Why Your Next Financial Application May Involve Facial Recognition
2 minute read
What security measures did you go through the last time you arranged a loan or took out a mortgage? It is likely that you had to present a valid passport or driving licence and prove your identity through a few additional documents, but it is unlikely that the process you went through was especially secure or sophisticated – not by today’s standards.
Facing up to fraud
While basic checks like the above may deter opportunistic fraudsters, most financial fraud is now conducted using advanced techniques which can easily get past these types of requirements. With fraud accounting for £193 million in lost finances in the UK every year, it is more important than ever before to toughen up the checks and balances around financial services.
Introducing: Document Verifier
And that is where technology comes in. In March 2017, Equifax launched a new wave of security options, specifically for the financial sector. Although facial recognition and biometrics are widely used worldwide, Equifax’s new Document Verifier package has been created especially to confirm identities during applications for finance – and to make it easy for providers to use. Document Verifier makes it possible for lenders and other businesses to accurately check whether or not an individual shown in a passport photograph matches an individual who appears via webcam or smartphone. It can even detect possible anomalies or signs of tampering on official documents from over 200 world nations.
The automated service is quick and convenient for users, intuitive for businesses and accurate when it comes to confirming identities. The inclusion of “liveness detection” which monitors for movement on a smartphone or webcam image makes it impossible for fraudsters to con the system with an acquired still image of their victim. While some consumers may find the use of this new technology something of a leap, the majority are likely to be comfortable with the system. According to a YouGov poll, 56% of consumers would prefer to use biometric security systems to protect their finances compared to more traditional methods. So next time you secure a financial product, you might want to prepare yourself to “say cheese!”. Would you feel comfortable using biometric security solutions? Have your say below.