News & Events
- July 25, 2023
The Ultimate Solution to Identity Fraud
Identity fraud has been a persistent and complex challenge, and recent advancements in technology have both facilitated and combated this particular fraudulent activity.
According to recent statistics from the survey* conducted by Regula, identity fraud incidents have become a significant concern for enterprises across various sectors. In 2022, a staggering 95% of companies reported experiencing such incidents within their organisations. Small businesses, although experiencing a slightly lower average in cases, still found themselves affected at a rate of 90%. Notably, the banking sector appears to be the most commonly impacted, with 94% of companies reporting incidents. It is evident that identity fraud poses a threat to businesses of all sizes and across all industries.
eBOS’s Electronic Customer Verification (eCV) solution is powered by technologies developed by Regula, a global developer of forensic devices and IDV solutions. eCV has the capability to automatically verify the authenticity of a large number of various identification documents, such as ID Card, Passport, Driving License, VISA, Border Crossing Card, Business Travel Card, Citizenship Card, Crew Member Certificate, Diplomatic ID Card, ePassport, Health Insurance Card. Immigration Card, Insurance Board Card, Laissez-Passer, Lawyer Card, Marine License, Medicare Card, Personal Card, Police Card, Proof of Age Card, Refugee Card, Registration Certificate, Residence Permit, Social Security Card, Voter Card, and Work Permit.
This has become possible because of Regula’s own extensive document template database, which contains over 13,000 ID templates from 247 countries and territories. This huge knowledge base enables Regula’s customers and partners to instantly recognize and analyse nearly all the identity documents in the world, including the rarest ones, on the most comprehensive and precise level. Regula is a trusted partner of global companies and organizations, such as IATA, Wizz Air, AirAsia, Emirates NBD, UBS, US Customs and Border Protection Agency, and others.
When an ID document is scanned, data is automatically and accurately extracted from the document with the use of OCR (Optical Character Recognition) technology, and customers are then asked to take a selfie by following simple instructions, to prove they are the same person shown on the ID document photo – known as the “liveness check”.
The system’s face-based biometrics and advanced liveness detection, ensures that the person taking the photo is real and that is the same person appearing on the ID document photo.
According to a global survey by Regula, approximately 49% of organisations worldwide had to address fake or altered physical identity documents. In response to the increasing prevalence of fraud, Regula has enhanced its document verification solution with a complete set of authenticity checks – document and biometrics –, specifically various forms of cross-checks of main and secondary and/or “ghost” portraits. This upgrade provides an extra level of confidence in the document authentication process and increases the efficiency of forgery detection/protection. Considering these developments, organisations can better safeguard against the risks posed by fraudulent identity documents.
WiseBOS eCV is a solution that enables businesses to digitally transform their processes through electronic identification and electronic Know Your Customer (e-KYC) procedures. It provides a secure and quick gateway to digital transformation by offering real-time ID verification and a holistic onboarding process for customers. By verifying clients’ identities WiseBOS eCV ensures compliance with KYC and Anti-Money Laundering (AML) regulations. This streamlined approach improves efficiency, making client onboarding faster, more efficient and most importantly secure!
Staying informed about the latest identity fraud techniques and regularly updating your security practices are crucial in combating this type of crime.
* The research was initiated by Regula and conducted by Sapio Research in December 2022 and January 2023 using an online survey of 1,069 Fraud Detection/Prevention decision makers across the Financial Services (including Banking and FinTech), Technology, Telecoms, and Aviation sectors. The respondent geography included Australia, France, Germany, Mexico, Turkey, the UAE, the UK, and the USA. Learn more on regulaforensics.com.
