Digital identity in the spotlight

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Biometrics is the latest technology frontier being utilised by digital identity suppliers as they look to enable operators to move in step with the demands of regulators across a variety of industries and sectors.

The most recent development comes from digital identity specialist Trulioo which has taken another step forward in verification, announcing a partnership with mobile-capture specialists Mitek to provide clients with a biometric solution which it hopes will add a further layer of mitigation against fraud.

Speaking to GamCrowd News, Zac Cohen, general manager at the Vancouver-based Trulioo, said that every step along the customer journey needs a unique solution to accurately verify an individual’s identity.

“Most businesses now are global in nature, meaning it's critical to leverage a technology platform that bridges various methodologies, including for example, traditional and non-traditional data, bio-identity, and now more than ever, mobile,” he said.

Mitek’s identity document verification allows operators in various sectors to verify a user’s identity during a mobile transaction. The product also reduces the friction in the mobile users’ experience with advanced data prefill.

Cohen believes that regulators across many sectors are coming to understand the challenges posed by AML legislation.

“With the speed at which technology and cybercrime is evolving, regulators need to be equally innovative in how they update AML/KYC requirements,” he said. “FINTRAC, a Canadian regulator protecting consumers against money laundering and terrorist financing, is a good example of this.”

He pointed out that the body recently introduced new rules to specifically improve the non-face-to-face identification process while simultaneously opening the door to leverage new technology and data processing.

“This will be a continuous cycle of improvement, and it’s equally important for governments and technology providers to work together and act as catalysts towards eliminating fraud on all levels,” he added.

Trulioo's bank-grade identity verification product, GlobalGateway, enables businesses to perform frictionless identity verification for 4 billion people in over 60 countries via more than 200 data sources.

Cohen says the company’s approach has always been to layer a secure and flexible tech stack across a global consortium of trusted digital identities. “As such, our identity verification platform continues to innovate, scale, and solve AML/KYC challenges along the entire customer value chain, while easily adapting to regulatory change,” he says.

Similarly levering big data in the area of AML/KYC – this time working specifically in the area of the identification of politically exposed persons of PEPs – is UK startup W2 Global Data.

Big Data handling technology has become a necessary part of the technology arsenal within the KYC and AML landscape,” says chief executive Warren Russell. “As data sizes grow and need for accuracy in matching increases, the need for more data storage and computing ability to deliver timely results to customers is paramount. Increasingly customers require more detailed analytics services to meet their compliance needs while optimising the customer acquisition process.”

W2 deploys both desktop and cloud-based portal environments with access to large data sets delivering instant search results allowing its customers to make informed due-diligence decisions and Russell says that further technological developments are sure to be deployed as it progresses.

“Identity, security and trust technology continues to become a key factor in today’s online world,” he says. “We are continually looking at technologies that can enable us to be at the forefront of trusted identity and technologies offer many interesting avenues and opportunities to implement this.”

Russell points out that in the world of financial services there has been ever-increasing regulation following the market crash of 2008 and that there is now an emphasis on protecting consumer data with high fines for financial institutions that fail to comply.

“When new regulation is brought into the online gambling arena, operators will not be able to afford to ignore it,” he says. “They will need to invest in customer verification technology to avoid being hit by large fines which will have a financial and reputation impact on them.”