals-as-digital-ids-gain-ground/", "title": "State Dept. Tests Online Passport Renewals as Digital IDs Gain Traction", "content_html": "The U.S. State Department recently announced it is beta testing a public-facing program that enables would-be travelers to renew passports online.
\nAs of this week, people who want to renew their passports digitally can do so online. However, because the program is in trial mode, access is limited. It will only be available for a limited amount of time, beginning 1 p.m. (EST) and can only accept a limited number of applications each day.
\nAccording to the State Department\u2019s website:
\n\u201cDuring the next several months, we plan to continue to limit the number of applications accepted each day so we can monitor the system\u2019s performance in real time. This beta release during which we are limiting the daily applications is an important and standard part of the software development process.\u201d
\nThis is not the first time the State Department has test-driven the program. It first tested a similar program in 2022 but took it down in 2023. This time officials sound more optimistic about the outcome, promising there will be a \u201cfull launch\u201d of the digital application process soon.
\nThis move from the State Department is undoubtedly welcome news to anyone who has had to update their passports through the traditional \u2014 and sometimes cumbersome \u2014 process of renewing by mail. However, as PYMNTS Intelligence reported earlier this year, the agency may be a little behind the curve when compared to other government agencies.
\nThere are now more than 20 U.S. states in the process of adopting mobile driver\u2019s licenses for their residents. Arizona, Colorado, Georgia and Maryland also support mobile IDs on the iPhone\u2019s Apple Wallet. Meanwhile, Utah, California and Iowa have each issued unique state-sponsored mobile IDs that run on native platforms (rather than third-party digital wallets).
\nMeanwhile, at the federal level, both the TSA and the Department of Homeland Security are exploring the use of AI and biometrics to enhance their identification confirmation requirements, and the U.S. Customs and Border Protection recently introduced an app enabling eligible travelers to submit their photo, travel documents and customs declaration information directly through their mobile devices to streamline entry into the U.S.
\nPYMNTS Intelligence data confirms U.S. consumers support efforts such as these.
\n
In our Digital Identity Tracker, \u201cAdvanced Identity Verification Accelerates Digital Onboarding,\u201d we found that 70% of U.S. adults are interested in advanced ID verification methods and 42% say that using such resources would positively impact the thrust they would have in the organization offering them.
\nAs the report determined, the more familiar consumers become with advanced\u00a0ID verification technologies, the more their interest they have in learning more about the technologies. As the figure above illustrates, on average, nearly 3 in 10 U.S. consumers are very or extremely interested in advanced tools like facial recognition, and that enthusiasm grows once people use the technology. Fifty-seven percent of consumers surveyed who have used advanced ID verification technology in the past are very or extremely interested in using them again, which suggests that familiarity may incubate further interest \u2014 perhaps because it helps put privacy concerns or other types of apprehension to rest.
\nMeanwhile, 61% of respondents say they had only slight interaction with the technologies, or none at all, suggesting organizations and agencies still have a lot of work to do in educating consumers about advanced ID verification technologies.
\nSuch an investment in education may be worth it. As we found in completing our Digital Identity Tracker, consumers \u2014 whether preparing to travel around the globe or opening an account at their local financial institution \u2014 want frictionless and streamlined experiences. The more that agencies and businesses can do to deliver on this consumer demand, the sooner outdated and inefficient manual processes can be eliminated.
\nThe post State Dept. Tests Online Passport Renewals as Digital IDs Gain Traction appeared first on PYMNTS.com.
\n", "content_text": "The U.S. State Department recently announced it is beta testing a public-facing program that enables would-be travelers to renew passports online.\nAs of this week, people who want to renew their passports digitally can do so online. However, because the program is in trial mode, access is limited. It will only be available for a limited amount of time, beginning 1 p.m. (EST) and can only accept a limited number of applications each day.\nAccording to the State Department\u2019s website:\n\u201cDuring the next several months, we plan to continue to limit the number of applications accepted each day so we can monitor the system\u2019s performance in real time. This beta release during which we are limiting the daily applications is an important and standard part of the software development process.\u201d\nThis is not the first time the State Department has test-driven the program. It first tested a similar program in 2022 but took it down in 2023. This time officials sound more optimistic about the outcome, promising there will be a \u201cfull launch\u201d of the digital application process soon.\nThis move from the State Department is undoubtedly welcome news to anyone who has had to update their passports through the traditional \u2014 and sometimes cumbersome \u2014 process of renewing by mail. However, as PYMNTS Intelligence reported earlier this year, the agency may be a little behind the curve when compared to other government agencies.\nThere are now more than 20 U.S. states in the process of adopting mobile driver\u2019s licenses for their residents. Arizona, Colorado, Georgia and Maryland also support mobile IDs on the iPhone\u2019s Apple Wallet. Meanwhile, Utah, California and Iowa have each issued unique state-sponsored mobile IDs that run on native platforms (rather than third-party digital wallets).