The process of Netverify by Jumio will expressively reduce both frauds in a different number of industries, including finance and banking, online gaming, travel and much more. With a projected global loss expected as a result of traffic in 2016 but a US$1 billion raised from 2015, it is clear that issue of digital fraud is increasing steadily, and it is vital that companies invest in tools in order to prevent it. Adding biometric recognition to Netverify was stimulated by a requirement that impacts organizations across numerous industries, particularly financial services with money transfers and account opening.As evidenced by a huge number of unauthorized accounts which were opened at Wells Fargo, it is crucial to look beyond existing authentication solutions whenever any binary base transaction takes place. You can also read The Silicon Review to more about Jumio and its products.
However, the addition of facial recognition, combined with ID verification, won’t just assist you to make sure that an individual in front of the screen is who they say they’re. In addition to authenticating and scanning government-issued documents for identification verification to make sure compliance with the regulations of an industry, biometric facial recognition by Netverify combats fraudsters who are attempting to use a different type of static images to “fake” identity. Netverify would do both a Face Match and also complete an aliveness check, which takes just around few seconds, to monitor for even a slightest facial movement. This will improve the process to increase customer conversions and it’ll also minimize fraud and resulting costs linked with unauthorized transactions, all deprived of impacting the experience of a customer.