ARIADNEXT representatives from France and Poland point out that 65% of online fraud involves identity theft. In terms of digitalization Poland is a mature market. However the activity of users in the network is constantly growing, so the topic of identity identification cannot be underestimated.
Looking at the progressive digitalization and moving people of all age groups to the Internet, it is more important than ever to widely implement solutions for identification and verification of digital identity. Not just in the wider financial industry. These solutions must be secure for the customer, intuitive, work reliably and quickly, and have proven effectiveness.
During the press briefing Anna Worwa, CEE Sales Director at ARIADNEXT, said that Poland compared to other European countries is a very mature market in terms of digitalization processes. Nevertheless the activity of users in the network is still growing, so the topic of identity identification cannot be underestimated. The number of Internet users in the world has increased by 7%, and this data may not seem impressive, but in the perspective of 300 million new users, the optics change dramatically.
The pandemic has accelerated the digitalization process, which is also visible in Poland. According to Deloitte’s data 40 percent of Poles turned to e-banking during the pandemic with 56 percent of them checking their bank account at least once a day on their cell phone. What is even more important, it is believed that it is the Millennials who mainly use new technological solutions, while it turns out that the pandemic also caused people between 50 and 65 years old to start using online banking.
USD 5 trillion annually – that’s how much we lose globally through fraudsters
Based on the experience of ARIADNEXT, which operates in many European markets, the scale of threats related to the digitalization of citizens’ lives continues to grow. A lot of companies are not prepared in terms of security controls to go online with all the information and experience they simply do not have yet. Therefore, the scale of fraud experienced by companies and individuals at this time is huge. We can measure the scale of the problem in money. It costs the global economy $5 trillion a year, according to a PWC report this year. 47 percent of companies worldwide have experienced online fraud in the last 24 months. That’s why it’s so important to verify the identity of users who want to make online purchases, take out loans or, for example, participate in betting.
– Scanning documents and sending it by e-mail to establish the identity of the customer should be forgotten. The future lies in technologies that perform reliable identity verification in a dozen seconds in an automated, customer-friendly manner – emphasizes Anna Worwa, CEE Sales Director at ARIADNEXT. – Intelligent technologies based on deep machine learning help to verify whether a document, such as an ID card, really belongs to the person who wants to use it.
How does automatic identity verification work in practice?
When filling out, for example, an online form for a lease application, the user is asked to upload a photo of the ID card. Then – through intuitive messages – the system asks to take a selfie. Facial recognition software enables the user to compare the photo taken with the photo extracted from his/her ID. This process takes up to 12 seconds.
The system can also verify the user’s identity using video facial recognition. The feature records the user’s facial movement to verify that the user has facial expressions, is not wearing a mask, and is actually present in the process at that moment. This is the moment when there is confidence that someone is not trying to commit a crime and wants to use a stolen digital identity!
The system has additional features like verification of documents in hybrid processing. In addition, it is able to extract data via NFC, for NFC enabled identity documents.
You can find the original article written in Polish at www.fintek.pl.