\nMeanwhile, at the federal level, both the TSA and the Department of Homeland Security are exploring the use of AI and biometrics to enhance their identification confirmation requirements, and the U.S. Customs and Border Protection recently introduced an app enabling eligible travelers to submit their photo, travel documents and customs declaration information directly through their mobile devices to streamline entry into the U.S.\nPYMNTS Intelligence data confirms U.S. consumers support efforts such as these.\n\nIn our Digital Identity Tracker, \u201cAdvanced Identity Verification Accelerates Digital Onboarding,\u201d we found that 70% of U.S. adults are interested in advanced ID verification methods and 42% say that using such resources would positively impact the thrust they would have in the organization offering them.\nAs the report determined, the more familiar consumers become with advanced\u00a0ID verification technologies, the more their interest they have in learning more about the technologies. As the figure above illustrates, on average, nearly 3 in 10 U.S. consumers are very or extremely interested in advanced tools like facial recognition, and that enthusiasm grows once people use the technology. Fifty-seven percent of consumers surveyed who have used advanced ID verification technology in the past are very or extremely interested in using them again, which suggests that familiarity may incubate further interest \u2014 perhaps because it helps put privacy concerns or other types of apprehension to rest.\nMeanwhile, 61% of respondents say they had only slight interaction with the technologies, or none at all, suggesting organizations and agencies still have a lot of work to do in educating consumers about advanced ID verification technologies.\nSuch an investment in education may be worth it. As we found in completing our Digital Identity Tracker, consumers \u2014 whether preparing to travel around the globe or opening an account at their local financial institution \u2014 want frictionless and streamlined experiences. The more that agencies and businesses can do to deliver on this consumer demand, the sooner outdated and inefficient manual processes can be eliminated.\nThe post State Dept. Tests Online Passport Renewals as Digital IDs Gain Traction appeared first on PYMNTS.com.", "date_published": "2024-06-14T09:00:14-04:00", "date_modified": "2024-06-16T22:20:15-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/06/online-passport-digital-ID.png", "tags": [ "Department of Homeland Security", "digital identity", "digital transformation", "Featured News", "identity verification", "News", "online passport renewal", "Passports", "PYMNTS News", "Security", "State Department", "Technology", "travel", "Travel Documents", "TSA", "Identity" ] }, { "id": "https://www.pymnts.com/?p=1956246", "url": "https://www.pymnts.com/identity/2024/fintracking-launches-pay-as-you-go-id-verification-platform/", "title": "Fintracking Launches Pay-as-You-Go ID Verification Platform\u00a0", "content_html": "Compliance firm Fintracking has debuted a \u201cpay-as-you-go\u201d platform for ID verification.
\n\u201cThe new platform provides a flexible and efficient way for businesses to securely verify identities and transactions, ensuring compliance and fraud prevention,\u201d the Toronto-based company said in a news release Thursday (June 6).
\nIncluded in the platform are a variety of plans, such as KYC Lite for verifying government-issued photo IDs with advanced AI checks, KYC Full which also verifies addresses, emails and phone numbers, and KYB, designed to verify corporate documentation and beneficial owners.\u00a0
\nThere are also options analyzing crypto and blockchain transactions, with the platform allowing payments via PayPal or credit card, automated volume discounts.
\nThe launch comes at a time when compliance, \u201coften viewed as a cumbersome necessity, is being reimagined as a strategic asset,\u201d as PYMNTS wrote last month.\u00a0
\n\u201cBy adhering to stringent regulatory standards and embracing digital solutions that facilitate seamless interaction with tax authorities and ensure adherence to evolving regulatory standards, companies can differentiate themselves in a crowded market.\u201d
\nBut implementing a robust compliance framework isn\u2019t a simple matter, but rather one requiring an understanding of the technical aspects of payment processing and the legal landscape of each market.\u00a0
\nWith the proper approach, however, compliance can drive efficiency and scalability, helping businesses prevent manual errors and operational costs by using technology to automate compliance checks and streamline reporting.
\n\u201cEverything\u2019s going more cross-border and getting regulated, so tax compliance regulation is huge for new business models in new markets,\u201d Sovos CEO Kevin Akeroyd told PYMNTS in an interview in April.
\n\u201cCompliance has traditionally been a cost center designed to avoid risk and ensure compliance,\u201d he added. \u201cIt has not been a force for growth \u2014 but now, it\u2019s turning that corner and it really can be a force for growth.\u201d
\nMeanwhile, PYMNTS recently explored the \u201cdouble-edged sword\u201d of identity verification in a conversation with Bryan Lewis, CEO of Intellicheck, who stressed the importance of using verification solutions that balance security with ease of use.\u00a0
\n\u201cWe work with them [financial institutions] to provide basically frictionless ways for somebody to prove who they are,\u201d Lewis said.\u00a0
\nHe pointed to a recent study indicating that 62% of authentication processes require four or more steps, causing substantial drop-off rates.\u00a0
\n\u201cPeople drop out,\u201d Lewis said. \u201cSo we work with them [financial institutions] to figure out how to seamlessly integrate identity validation into their process.\u201d
\nThe post Fintracking Launches Pay-as-You-Go ID Verification Platform\u00a0 appeared first on PYMNTS.com.
