~iiDENTIFii provides facial recognition services to Standard Bank client base with revolutionary DigiME platform~

Digital Onboarding with a Biometric Solution

As one of South Africa’s leading financial service providers and as Africa’s biggest bank by assets, Standard Bank is constantly looking for ways to evolve and secure their clients’ online service portal. This has become even more crucial as they accelerate their efforts to provide superior digital client experiences.

Gur Geva, co-CEO iiDENTIFii, a market leader in biometric identity says, “The challenges facing such a large organisation’s digital migration are complex. It is critical that the digital onboarding of clients safely and securely is robust and efficient.”

Standard Bank of South Africa Limited (SBSA)

The Standard Bank of South Africa Limited (SBSA) wanted to digitise primary functions like opening accounts, right through to approving loans whilst ensuring that they minimise the risk of various types of fraud – including identity fraud. It was also imperative for an automated solution of this nature to enhance compliance with local and international anti-money laundering legislative requirements

DigiME is an innovative solution that was designed for SBSA to ensure that all digital profiles are strengthened and secured. “DigiME involves a combination of two or more factors to authenticate your real identity. The end goal is to give you power of your digital banking profile – all you need is your SA ID document and to take a selfie.”

A workable biometric solution has to fulfil four critical service points:

  • It has to prove that the person is alive, therefore enabling strong authentication
  • It has to match the selfie of the person with the image on their ID document
  • Critical data is extracted from the identity document
  • All the data is matched with a facial biometric at the Department of Home Affairs

Facial Recognition Software

Facial recognition is a technology that applies the science of biometrics to a user’s facial features, capable of matching a human face from a digital image.

iiDENTIFii’s facial recognition software can supplement SBSA’s innovative security solution. The facial recognition component of the system works by the client simply taking a selfie and linking it to their SBSA profile along with their ID number and photo of their ID document, giving users all the power over their account without risking their identity. This is pivotal to successful fraud prevention and creates a triangulation of trust with the client, bank and Department of Home Affairs.

Identity Fraud

“Identity fraud is one of the fastest-growing crimes in the world. Experts in the field suggest that an identity is stolen every two seconds. As this is considered a ‘silent crime, it can often go undetected, which is why financial institutions need to have a comprehensive approach to remote identity authentication.” Gur Geva, iiDENTIFii.

Over R106 million was lost to fraudulent activity on other banking apps alone in 2019. By adding biometric facial recognition to mobile banking platforms as an added layer of security is critical.

Identity fraud has cost the South Africa government over R1 Billion during the Covid-19 pandemic (Cyber Archives – COVER Magazine).

DigiME is a clear example of how iiDENTIFii software can provide an innovative solution to online identity verification swiftly and accurately without racial or gender bias. As identity fraud continues to increase, the more the world moves into the digital space, it becomes imperative to ensure that financial services clients are protected in every way possible.”

iiDENTIFii is a world-leading digital identity solution which delivers:

  • Complete frictionless customer on-boarding in under 30 seconds
  • Robust facial recognition and liveness detection
  • Authentication of identity documents
  • On-boarding fraud detection
  • A stand-alone application or a white labelled SDK
  • Compliance with FICA, KYC, RICA and AML regulations

Read more here

Find out what iiDENTIFii can do for you by Booking a Demo

Posted: June 12th, 2021