Veriff Enhances Biometric Authentication Solution to Prevent Account Takeover Fraud

Veriff, a global identity verification provider, has unveiled significant enhancements to its Biometric Authentication solution to address the growing issue of account takeover (ATO) fraud.

These improvements aim to provide a more secure and seamless user experience by enhancing user authentication processes and reducing unauthorized access.

The enhancements come in response to a rise in AI-enabled fraudulent activities, as noted in Veriff’s 2024 Fraud Industry Pulse Survey, which reported that nearly 78 percent of US decision-makers have observed an increase in AI-driven fraud over the past year.

The updated Biometric Authentication solution incorporates advanced features such as improved image resolution for more accurate face-matching and better detail capture in biometric templates. It also includes enhanced fraud detection capabilities, analyzing over 30 risk signals across behavioral, device, and network parameters to combat sophisticated fraud attempts effectively. Additionally, the solution features improved detection of deepfake and synthetic media, further strengthening security against AI-generated fraud.

Veriff’s enhanced solution aims to streamline the authentication process by providing swift, secure, and continuous user verification. This involves robust fraud checks, liveness detection, and anti-spoofing measures to ensure that only legitimate users can access digital services. The improvements are designed to be user-centric, adapting to individual behaviors to provide a more efficient and secure authentication experience.

“User authentication can be a cumbersome process, with some fintech customers completing an average of five different authentication sessions, which introduces friction and negatively impacts the experience,” said Hubert Behaghel, Veriff CTO. “We’ve augmented our Biometric Authentication solution to make it more efficient, user-centric and secure. Our solution adapts to individual user behaviors, ensuring authentication for the users themselves rather than just a session.”

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July 24, 2024 – by Ali Nassar-Smith