\n", "content_text": "Compliance firm Fintracking has debuted a \u201cpay-as-you-go\u201d platform for ID verification.\n\u201cThe new platform provides a flexible and efficient way for businesses to securely verify identities and transactions, ensuring compliance and fraud prevention,\u201d the Toronto-based company said in a news release Thursday (June 6).\nIncluded in the platform are a variety of plans, such as KYC Lite for verifying government-issued photo IDs with advanced AI checks, KYC Full which also verifies addresses, emails and phone numbers, and KYB, designed to verify corporate documentation and beneficial owners.\u00a0\nThere are also options analyzing crypto and blockchain transactions, with the platform allowing payments via PayPal or credit card, automated volume discounts.\nThe launch comes at a time when compliance, \u201coften viewed as a cumbersome necessity, is being reimagined as a strategic asset,\u201d as PYMNTS wrote last month.\u00a0\n\u201cBy adhering to stringent regulatory standards and embracing digital solutions that facilitate seamless interaction with tax authorities and ensure adherence to evolving regulatory standards, companies can differentiate themselves in a crowded market.\u201d\nBut implementing a robust compliance framework isn\u2019t a simple matter, but rather one requiring an understanding of the technical aspects of payment processing and the legal landscape of each market.\u00a0\nWith the proper approach, however, compliance can drive efficiency and scalability, helping businesses prevent manual errors and operational costs by using technology to automate compliance checks and streamline reporting.\n\u201cEverything\u2019s going more cross-border and getting regulated, so tax compliance regulation is huge for new business models in new markets,\u201d Sovos CEO Kevin Akeroyd told PYMNTS in an interview in April.\n\u201cCompliance has traditionally been a cost center designed to avoid risk and ensure compliance,\u201d he added. \u201cIt has not been a force for growth \u2014 but now, it\u2019s turning that corner and it really can be a force for growth.\u201d\nMeanwhile, PYMNTS recently explored the \u201cdouble-edged sword\u201d of identity verification in a conversation with Bryan Lewis, CEO of Intellicheck, who stressed the importance of using verification solutions that balance security with ease of use.\u00a0\n\u201cWe work with them [financial institutions] to provide basically frictionless ways for somebody to prove who they are,\u201d Lewis said.\u00a0\nHe pointed to a recent study indicating that 62% of authentication processes require four or more steps, causing substantial drop-off rates.\u00a0\n\u201cPeople drop out,\u201d Lewis said. \u201cSo we work with them [financial institutions] to figure out how to seamlessly integrate identity validation into their process.\u201d\nThe post Fintracking Launches Pay-as-You-Go ID Verification Platform\u00a0 appeared first on PYMNTS.com.", "date_published": "2024-06-06T17:39:34-04:00", "date_modified": "2024-06-06T17:41:10-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/06/identity-FinTracking.jpg", "tags": [ "compliance", "Fintracking", "ID", "ID verification", "Identity", "identity verification", "News", "PYMNTS News", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=1949771", "url": "https://www.pymnts.com/identity/2024/treasury-prime-and-footprint-team-on-id-verification/", "title": "Treasury Prime and Footprint Team on ID Verification", "content_html": "Embedded banking software firm Treasury Prime has teamed with fraud, identity and security platform Footprint.
\nThe partnership, announced Tuesday (May 28), gives banks and their FinTech clients access to Footprint\u2019s know your customer (KYC) and know your business (KYB) technology.
\n\u201cBanks increasingly recognize that a robust KYC process is vital for fraud prevention, which includes securing the onboarding process through accurate and seamless identity verification,\u201d said Mark Vermeersh, chief platform officer at Treasury Prime.
\n\u201cAs Treasury Prime continues to double down on a bank-direct approach, we\u2019re constantly listening to and taking action on feedback from our bank partners,\u201d Vermeersh added. \u201cMany banks expressed interest in additional onboarding identity, KYC and KYB options, so we\u2019re proud to deliver on this through our integration with Footprint.\u201d
\nAside from the Treasury Prime-Footprint integration, Footprint also offers a library of pre-built user interface components and tools for banks to manage vendor onboarding, the news release said, letting banks and FinTechs scale quickly while upholding a strong focus on compliance.
\nSpeaking with PYMNTS last week, Bryan Lewis, CEO of Intellicheck, argued that it is crucial to adopt identity verification solutions that balance security with ease of use.
\n\u201cWe work with [financial institutions] to provide basically frictionless ways for somebody to prove who they are,\u201d said Lewis, referencing a recent study that showed that 62% of authentication processes require four or more steps, leading to substantial drop-off rates.
\n\u201cPeople drop out,\u201d Lewis said. \u201cSo we work with [financial institutions] to figure out how to seamlessly integrate identity validation into their process.\u201d
\nLewis spotlighted the effectiveness of Intellicheck\u2019s technology, which focuses on determining the authenticity of government-issued IDs.
\n\u201cOur technology, the core of what we do, is we authenticate that that driver\u2019s license, or state-issued ID, is real,\u201d he said. This level of accuracy is a key differentiator for Intellicheck, earning the trust of 28 state-level law enforcement agencies.
\nIdentity fraud is a pervasive problem impacting millions. Lewis pointed to examples of how easily identities can be stolen and misused.
\n\u201cThe simplest way to steal your identity is I buy it all online,\u201d Lewis said, referring to the dark web, where data thefts like the attack on United Healthcare\u2019s Change Healthcare unit and the recent AT&T breach exposed millions of individuals\u2019 information, his included.
\nThe post Treasury Prime and Footprint Team on ID Verification appeared first on PYMNTS.com.
