UK Lender Leverages IDVerse IDV as Legal Expert Reflects on Identity Week America

United Kingdom-based Hastings Direct Loans has turned to IDVerse to help secure its identity verification process. Offering personal loans to customers in the region, Hastings Direct Loans is part of the prestigious Hastings Group, a major insurance provider serving over 3 million customers.

IDVerse is of course known for its IDV technologies, which can read identity documents and detect signs of fraud and tampering, perform facial recognition and face matching with exceptionally high accuracy, and apply liveness and deepfake detection techniques to any such scans.

According to Hastings Direct Loans’ Head of Digital, IT, and Change, Sam Kerr, IDVerse’s technology was easy to implement and quickly proved to be a worthy investment.

“Onboarding IDVerse’s fully automated identity tools has been as fast as their technology,” he said. “We integrated and tested inside a month and within a month of launch we’ve already seen over a 4x ROI with the loan fraud we’ve caught.”

Kerr added that IDVerse’s API approach enabled his organization “to ingest more data to further insights” in its decision-making process with respect to loan applications.

News of the partnership arrives as Terry Brenner, IDVerse’s Head of Legal, Risk, and Compliance, reflects on last month’s Identity Week America event in Washington, DC, where he spoke with the hosts of the ID Talk podcast about the legal landscape around artificial intelligence and IDV technology.

In a blog post, Brenner noted that the event saw a lot of discussion around not only the threat of AI-generated deepfakes, but also the problem of synthetic identity documents. According to Brenner, individuals from major government organizations including the Transportation Security Administration (TSA), the Department of Homeland Security (DHS), and state agencies “shared with alarm the number of fraudulent documents that pervade their ecosystems through weakness in early IDV detection” of such threats.

While this represents a serious concern today, Brenner indicated that the IDVerse team expects the identity assurance industry to offer effective solutions relatively quickly—”within two years”.

He also noted the prominence of the discussion around digital IDs at Identity Week America, with IDVerse itself having participated in a panel discussion led by the American Association of Motor Vehicles (AAMVA) and featuring representatives of the TSA, the Maryland Department of Transportation (MDOT), the Georgia Department of Driver Services (GDDS), and GlobalPlatform.

“Generative AI, manifested through the surge of deepfakes and synthetic IDs, is compelling the entire industry to reassess fundamental concepts of identity,” Terry observed. “At the same time, the momentum behind mobile driver’s licenses signals a potential departure from traditional physical identification.”

Read the full blog post for further insights from IDVerse’s chief legal and risk compliance expert.

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October 2, 2024 – by Alex Perala