Facial Matching Offers More Stepped-Up Identity Authentication
As fraudulent attempts increase during account openings and applicants grow less patient with invasive anti-fraud techniques, organizations must find a balance by using various combinations of tools based on the risk each scenario presents. Depending on results of early, frictionless assessments, an organization can use a risk-based platform to determine which additional fraud prevention technique to apply with each consumer.
It’s best to have a solution that provides a complete view of an identity, including linking identity elements, proprietary data and analytics, knowledge-based authentication – and even biometrics such as facial matching.
Facial matching, which can involve real-time scanning and verification of ID documents on websites and mobile applications, can help reduce risk and minimize fraud for high-risk online transactions. Businesses can use “selfie” photo capabilities of a user’s mobile device to help employ an extra layer of protection against fraud.
In today’s complex fraud environment, one authentication tool is never enough because transactions have become increasingly digital – and resolving identity is key to delivering relevant digital interactions.
VIEW THE VIDEO: Ken Allen, SVP of Identity & Fraud at Equifax, discusses whether or not it’s possible to incorporate more frictionless fraud prevention into transactions.
A risk-based authentication platform layers multiple identity and fraud tools to confirm account applicants are who they claim to be. It takes fraud detection a step further by offering a set of remote authentication tools for those faceless transactions and assesses individual situations so organizations can apply the authentication methods they feel are necessary for stopping fraud while optimizing the customer experience.
Recommended For You
Equifax recently joined forces with Infutor, an industry leader in consumer identity management. To help customers and prospects understand the […]
Approximately $12 billion has been stolen by identity thieves over the past six years[i], and consumers are increasingly aware of […]
Technology and better security measures are making it more difficult for card counterfeiters to beat the system. So today’s criminals […]
John Ray, Enterprise Fraud & Identity Analytics Leader, presented “Evolution of Identity” at the Equifax Spark 2019 conference. For more […]