A modern world requires modern solutions. Fraudsters constantly improve their skills; do not let your services lag behind!
By Arif Mamedov, Ph.D., President of Regula Forensics, Inc.
Previously an opportunity, nowadays a necessity: digitalization is spreading on a daily basis. Together with all the benefits it brings, organizations have to think one step ahead and mitigate the risks it brings. A recent study by Javelin Strategy & Research showed that identity fraud was as high as $56 billion in 2020. Interestingly, almost 1/3 of victims said that their financial service vendors did not provide enough safety measures and that this led to their decision to close their account with that particular vendor.
Considering that the average time spent on digital media in 2020 rose as high as more than 16 hours daily according to The Wall Street Journal, there is no doubt that an ideal sign-up process in a modern world should be: opening a web page or a mobile application, scan, ready. Regardless of whether it is a car-sharing app, financial services or even governmental services, it should be as easy as that. However, the aforementioned services require strict security as well as compliance with regulations.
That is where Regula’s ID and identity verification steps in and can play a vital role. Increased daily online transactions require constant biometric verification, identity verification, fraud prevention, and fraud mitigation in order to blend efficiency and security together.
In a digital world, being one step ahead of the competition means bringing a seamless experience throughout the entire customer journey. For instance, in aviation, travel, and hospitality, delivering contactless check-in with the help of biometric and identity verification solutions can be as easy as taking a selfie or scanning a document.
Regula can also make retail and e-commerce operational work more secure and frictionless for the ‘new normal. Imagine remote age verification or detection of likely fraudulent all together with no operational disruption.
Banks and other financial service providers want to ease the onboarding process, but they must not forget about the safety measures and ensure that they have the relevant security steps in place.
One of those steps is to know the identity of the user or KYC (Know Your Customer). Regula gives you all the instruments to build your own, tailored KYC flow. Regula Document Reader SDK and Face SDK provide financial service providers with instruments that allow quick and easy onboarding for legitimate customers. The steps are not available to the fraudster, since they will not pass a face match check that is standard for this kind of security measure.
The constant increase in the need for an online presence has increased the need for remote identity verification among online retailers and governmental service providers. At the same time, new regulations around remote identification are putting the onus on such service providers to minimize the risks. So, it makes sense to choose a reliable product. Regula has more than 25 years of forensics experience, currently manufacturing hardware devices used by the majority of the governmental borders, as well as developing proprietary software for remote identity verification.
That was one of the reasons Regula was chosen as a partner to provide voter authentication in recent elections in Uganda. Identity-related fraud is the type of irregularity that happens most often during elections. In order to prevent that, election commissions in different countries tend to rely on biometric technology. Regula Document Reader SDK was used to scan and capture the image of the MRZ and its software then performed the recognition, extraction, and parsing of the MRZ.
In addition to that, remote authentication is also spread to the education sector. Regula recently partnered with global online testing giant, Pearson VUE, to help with the growing demand for safe and secure remote onboarding and authentication. Due to various lockdown measures and social and physical distancing policies put into place across the globe, there has been a dramatic rise in the need for remotely administered professional exams in a number of fields, including nursing, law enforcement, and legal professionals.
This growth in online traffic has led to a proportionate growth in the need for secure remote onboarding and authentication solutions. To accomplish this, Pearson VUE turned to Regula and its advanced digital forensic technology to help secure its remote digital onboarding process.
Standing apart today for a lot of organizations means being transparent, secure, trustworthy, and easy to use. To meet those standards and industry regulations Regula’s in-house team develops fully on-premises solutions with an ID template database that is the largest on the market, containing more than 10,000 document templates from more than 248 countries and territories and covering 98 different languages. Both Regula’s Document Reader and Face SDKs ensure maximum security for its customers.
About the Author
Arif Mamedov, Ph.D., President of Regula Forensics, Inc. Having rich experience in both hardware and software products Dr. Mamedov is a globally recognized expert in the field. He joined Regula back in 2010 and became an integral part of the company’s growth.