\n", "content_text": "Embedded banking software firm Treasury Prime has teamed with fraud, identity and security platform Footprint.\nThe partnership, announced Tuesday (May 28), gives banks and their FinTech clients access to Footprint\u2019s know your customer (KYC) and know your business (KYB) technology.\n\u201cBanks increasingly recognize that a robust KYC process is vital for fraud prevention, which includes securing the onboarding process through accurate and seamless identity verification,\u201d said Mark Vermeersh, chief platform officer at Treasury Prime.\n\u201cAs Treasury Prime continues to double down on a bank-direct approach, we\u2019re constantly listening to and taking action on feedback from our bank partners,\u201d Vermeersh added. \u201cMany banks expressed interest in additional onboarding identity, KYC and KYB options, so we\u2019re proud to deliver on this through our integration with Footprint.\u201d\nAside from the Treasury Prime-Footprint integration, Footprint also offers a library of pre-built user interface components and tools for banks to manage vendor onboarding, the news release said, letting banks and FinTechs scale quickly while upholding a strong focus on compliance.\nSpeaking with PYMNTS last week, Bryan Lewis, CEO of Intellicheck, argued that it is crucial to adopt identity verification solutions that balance security with ease of use.\n\u201cWe work with [financial institutions] to provide basically frictionless ways for somebody to prove who they are,\u201d said Lewis, referencing a recent study that showed that 62% of authentication processes require four or more steps, leading to substantial drop-off rates.\n\u201cPeople drop out,\u201d Lewis said. \u201cSo we work with [financial institutions] to figure out how to seamlessly integrate identity validation into their process.\u201d\nLewis spotlighted the effectiveness of Intellicheck\u2019s technology, which focuses on determining the authenticity of government-issued IDs.\n\u201cOur technology, the core of what we do, is we authenticate that that driver\u2019s license, or state-issued ID, is real,\u201d he said. This level of accuracy is a key differentiator for Intellicheck, earning the trust of 28 state-level law enforcement agencies.\nIdentity fraud is a pervasive problem impacting millions. Lewis pointed to examples of how easily identities can be stolen and misused.\n\u201cThe simplest way to steal your identity is I buy it all online,\u201d Lewis said, referring to the dark web, where data thefts like the attack on United Healthcare\u2019s Change Healthcare unit and the recent AT&T breach exposed millions of individuals\u2019 information, his included.\nThe post Treasury Prime and Footprint Team on ID Verification appeared first on PYMNTS.com.", "date_published": "2024-05-28T14:57:35-04:00", "date_modified": "2024-05-28T14:57:35-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/01/digital-identity-verification-cybersecurity.jpg", "tags": [ "Cybersecurity", "Footprint", "fraud", "Fraud Prevention", "ID verification", "Identity", "Know Your Business", "know your customer", "KYB", "KYC", "News", "partnerships", "PYMNTS News", "Security", "Treasury Prime", "What's Hot" ] }, { "id": "https://www.pymnts.com/?p=1946386", "url": "https://www.pymnts.com/identity/2024/intellicheck-ceo-identity-validation-needs-simplicity-as-account-takeovers-spike/", "title": "Intellicheck CEO: Identity Validation Needs Simplicity as Account Takeovers Spike", "content_html": "Staying one step ahead of the bad guys is becoming more difficult by the day for financial services companies. For example, identity verification is a double-edged sword. While necessary for security, it can also create friction in customer experiences. But as identity fraud continues to rise, the need for aggressive yet user-friendly identity verification solutions becomes critical.\u00a0
\nAs\u00a0Bryan Lewis, CEO of\u00a0Intellicheck, shared for the \u201cWhat\u2019s Next In PYMNTS: Payments Modernization\u201d series, it\u2019s critical to adopt identity verification solutions that balance security with ease of use. \u201cWe work with them [financial institutions] to provide\u00a0basically\u00a0frictionless ways for somebody to prove who they are,\u201d said Lewis. He referenced a\u00a0recent study\u00a0indicating that 62% of authentication processes require four or more steps, causing significant drop-off rates.\u00a0
\n\u201cPeople drop out,\u201d Lewis said. \u201cSo we work with them [financial institutions] to figure out how to seamlessly integrate identity validation into their process.\u201d
\nLewis highlighted the effectiveness of Intellicheck\u2019s technology, which focuses on verifying the authenticity of government-issued IDs. \u201cOur technology, the core of what we do, is we authenticate that that driver\u2019s license, or state-issued ID, is real,\u201d he said. This level of accuracy is a key differentiator for Intellicheck, earning the trust of 28 state-level law enforcement agencies.
\nIdentity fraud is not just a distant threat but a pervasive issue affecting millions. Lewis cited examples of how easily identities can be stolen and misused. \u201cThe simplest way to steal your identity is I buy it all online,\u201d Lewis said, referring to the dark web, where data thefts like the United Healthcare breach and the recent AT&T breach exposed millions of individuals\u2019 information, including his.
\nLewis illustrated the real-world consequences of identity fraud with a compelling example: \u201cThere\u2019s a woman who just had $81,000 moved out of one bank account into an account at a different bank that somebody opened up using identity theft,\u201d he said. \u201cNow she has said she\u2019s moving banks. So the bank has lost the long-term value of that client.\u201d\u00a0
\nAccount takeovers are gaining momentum and are startlingly simple in terms of the mechanics of the crimes. It starts with an email address. \u201cAnd if you\u2019ve got my email address,\u201d Lewis said, \u201cyou can change every password I have.\u201d He said account takeovers have been the fastest-growing attack vector in financial services. The FBI recently issued an advisory\u00a0warning the public about scams targeting the elderly, with billions of dollars of unwitting victims\u2019 money moving to fraudsters\u2019 bank accounts, up 11% from a year ago.
\nTo combat these sophisticated fraud methods, Lewis counseled financial services companies to implement multilayered security measures. Lewis advised focusing on the efficacy of the systems used to ensure they are integrated seamlessly into the customer journey.\u00a0
\n\u201cThe vast majority of people aren\u2019t crooks. So don\u2019t treat them like crooks to stop that little small percentage that are crooks,\u201d he said. Effective tools can reduce the number of authentication steps required, minimizing customer drop-off rates and enhancing overall user experience.
\nThe impetus to beat the fraudsters has been a tailwind for Intellicheck, which offers identity validation and onboarding services for know-your-customer (KYC)\u00a0and authentication needs of its clients. The company just reported a record quarter in Q1.\u00a0As reported by PYMNTS, the company reported a 10% increase in Q1 revenue, reaching $4.68 million, up from $4.25 million in the same period last year. Software-as-a-service (SaaS) revenue also saw a 9% rise to $4.61 million.\u00a0
\nLewis attributed the growth to heightened demand for robust yet user-friendly identity verification amid escalating identity theft and fraud incidents. The business is growing, with clients coming to Intellicheck across various verticals, though the core business remains tied to banking.
