SmartSearch Updates Onboarding Solution to Meet New AML Regulations

SmartSearch US is pitching its biometric fraud prevention technology to American financial institutions that need to comply with stricter Anti-Money Laundering (AML) regulations in the United States. To that end, the company has released an enhanced version of its face-based onboarding solution, which uses face and document recognition to match a selfie to the image on a photo ID. That process is backed up with liveness detection for extra security.

The liveness detection check is performed with a Selfie Liveness Video, while the document check uses optical character recognition to make sure the ID is legitimate. SmartSearch noted that it is still unsafe to conduct manual checks and onboard customers in person due to COVID-19, so financial institutions need a remote option to facilitate new business.

SmartSearch Updates Onboarding Solution to Meet New AML Regulations

SmartSearch is also the latest company to warn about higher rates of fraud during the pandemic. Money laundering rates have surged in the past few months, largely because cybercriminals have managed to take advantage of the disruption caused by the coronavirus.

“Businesses need confidence that they are going to be able to move forward without further threats to their day-to-day operation, which is what this enhanced system does,” said SmartSearch US National Sale Director Chad Rawlings. “Our mission is to make compliance easy. While the technology behind SmartSearch is highly advanced, the interface and the outputs have been designed with the user in mind, meaning staff at any level can easily do a SmartSearch and stay compliant.”

The US division of SmartSearch is targeting banks, law firms, real estate agencies, and other businesses that move large sums of money. The company argues that its solution is both more secure and more efficient, since it reduces the amount of time needed for an identity check.

SmartSearch itself is based in the UK. The company first added facial recognition to its Anti-Money Laundering platform back in May.

–

January 13, 2021 – by Eric Weiss

Related News

Partners

FaceTec’s patented, industry-leading 3D Face Verification and Reverification software anchors digital identity, creating a chain of trust from user onboarding to ongoing authentication on all modern smart devices and webcams. FaceTec’s 3D FaceMaps™ finally make trusted, remote identity verification possible. As the only technology backed by a persistent spoof bounty program and NIST/iBeta Certified Liveness Detection, FaceTec is the global standard for 3D Liveness and Face Matching with millions of users on six continents in financial services, border security, transportation, blockchain, e-voting, social networks, online dating and more. www.facetec.com

AuthenticID provides 100% automated identity verification and fraud detection solutions that are leveraged by companies worldwide, including 2 of the top 3 U.S. Banks, 8 out the top 10 wireless providers in North America, and 2 of the 3 credit bureaus. Using proprietary computer vision and machine learning technology, these solutions help companies accurately verify the identity of their users across retail, digital and call center environments for onboarding and ongoing re-authentication events; KYC, IAM, and more. The solutions are easy to integrate and provide customers a large ROI by stopping fraud losses, increasing customer conversion at onboarding, reducing operational costs and allowing quick and cost-effective operational scalability, all while ensuring global privacy regulations are complied with. https://www.authenticid.com/

Anonybit is a privacy-focused technology platform that provides decentralized solutions for securing personal data, particularly biometric information. Rather than storing sensitive data in centralized repositories, which are vulnerable to breaches, Anonybit uses a distributed architecture that breaks data into smaller encrypted bits and stores them across a network of decentralized nodes. This approach ensures that no single entity has access to the full dataset, enhancing privacy and security, even preventing insider threats. Anonybit is used by leading banks, fintechs and other enterprises for critical biometric identity functions like deduplication and blocklist checks, step up authentication, passwordless login and account recovery https://anonybit.io/

Identity Week aims to be a significant identity industry catalyst. It’s our mission is to help accelerate the move towards a world where trusted identity solutions enable governments and commercial organisations to provide citizens, employees, customers and consumers with a multitude of opportunities to transact in a seamless, yet secure manner. All the while preventing the efforts of those intent on doing harm. https://identityweek.net/

The Biometric Digital Identity Prism is a market landscape framework designed to help influencers and decision makers understand, innovate, and implement digital identity technologies and solutions. This innovative framework for understanding and evaluating the rapidly evolving biometric digital identity marketplace is the only market model that is truly biometric-centric based on the foundational conviction that in the age of digital transformation the only true, reliable link between humans and their digital data is biometrics. https://www.the-prism-project.com

ID R&D is an innovator of biometric facial liveness, document liveness, and voice biometrics. Ranked #1 by NIST, our patented passive approach to liveness, and specialized detection of voice clones, injection attacks and deepfakes, empowers KYC and authentication systems with fast, accurate and secure biometric verification technologies. Over 140 partners in more than 70 countries are collectively processing hundreds of millions of identity checks per year. ID R&D solutions easily integrate with mobile, web, messaging, smart speakers, set-top boxes, and IoT devices. Learn more: www.idrnd.ai

Related News

Footer

Follow Us