Biometric-Based Fraud Prevention Solutions Rising

In recent years, the demand for stronger fraud prevention measures has been on the rise. A recent survey by Veriff reveals that nearly 87% of US businesses have experienced an increase in online fraud, with 75% of consumers considering a company's fraud prevention record before using its services. In response, various companies have launched new digital identity and financial fraud prevention capabilities to combat the growing threat of fraud.

ANZ Plus has joined NAB and CBA as identity providers for ConnectID, a digital identity software developed by Australian Payments Plus. The move aims to bolster the service's reach and security offerings, enabling individuals to securely confirm their identity with businesses without repeatedly sharing unnecessary personal information.

Capital.com has partnered with Trulioo to facilitate its global expansion through more efficient and user-friendly onboarding processes. The partnership will leverage Trulioo's digital client verification capabilities to provide a faster and more secure client verification process.

Fideo Intelligence has launched a new initiative to combat fraud by identifying more accurate digital personas through fusion of digital, transactional, behavioral, device-related, geospatial, and historical fraud data. net digital AG has introduced an automated identity verification product called airis ident, which can verify the authenticity of identity documents and the identity and age of individuals across more than 200 countries within 10 seconds.

Resecurity has rolled out its Digital Identity Protection (IDP) software in Singapore, designed to help individuals and organizations protect their digital identities from evolving cyber threats. Revolut has introduced a new biometric identification feature called Wealth Protection, which verifies the identity of users against their initial selfie ID checks to prevent fraudsters from accessing savings accounts.

  Information on Companies 

- Veriff  A company that specializes in digital identity and fraud prevention solutions.

- ANZ Plus  A digital identity provider that has partnered with ConnectID.

- Capital.com  A retail trading platform that has partnered with Trulioo.

- Fideo Intelligence  A company that provides fraud prevention solutions using digital personas.

- net digital AG  A company that offers automated identity verification solutions.

- Resecurity  A company that provides digital identity protection solutions.

- Revolut  A financial services company that offers biometric-based fraud prevention solutions.

Q: What is the main challenge faced by businesses in terms of fraud prevention?

A: According to Veriff's survey, nearly 87% of US businesses have experienced an increase in online fraud.

Q: What is the purpose of ConnectID?

A: ConnectID is a digital identity software that enables individuals to securely confirm their identity with businesses without repeatedly sharing unnecessary personal information.

Q: How does Fideo Intelligence's solution combat fraud?

A: Fideo Intelligence's solution identifies more accurate digital personas by fusing digital, transactional, behavioral, device-related, geospatial, and historical fraud data.

Q: What is Resecurity's IDP solution?

A: Resecurity's IDP solution uses real-time threat intelligence to monitor, detect, and counteract identity theft and unauthorized access to personal information.

Q: What is the purpose of Revolut's Wealth Protection feature?

A: Revolut's Wealth Protection feature is a biometric identification feature that verifies the identity of users against their initial selfie ID checks to prevent fraudsters from accessing savings accounts.