\nAmong other fraud defenses, Intellicheck\u2019s core business involves authenticating driver\u2019s licenses and state-issued IDs, which are crucial for onboarding and authentication. The company validates the minutiae of IDs, down to fonts and other details, thwarting artificial intelligence (AI) and other advanced tools employed by fraudsters. But regardless of the business vertical, Lewis emphasized a few core tenets in authentication: It needs to be frictionless, or the customer will walk away.\u00a0
\nAgainst that backdrop, he said, it\u2019s imperative that financial institutions be able to authenticate and verify both sides of the transaction and make sure the parties are legitimate \u2014 and that they have legitimate motives in moving money as well.\u00a0
\n\u201cIf you can be that much more certain of a\u00a0government-issued\u00a0ID being real, you can cut the number of steps that that customer has to go through \u2014 which leads to less abandonment and happier customers,\u201d he said. \u201cIf you make identity validation simple, people won\u2019t mind. If you make it difficult, they\u2019ll go somewhere else.\u201d
\nThe post Intellicheck CEO: Identity Validation Needs Simplicity as Account Takeovers Spike appeared first on PYMNTS.com.
\n", "content_text": "Staying one step ahead of the bad guys is becoming more difficult by the day for financial services companies. For example, identity verification is a double-edged sword. While necessary for security, it can also create friction in customer experiences. But as identity fraud continues to rise, the need for aggressive yet user-friendly identity verification solutions becomes critical.\u00a0\nAs\u00a0Bryan Lewis, CEO of\u00a0Intellicheck, shared for the \u201cWhat\u2019s Next In PYMNTS: Payments Modernization\u201d series, it\u2019s critical to adopt identity verification solutions that balance security with ease of use. \u201cWe work with them [financial institutions] to provide\u00a0basically\u00a0frictionless ways for somebody to prove who they are,\u201d said Lewis. He referenced a\u00a0recent study\u00a0indicating that 62% of authentication processes require four or more steps, causing significant drop-off rates.\u00a0\n\u201cPeople drop out,\u201d Lewis said. \u201cSo we work with them [financial institutions] to figure out how to seamlessly integrate identity validation into their process.\u201d\nLewis highlighted the effectiveness of Intellicheck\u2019s technology, which focuses on verifying the authenticity of government-issued IDs. \u201cOur technology, the core of what we do, is we authenticate that that driver\u2019s license, or state-issued ID, is real,\u201d he said. This level of accuracy is a key differentiator for Intellicheck, earning the trust of 28 state-level law enforcement agencies.\nIdentity fraud is not just a distant threat but a pervasive issue affecting millions. Lewis cited examples of how easily identities can be stolen and misused. \u201cThe simplest way to steal your identity is I buy it all online,\u201d Lewis said, referring to the dark web, where data thefts like the United Healthcare breach and the recent AT&T breach exposed millions of individuals\u2019 information, including his.\nReal-World Examples\nLewis illustrated the real-world consequences of identity fraud with a compelling example: \u201cThere\u2019s a woman who just had $81,000 moved out of one bank account into an account at a different bank that somebody opened up using identity theft,\u201d he said. \u201cNow she has said she\u2019s moving banks. So the bank has lost the long-term value of that client.\u201d\u00a0\nAccount takeovers are gaining momentum and are startlingly simple in terms of the mechanics of the crimes. It starts with an email address. \u201cAnd if you\u2019ve got my email address,\u201d Lewis said, \u201cyou can change every password I have.\u201d He said account takeovers have been the fastest-growing attack vector in financial services. The FBI recently issued an advisory\u00a0warning the public about scams targeting the elderly, with billions of dollars of unwitting victims\u2019 money moving to fraudsters\u2019 bank accounts, up 11% from a year ago.\nPreparing for Increase in Fraud\nTo combat these sophisticated fraud methods, Lewis counseled financial services companies to implement multilayered security measures. Lewis advised focusing on the efficacy of the systems used to ensure they are integrated seamlessly into the customer journey.\u00a0\n\u201cThe vast majority of people aren\u2019t crooks. So don\u2019t treat them like crooks to stop that little small percentage that are crooks,\u201d he said. Effective tools can reduce the number of authentication steps required, minimizing customer drop-off rates and enhancing overall user experience.\nThe impetus to beat the fraudsters has been a tailwind for Intellicheck, which offers identity validation and onboarding services for know-your-customer (KYC)\u00a0and authentication needs of its clients. The company just reported a record quarter in Q1.\u00a0As reported by PYMNTS, the company reported a 10% increase in Q1 revenue, reaching $4.68 million, up from $4.25 million in the same period last year. Software-as-a-service (SaaS) revenue also saw a 9% rise to $4.61 million.\u00a0\nLewis attributed the growth to heightened demand for robust yet user-friendly identity verification amid escalating identity theft and fraud incidents. The business is growing, with clients coming to Intellicheck across various verticals, though the core business remains tied to banking.\nAmong other fraud defenses, Intellicheck\u2019s core business involves authenticating driver\u2019s licenses and state-issued IDs, which are crucial for onboarding and authentication. The company validates the minutiae of IDs, down to fonts and other details, thwarting artificial intelligence (AI) and other advanced tools employed by fraudsters. But regardless of the business vertical, Lewis emphasized a few core tenets in authentication: It needs to be frictionless, or the customer will walk away.\u00a0\nAgainst that backdrop, he said, it\u2019s imperative that financial institutions be able to authenticate and verify both sides of the transaction and make sure the parties are legitimate \u2014 and that they have legitimate motives in moving money as well.\u00a0\n\u201cIf you can be that much more certain of a\u00a0government-issued\u00a0ID being real, you can cut the number of steps that that customer has to go through \u2014 which leads to less abandonment and happier customers,\u201d he said. \u201cIf you make identity validation simple, people won\u2019t mind. If you make it difficult, they\u2019ll go somewhere else.\u201d\nThe post Intellicheck CEO: Identity Validation Needs Simplicity as Account Takeovers Spike appeared first on PYMNTS.com.", "date_published": "2024-05-21T04:00:32-04:00", "date_modified": "2024-05-20T21:42:33-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/05/Intellicheck_d8bcd3.jpg", "tags": [ "account takeover", "authentication", "Bryan Lewis", "Featured News", "fraud", "government issued ID", "Identity", "identity fraud", "Identity Theft", "identity validation", "identity verification", "Intellicheck", "know your customer", "News", "Onboarding", "PYMNTS News", "pymnts tv", "scams", "video", "WhatsNextInPaymentsSeries", "What\u2019s Next In Payments: Payments Modernization 2024" ] }, { "id": "https://www.pymnts.com/?p=1889339", "url": "https://www.pymnts.com/identity/2024/prove-adds-id-verification-tools-to-aws-marketplace/", "title": "Prove Adds ID Verification Tools to AWS Marketplace", "content_html": "Prove\u00a0has added its customer experience and ID verification/authentication offerings to\u00a0AWS Marketplace.
