Equifax introduces facial recognition software
Equifax has launched facial recognition software called Document Verifier.
The solution allows lenders and other firms to compare the image of someone on webcam or a smartphone with the photograph on their passport or driving license.
The technology has been introduced in partnership with document verification and facial recognition companies Jumio and Paycasso.
John Marsden, head of ID and fraud at Equifax, said: “Fraud is a massive problem in the UK, estimated to account for an annual loss of £193bn, and changing the way we verify identities will go a long way to help combat the issue.
“Our recent research, conducted with YouGov, showed that 56% of people online would prefer to use biometric security measures to access their financial accounts, far outpacing traditional identity verification methods.
“This is also reflected in the positive reaction to using biometric technology in daily life, for example with e-passports or to unlock your smartphone.
“We expect interest in biometrics will continue to rise as customers and businesses reap the benefits of faster and more secure processes using simple selfie or thumb print authentication.
“Our Document Verifier aims to facilitate the best and most secure customer journey available. It supports consumers’ preference for convenience, and the solution can be tailored to different business strategies for fraud prevention and risk management.”
The automated technology can recognise potential tampering or anomalies on official documents from over 200 countries.
It also employs enhanced ‘liveness’ detection which detects even the slightest movement when the applicant is taking a photo of their face, ensuring fraudsters are unable to create a match using a static image of an applicant.