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.