\nAccording to a Tuesday (April 16)\u00a0news release, the addition lets customers access Prove\u2019s commerce enablement, identity verification and identity authentication solutions for faster onboarding, reduced abandonment and lower rates of fraud.
\nThe release noted large levels of discontent among consumers who feel frustrated with ID verification and password authentication solutions, leading them to abandon their online interaction with merchants.
\n\u201cBy working with AWS, Prove is offering companies the opportunity to take back some of this lost revenue while also mitigating identity fraud,\u201d the release said.\u00a0
\nThe company said its technology is unique in that it uses people\u2019s mobile phones to verify identities in channels such as mobile, desktop and in-store. Prove\u2019s customers include some of America\u2019s top banks, crypto exchanges, retailers and healthcare firms.\u00a0
\nProve\u2019s new offerings come at a when when \u2014 as PYMNTS wrote earlier this year \u2014 authentication methods are evolving to keep up with customer identity verification.
\n\u201cAuthentication is a constantly moving bullet,\u201d\u00a0Shaunt Sarkissian, founder and CEO of\u00a0AI-ID, said in an interview with PYMNTS for the series \u201cWhat\u2019s Next in Payments: Authentication: What\u2019s New and What\u2019s Next?\u201d
\n\u201cAnd where the payment starts and stops, and where the authentication begins, is melding into the same process,\u201d Sarkissian said. \u201c\u2026 Doing an online transaction is more authentication these days than it is payment.\u201d
\nAs that report also noted, the concept of multifactor authentication has gained prominence, blending together traditional methods with invisible authentication techniques. These invisible methods scrutinize background data without the customer\u2019s knowledge, leading to a more effective and secure authentication process.
\n\u201cIt is\u00a0no longer just a password\u00a0with a PIN,\u201d Sarkissian said.
\nElsewhere, PYMNTS CEO Karen Webster spoke with\u00a0Jason Paguandas, vice president and general manager, merchant security and fraud at\u00a0Carat from Fiserv\u00a0about some key principles guiding the authentication of payments and commerce.
\n\u201cAuthentication is the\u00a0moment of truth\u00a0for a customer,\u201d he said, determining whether a merchant or financial institution (FI) can or will proceed with a transaction \u2014 or require more verification from the individual.
\nThe issue is it can only take on bad interaction online to send a consumer to a competitor, after chafing at being prompted to prove themselves again and again, or after a transaction is denied.
\n\u201cIn most cases,\u201d said Paguandas, \u201canomalous behavior is what causes that step up.\u201d
\nThe post Prove Adds ID Verification Tools to AWS Marketplace appeared first on PYMNTS.com.
