Gemalto is offering private sector enterprises such as banks and mobile operators the benefits of its proven expertise in identity fraud protection, via the company’s comprehensive and flexible ID Verification solution.
This fully integrated suite of tools and services enables robust yet swift verification of customer credentials when opening new accounts and subscriptions in-branch or online, reducing financial losses and the negative impact on brand reputation caused by identity fraud.
Gemalto’s ID Verification also helps financial Institutions enhance their Know Your Customer (KYC) procedures, in line with the latest regulations, such as Anti-Money Laundering Directive (AMLD4) in Europe or the Financial Intelligence Centre Act (FICA) in South Africa or the Money Laundering Prohibition Act (MLPA) in Nigeria for instance.
The seamless enrolment process encompasses verification of documents such as ID cards and passports for forgeries and other discrepancies, biometric and/or visual customer authentication, and immediate background and risk assessment checks against relevant databases and watch lists. It can be performed quickly and easily by branch staff using a standard scanner or tablet. Online customers are simply required to photograph their ID credentials, and submit for automatic verification.
ID Verification protects enterprises against the threat of fraudsters opening bank accounts or acquiring subsidised mobile phones, for example, and provides a firm foundation from which to launch innovative new services. It can be integrated easily with existing infrastructures and is available as a platform, or in Software as a Service (SaaS) mode to minimize initial investment requirements. ID Verification is also highly scalable, facilitating future-proof growth and evolution in line with individual fraud prevention and business development strategies.
“ID fraud is one of the fastest growing crimes on the planet and there is a direct impact on the private sector with substantial financial losses. Fifty-four percent of data breaches in 2014 related to identity theft, 17 percent aimed at financial access and 11% sought account access,” says Jean-Claude Perrin, vice-president of strategy and marketing for Gemalto.
“Gemalto is recognised as the world’s leading provider of secure identity documents for governments, with a document template database covering 170 countries which is a key element of our ID Verification offers. The private sector can leverage our unrivalled experience to protect corporate finances and reputations, without compromising the customer enrolment experience.”