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Biometric Authentication

 

Biometric authentication is an essential part of the security process in a financial system that is required to confirm that a customer’s identity is a match with the ID documents provided.

In legacy business operations, biometric authentication is performed in a face-to-face environment, i.e. when a customer at a bank’s branch is asked to provide their ID, which is then visually matched to their face by an employee, and copied to be included in the file.

In 2020, the global COVID-19 pandemic disrupted this traditional identity verification process, pushing financial services, law firms, and multiple other industries to serve their clients digitally. However, deep fakes and internet fraud make it nearly impossible to verify a customer’s identity in a standard video call. 

To be able to digitally confirm that the client behind the screen is the same person as on the ID document, financial service providers are required to use biometric compliance tools.

 

Biometric Authentication with iComply

To enable biometric authentication in a fully digital environment, iComply uses Live Face Matching – an AI-powered technology that matches a client’s face to their ID in real-time.

During onboarding, the client is asked to upload their ID document into a secure KYC Portal and prompted to demonstrate a series of facial expressions to detect emotion (happy, sad, angry) and motion. The AI, blockchain-based software detects the facial features of customers in real-time, confirming that the user at the device is the same person in the KYC profile on file.

This helps financial service providers and similar firms be certain of who they are dealing with in remote transactions, eliminating the risk of deep fakes and internet fraud.