\n", "content_text": "Prove\u00a0has added its customer experience and ID verification/authentication offerings to\u00a0AWS Marketplace.\nAccording to a Tuesday (April 16)\u00a0news release, the addition lets customers access Prove\u2019s commerce enablement, identity verification and identity authentication solutions for faster onboarding, reduced abandonment and lower rates of fraud.\nThe release noted large levels of discontent among consumers who feel frustrated with ID verification and password authentication solutions, leading them to abandon their online interaction with merchants.\n\u201cBy working with AWS, Prove is offering companies the opportunity to take back some of this lost revenue while also mitigating identity fraud,\u201d the release said.\u00a0\nThe company said its technology is unique in that it uses people\u2019s mobile phones to verify identities in channels such as mobile, desktop and in-store. Prove\u2019s customers include some of America\u2019s top banks, crypto exchanges, retailers and healthcare firms.\u00a0\nProve\u2019s new offerings come at a when when \u2014 as PYMNTS wrote earlier this year \u2014 authentication methods are evolving to keep up with customer identity verification.\n\u201cAuthentication is a constantly moving bullet,\u201d\u00a0Shaunt Sarkissian, founder and CEO of\u00a0AI-ID, said in an interview with PYMNTS for the series \u201cWhat\u2019s Next in Payments: Authentication: What\u2019s New and What\u2019s Next?\u201d\n\u201cAnd where the payment starts and stops, and where the authentication begins, is melding into the same process,\u201d Sarkissian said. \u201c\u2026 Doing an online transaction is more authentication these days than it is payment.\u201d\nAs that report also noted, the concept of multifactor authentication has gained prominence, blending together traditional methods with invisible authentication techniques. These invisible methods scrutinize background data without the customer\u2019s knowledge, leading to a more effective and secure authentication process.\n\u201cIt is\u00a0no longer just a password\u00a0with a PIN,\u201d Sarkissian said.\nElsewhere, PYMNTS CEO Karen Webster spoke with\u00a0Jason Paguandas, vice president and general manager, merchant security and fraud at\u00a0Carat from Fiserv\u00a0about some key principles guiding the authentication of payments and commerce.\n\u201cAuthentication is the\u00a0moment of truth\u00a0for a customer,\u201d he said, determining whether a merchant or financial institution (FI) can or will proceed with a transaction \u2014 or require more verification from the individual.\nThe issue is it can only take on bad interaction online to send a consumer to a competitor, after chafing at being prompted to prove themselves again and again, or after a transaction is denied.\n\u201cIn most cases,\u201d said Paguandas, \u201canomalous behavior is what causes that step up.\u201d\nThe post Prove Adds ID Verification Tools to AWS Marketplace appeared first on PYMNTS.com.", "date_published": "2024-04-16T14:57:25-04:00", "date_modified": "2024-04-16T14:57:25-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/01/digital-identity-verification-cybersecurity.jpg", "tags": [ "authentication", "AWS Marketplace", "ID verification", "identity verification", "News", "partnerships", "Prove", "Prove Identity", "PYMNTS News", "What's Hot", "Identity" ] }, { "id": "https://www.pymnts.com/?p=1886377", "url": "https://www.pymnts.com/identity/2024/states-embrace-mobile-drivers-licenses-to-fight-fraud-amid-privacy-scrutiny/", "title": "States Embrace Mobile Driver\u2019s Licenses to Fight Fraud Amid Privacy Scrutiny", "content_html": "In an era dominated by smartphones, the necessity of carrying physical driver\u2019s licenses or ID cards may soon become obsolete.
\nAcross the United States, the momentum behind mobile driver\u2019s license proposals is gaining significant traction. States, as well as the federal government, are increasingly viewing mobile driver\u2019s licenses (mDLs) as a promising solution to combat fraud and bolster digital ID verification.\u00a0
\nNew York, for instance, is gearing up to launch a pilot program for mDLs. Similarly, neighboring New Jersey has passed legislation\u00a0this year in favor of mobile driver\u2019s licenses and identification cards.
\nIllinois has also\u00a0joined the growing trend\u00a0of embracing mobile driver\u2019s licenses, with Secretary of State\u00a0Alexi Giannoulias supporting Bill 4592, which proposes allowing individuals to display digital driver\u2019s licenses and identification on their smartphones alongside their physical counterparts.
\nFurthermore, other states like\u00a0Tennessee\u00a0and\u00a0Georgia\u00a0are also exploring launching mDL initiatives, signaling a broader trend towards the adoption of mDLs as a reliable form of identification.
\nAt the forefront of this movement toward digital identification are tech giants such as Google and Samsung, which are integrating mobile IDs into users\u2019 digital wallets. Intellicheck\u00a0CEO\u00a0Bryan Lewis\u00a0foresees a future where these digital wallets will serve as the repository for driver\u2019s licenses and other government-issued IDs.
\n\u201cEventually digital wallets will be how we all do everything,\u201d Lewis told PYMNTS in a\u00a0recent interview. \u201cThe first time I got a smartphone, I said \u2018one day, this thing is going to rule our lives.\u2019\u201d
\nAnd if IDs can be securely stored in a format that cannot be hacked, he said it will go a long way toward bringing the fragmented ID landscape together.
\nIndeed, the appeal of mobile driver\u2019s licenses lies in their potential to revolutionize the way individuals verify their identities. Unlike traditional physical cards, mDLs can be securely stored on smartphones, offering convenience and accessibility. With just a few taps on their devices, users can present their digital IDs for verification purposes, eliminating the need for carrying multiple cards.
\nMoreover, mDLs are equipped with advanced security features that make them inherently more resistant to fraud and tampering compared to their physical counterparts. Biometric authentication, encryption and remote verification capabilities are some of the key features that bolster the integrity of mobile driver\u2019s licenses, instilling confidence in their reliability.\u00a0
\nAs PYMNTS\u00a0wrote\u00a0earlier this year, \u201cthe interest in digital IDs lies in the potential for digitized identity documents to serve as a critical tool in combating 21st century fraud, while providing a more foolproof and secure way of verifying identities across an ever-more digital landscape. That they can make everyone\u2019s lives a little bit easier is both endemic to their use, and an added benefit.\u201d
\nHowever, the widespread adoption of mDLs also raises pertinent questions regarding privacy, cybersecurity and interoperability. For instance, the New York Civil Liberties Union and Surveillance Resistance Lab have opposed the state initiative, calling for a pause on the pilot digital ID plan until thorough public debate or strong legal and technical safeguards have been established.\u00a0
\n\u201cThe introduction of mDLs\u2014a largely untested technology and unprecedented data collection program in New York State\u2014has the potential to undermine democratic systems, infringe on personal privacy, compromise equity and civil liberties, and exacerbate mistrust among communities wary of using DMV services,\u201d the New York Civil Liberties Union said in a January letter addressed to New York DMV Commissioner Mark Schroeder.\u00a0
\nDespite these challenges, the momentum behind mobile driver\u2019s licenses continues to grow, fueled by the prospect of a more seamless and secure identification ecosystem. As states like New York, New Jersey and Illinois take steps toward embracing this digital transformation, other jurisdictions are likely to follow suit in the coming years.
