5AMLD puts an end to cryptocurrency anonymity blog

5AMLD puts an end to cryptocurrency anonymity

The Fifth Anti-Money Laundering Directive must be implemented by EU member states by January 2020. Many financial processes and sectors are affected, but here we will talk about how cryptocurrency businesses will have to increase ownership transparency. 

We will also let you know how we can help, through our online global identity verification tools.  

Hello Soda now covers 177 countries from Azerbaijan to Zimbabwe blog

Hello Soda now covers 177 countries from Azerbaijan to Zimbabwe

We’re delighted to announce we now operate in 177 countries! Yes that’s now 91% of the world. From Aruba to Australia, Iceland to the Ivory Coast, St Vincent and The Grenadines, and all the way to Papua New Guinea. Our solutions reach where others don’t. 

The Hello Soda KYC (Know Your Customer) and AML (Anti-Money Laundering) solutions are truly global. We’re proud that they’re being used across a wide range of sectors, right across the world, every single day.

Frictionless Future Blog

How Alternative Methods Will Pave The Way For a Frictionless Future

Most businesses look to avoid friction at all costs in the user experience – and for good reason. But friction isn’t always bad. It exists for a reason and is only ever introduced when necessary.  

Is friction inevitably the future of identity verification? What if there was another way to be completely regulation compliant without the friction?

BioMatch by Hello Soda

How Biometric Validation Helps the Banking Sector

With the advances and changes within mobile technology, businesses are looking to alternative validation options to ensure more secure processes are in place for their consumers.   

The rise in identity fraud has increased 160% in the last 20 years, which seems an absurd increase, but with the risks of online fraud this doesn’t seem to be slowing down. It was shown that last year, 8 out of 10 identity theft cases took place online.

Online Payment

Maximising Online Revenue by Reducing Fraud

With the changes in the digital world that are taking place every day, inevitably comes the increased risk of online fraud from occurring. Can this be prevented, and how?

It is becoming apparent that fraud losses within the financial services industry are increasing year on year, with unauthorised financial fraud increased by 16% from 2017 to 2018, totalling losses of a staggering £844.8 million.

Top tips for identifying fake documents

3 Top Tips for Identifying Fake Documents

Traditional methods of verifying a customer’s identity are very much still alive. Manual checks of identity documents are still widely used by a variety of different sectors in an attempt to prevent fraud, but how can fake documents be identified to ensure they don’t pass the test?

Manual identity verification checks are not just time consuming, but also produce a lengthy and clunky onboarding process for your customers. How can we identify fake documents in an automated and simpler manner?

Hello Soda - KYC & AML Checks

What’s the future for identity verification?

As we know, FinTech developments are causing continuous waves of change within the payments industry. With an influx of new alternative companies entering the payments sphere traditional brick-and-mortar banks are concerned. FinTech alternatives can provide a seamless user journey with greater customer service and easy use. However, lack of security continues to hampered growth in the market.

Is facial recognition verification really secure enough?

Officially well into the digital age, there is a wave of identity verification technologies sweeping the market, but determining whether one will strike the right balance between security and convenience for the consumer can be tricky.

The evolution of identity verification

Traditionally, verifying your identity for a service such as applying for credit, setting up a bank account, or transferring funds is lengthy. Often requiring visits into branch with original documents (e.g. utility bills, bank statements, birth certificate or passport), it is an inconvenient process which can take up a significant amount of time for the consumer (as well as many man hours for the business).

Digital advancements have already influenced a shift in attitudes towards identity verification and processes are beginning to change. Many businesses offer the option to scan and submit documents via a mobile device, eliminating the need to go into store, however this does mean that an additional layer would be required to verify that the user is the owner of that document. The level of importance placed on convenience and efficiency has steadily increased over the recent years, made evident by the introduction of fingerprint scanning by Apple into the consumer market in 2013, and facial recognition in 2017.

A natural progression was to include these methods into banking options, for example utilising biometrics for mobile pay or facial recognition to access online banking, but is this really as secure as it is claimed to be?

A number of financial companies have incorporated facial recognition into their identity verification processes, such as Revolut who request the user to take a selfie in combination with submitting a picture of an official ID card (e.g. driving license), and HSBC who introduced the capability for customers in China to authorize payments, transfer funds, and add new payees to their account via facial recognition.

Where facial recognition falls down

While facial recognition ticks the box of being convenient and user-friendly, there are some questions that cannot be ignored. For example, whether you could pass the facial recognition verification stage without actually being the biometric owner of the claimed identity. It has been demonstrated that it is possible to gain access to a service which requires facial recognition by presenting a photograph of the individual, which could easily have been gained from the internet.

Despite advancements in some facial recognition software – particularly in the new iPhone X which uses infrared sensors and 3D scanners to ensure it cannot be tricked by photographs, Apple has confirmed that their Face ID software would be confused by identical twins, therefore there is still a risk of impersonation fraud.

With this in mind, the sole use of facial recognition to verify a person’s identity is clearly flawed – particularly for accessing anything considered sensitive or high-risk like banking. However, it could be useful as part of a multi-pronged approach.

The Solution

While we have already discussed official documents and biometrics as methods for verifying identity, there is a third method we have yet to mention which is verifying digital data attached to the user. Offering consumers the option to leverage their digital footprint provides an additional level of security without adding friction to the user journey. Through advanced text analytics, solutions such as what Hello Soda offer analyse the quality, quantity and significance of data in order to corroborate a user’s identity claim in real-time, effectively and efficiently verifying that the user is the owner of the submitted document or selfie.

Want to find out more about any of these three methods, and how you can use any combination for secure and convenient identity verification? Get in touch to arrange an informal chat or demo.


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