How Veriff’s Biometric Authentication solution is leading the fight against online fraud
Enter Veriff’s Biometric Authentication solution—a game-changer in the fight against fraud. Join us as we delve into how Veriff’s cutting-edge solution is revolutionizing fraud prevention, safeguarding businesses, and ensuring a safer digital experience for all.
Chris Hooper
Listen to full conversation with Geo now!
In this conversation, Geo Jolly, Lead Product Manager at Veriff, examines how AI and facial biometrics authenticate users and combat fraud, including account takeover fraud, where unauthorized access can lead to significant financial damage.
The evolving digital economy brings powerful advantages for online businesses – and new opportunities for fraudsters.
There’s a clear need for robust security. Veriff’s US Fraud Industry Pulse Survey 2024 found that almost 87% of industry leaders had seen an increase in online fraud in the year to April 2024. And it’s hitting them financially. Almost 90% had suffered a financial hit of between 1% and 9%, which could represent millions of dollars of lost revenue depending on company size.
It's little wonder, then, that they’re looking to bolster their defenses. In fact, the vast majority (nearly 98%) are using Identity Verification and/or biometrics in fraud prevention already, with a similar proportion planning to go further in the next year.
Biometrics-based authentication tools are based on a person’s physical characteristics, which are unique to the individual involved - and that means they are ideal in stopping account takeover-type fraud that is becoming increasingly common.
Account Takeover Fraud (ATO) is a growing problem, with fraudsters employing more advanced and refined approaches to attack individuals and businesses. According to Veriff’s Fraud Industry Pulse Survey 2024, almost 78% of US decision-makers have seen an increase in the use of AI in fraudulent attacks over the past year. Veriff’s Biometric Authentication solution provides users with swift, secure, and continuous authentication, granting a convenient and fully automated method for accessing digital products and services. Fraud checks, liveness detection, and anti-spoofing capabilities are included in the latest update to prevent unauthorized access or account takeover.
“In today’s evolving digital landscape, combatting Account Takeover (ATO) Fraud and other threats is an ongoing challenge that requires modern security solutions,” said Christopher Adjei-Ampofo, CIO & CISO at Uphold, a digital asset trading platform serving more than 10 million customers worldwide.
“Veriff’s Biometric Authentication solution is critical to the effectiveness of preventative tools in fighting fraud by reducing ATO by 80% - 90% in 2024. The solution has proven mission-critical in helping us stop account takeovers and continues to safeguard us against high-risk activities.”
Biometric benefits
There are many types of biometrics analysis, including analysing a person’s fingerprint, gait, or eyeball, but it is facial biometrics that is most useful to online services. There are a number of reasons for this:
Facial biometrics can be captured by taking a selfie on the user’s camera, laptop, tablet or computer - there is no need for specialist equipment like fingerprint scanners. The user takes a selfie and the biometric analysis compares it to a stored biometric template or government ID to confirm that the user is who they say they are.
Facial biometrics as an authentication method are also far more secure than passwords, for example, because they are much more difficult to steal. They are also more secure than device-based tokens, which assume that a genuine person has their device with them; or one-time passcodes, which assume that the passcode has reached the intended recipient without being intercepted or diverted.
Facial biometrics are also more accurate than other identification methods because there is a higher ability to confirm the human presence in the session and to confirm that the human is the right person in their selfie - something that is not possible when only requiring users to type in a password or shared code.
They also boost the user experience because customers don’t need to remember cumbersome passwords or other login details when it comes to accessing an account.
And they can also save organizations time and money - customers never need to remember their login information, so there’s no need to waste resources on resetting passwords on accounts or assisting customers through account verification or re-verification.
Security, convenience, and speed
We know that organizations need to securely authenticate users without disrupting the user experience. This matters across the entire customer journey, particularly at critical steps such as account access, undertaking a high-risk activity, or recovering an account.
With facial biometrics, you can offer secure authentication combined with user-centered authentication and a streamlined experience. You can access seamless identity assurance and enjoy the benefits of adaptive technology and explainable decision-making that is customizable and scalable for your needs.
For companies facing a growing threat of increasingly sophisticated online fraud, being able to verify users instantly, conveniently, and securely, while beating the fraudsters, is a win-win for platforms and users alike.
And that is why Veriff has expanding its product offering with a new-look Biometric Authentication solution. With improved user experience and accuracy, strengthened security and more seamless identity assurance, Veriff’s solution provides a streamlined authentication process that mainly helps preventing unauthorized access and account takeovers, but can also be utilised for other use cases. The updates come as Veriff continues to see strong adoption of its identity verification (IDV) and biometric authentication solutions to fight increasing online fraud.
Key features of Biometric Authentication solution update include:
- Increased conversion – Improved image resolution for better face-matching accuracy and enhanced detail capture in biometric templates.
- Improved fraud detection – Analysis of 30+ risk signals across behavioral, device and network parameters improve accuracy and the ability to combat more sophisticated fraud attempts.
- Deepfake and synthetic media detection – Veriff improved face liveness checks for synthetic and AI-generated media detection.
- User identity-based authentication – another step towards user-centric digital identity to ensure a secure and seamless user experience.
- Actionable insights – With more detailed insights, customers are equipped with specifics about what took place during the authentication journey.
“User authentication can be a cumbersome process, with some fintech customers completing an average of five different authentication sessions, which introduces friction and negatively impacts the experience,” says Hubert Behaghel, Veriff CTO. "We've augmented our Biometric Authentication solution to make it more efficient, user-centric and secure. Our solution adapts to individual user behaviors, ensuring authentication for the users themselves rather than just a session. This level of biometric authentication is one step forward on our journey to one reusable digital identity."
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