With leading research company Juniper predicting a “fraud tidal wave,” Indicio’s authenticated biometric credential solution is a simple, powerful, cost effective defense against synthetic identity fraud and deepfakes while also streamlining account access, mobile, and cross-border payments.
By Tim Spring
Juniper Research predicts fraud will cost financial institutions $58.3 billion dollars, globally, by 2030 — and the bill is coming from synthetic identity fraud, where real, stolen, and fake information is combined to trick institutions into opening accounts and granting credit.
Add this to bots, phishing attacks, account takeovers, and AI being used to accelerate attacks, and generate deepfakes.
Meanwhile, the demand for seamless, fast, mobile banking and payments has only increased. Juniper also forecasts that mobile payments will grow to over $8 trillion dollars by 2028.
Money 20/20 — Indicio is “poised to transform the world of money”
We’re doing this with authenticated biometric credentials, a simple, cost-effective solution to these authentication and KYC problems that can scale from the smallest SME to the corporations and countries.
With Indicio Proven software, any government issued identity document containing an image can be bound to the person who rightfully owns it — through a combination of face-mapping and liveness checking. And through our partnership with Regula, thousands of official identity documents from all over the world can be validated as authentic.
The result is a Verifiable Credential that contains an authenticated biometric — a combination of personal identity data and a biometric image that can be presented anywhere for instant verification — no centralized storage of personal or biometric data needed.
What makes this so powerful is that the issuer of the credential — a bank, a brokerage, a financial institution — can be cryptographically proven, along with the integrity of the data.
And this authentication takes place before any data is shared.
So if you trust the bank, you can trust the information in the credential — plus, you can automatically compare a live image of the person with a tamper-proof copy of their biometrics, a simple way to identify deepfakes.
The result is the most powerful digital identity in the global marketplace — one that can be created in minutes and verified with simple mobile software anywhere.
Bonus — with Indicio Proven, your authenticated biometric credential is globally interoperable, meaning it can work with the European Union’s new Digital Identity Wallet.
Indicio — the IDV disruptors
We first created this solution to enable seamless border crossing with the world’s first digital passport credential based on international standards. We won awards. But more importantly, we saw how this could transform identity verification for everyone and meet the emerging challenges of synthetic identity fraud.
Our software enables anyone to hold an authenticated biometric of themselves and instantly share it anywhere as the ultimate proof of identity in a world of fakery. And we also make it easy to verify anywhere, even offline.
It’s simple to implement — it will work with your existing systems. It’s simple to use — generate or scan a QR code; integrate with existing biometric infrastructure. And it is significantly less expensive than traditional IDV — but you’ll have to contact us to find out by how much.
The question is, in a world where synthetic identities and deepfakes threaten the financial security of your company, can you afford not to ask for a Proven biometric?
Getting Started
To get a better understanding of the technologies involved, you can visit our banking and finance page. To discuss specifics or learn how you can start integrating this solution into your systems today, please contact our team and we will be happy to answer any questions or set up a time for a free consultation.
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