\nIn conclusion, the emergence of mobile driver\u2019s licenses, harnessing smartphone capabilities and integrating with digital wallet technologies, marks a transformative shift in identity verification. As this evolution progresses, striking a balance between innovation and protecting individuals\u2019 privacy and security will be crucial to ensuring widespread adoption.\u00a0
\nThe post States Embrace Mobile Driver\u2019s Licenses to Fight Fraud Amid Privacy Scrutiny appeared first on PYMNTS.com.
\n", "content_text": "In an era dominated by smartphones, the necessity of carrying physical driver\u2019s licenses or ID cards may soon become obsolete.\nAcross the United States, the momentum behind mobile driver\u2019s license proposals is gaining significant traction. States, as well as the federal government, are increasingly viewing mobile driver\u2019s licenses (mDLs) as a promising solution to combat fraud and bolster digital ID verification.\u00a0\nNew York, for instance, is gearing up to launch a pilot program for mDLs. Similarly, neighboring New Jersey has passed legislation\u00a0this year in favor of mobile driver\u2019s licenses and identification cards.\nIllinois has also\u00a0joined the growing trend\u00a0of embracing mobile driver\u2019s licenses, with Secretary of State\u00a0Alexi Giannoulias supporting Bill 4592, which proposes allowing individuals to display digital driver\u2019s licenses and identification on their smartphones alongside their physical counterparts.\nFurthermore, other states like\u00a0Tennessee\u00a0and\u00a0Georgia\u00a0are also exploring launching mDL initiatives, signaling a broader trend towards the adoption of mDLs as a reliable form of identification.\nAt the forefront of this movement toward digital identification are tech giants such as Google and Samsung, which are integrating mobile IDs into users\u2019 digital wallets. Intellicheck\u00a0CEO\u00a0Bryan Lewis\u00a0foresees a future where these digital wallets will serve as the repository for driver\u2019s licenses and other government-issued IDs.\n\u201cEventually digital wallets will be how we all do everything,\u201d Lewis told PYMNTS in a\u00a0recent interview. \u201cThe first time I got a smartphone, I said \u2018one day, this thing is going to rule our lives.\u2019\u201d \nAnd if IDs can be securely stored in a format that cannot be hacked, he said it will go a long way toward bringing the fragmented ID landscape together.\nIndeed, the appeal of mobile driver\u2019s licenses lies in their potential to revolutionize the way individuals verify their identities. Unlike traditional physical cards, mDLs can be securely stored on smartphones, offering convenience and accessibility. With just a few taps on their devices, users can present their digital IDs for verification purposes, eliminating the need for carrying multiple cards.\nMoreover, mDLs are equipped with advanced security features that make them inherently more resistant to fraud and tampering compared to their physical counterparts. Biometric authentication, encryption and remote verification capabilities are some of the key features that bolster the integrity of mobile driver\u2019s licenses, instilling confidence in their reliability.\u00a0\nAs PYMNTS\u00a0wrote\u00a0earlier this year, \u201cthe interest in digital IDs lies in the potential for digitized identity documents to serve as a critical tool in combating 21st century fraud, while providing a more foolproof and secure way of verifying identities across an ever-more digital landscape. That they can make everyone\u2019s lives a little bit easier is both endemic to their use, and an added benefit.\u201d\nHowever, the widespread adoption of mDLs also raises pertinent questions regarding privacy, cybersecurity and interoperability. For instance, the New York Civil Liberties Union and Surveillance Resistance Lab have opposed the state initiative, calling for a pause on the pilot digital ID plan until thorough public debate or strong legal and technical safeguards have been established.\u00a0\n\u201cThe introduction of mDLs\u2014a largely untested technology and unprecedented data collection program in New York State\u2014has the potential to undermine democratic systems, infringe on personal privacy, compromise equity and civil liberties, and exacerbate mistrust among communities wary of using DMV services,\u201d the New York Civil Liberties Union said in a January letter addressed to New York DMV Commissioner Mark Schroeder.\u00a0\nDespite these challenges, the momentum behind mobile driver\u2019s licenses continues to grow, fueled by the prospect of a more seamless and secure identification ecosystem. As states like New York, New Jersey and Illinois take steps toward embracing this digital transformation, other jurisdictions are likely to follow suit in the coming years.\nIn conclusion, the emergence of mobile driver\u2019s licenses, harnessing smartphone capabilities and integrating with digital wallet technologies, marks a transformative shift in identity verification. As this evolution progresses, striking a balance between innovation and protecting individuals\u2019 privacy and security will be crucial to ensuring widespread adoption.\u00a0\nThe post States Embrace Mobile Driver\u2019s Licenses to Fight Fraud Amid Privacy Scrutiny appeared first on PYMNTS.com.", "date_published": "2024-04-09T20:01:00-04:00", "date_modified": "2024-04-09T20:01:00-04:00", "authors": [ { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" } ], "author": { "name": "PYMNTS", "url": "https://www.pymnts.com/author/pymnts/", "avatar": "https://secure.gravatar.com/avatar/f05cc0fdcc9e387e4f3570c17158c503?s=512&d=blank&r=g" }, "image": "https://www.pymnts.com/wp-content/uploads/2024/04/drivers-license.jpg", "tags": [ "authentication", "digital transformation", "digital wallets", "Drivers License", "ID verification", "Identity", "identity verification", "mobile driver's license", "Mobile Wallets", "News", "PYMNTS News" ] } ] }