The new technology is a document verification and facial recognition system that has been developed to assist small-medium sized businesses in their battle against different forms of financial crime.
The aim was to develop technology that will offer an equivalent level of online protection to small-businesses compared with multinational organizations. The process behind the technology is to empower small-businesses to achieve compliance, become more resilient against cyber attacks and maintain their operations. Much measures are especially important in the COVID-19 era, given the growth of fraud.
The Trulioo technology features to EmbedID, which is a low-code developer tool preconfigured to work with GlobalGateway API. By leveraging independent data sources and integrated identity services worldwide, EmbedID assists businesses with verifying users during the account creation process. The technology helps firms to meet the Canadian requirements in relation to Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance requirements.
By using EmbedID, firms can copy a snippet of code and paste it onto their website to automatically generate a stylized registration form that is prewired to GlobalGateway in order to verify personal identification information. The functionality enables ID documentation verification and biometric authentication as security measures. This allows companies to check the authenticity of government-issued ID documents and use facial recognition with liveness detection to ensure the person creating the account matches the photo on the ID document.
The technology acknowledges that many small companies have budget restraints, meaning that access to bank-grade technology and security solutions are often out of reach. This makes smaller firms an easy target for bad actors (a point raised in a recent Accenture report). The new technology addresses these concerns.
