CU*Answers is evaluating the use of ID verification technology provided by DAON’s IdentityX platform, to enable a member to digitally verify their identity by uploading pictures of an identity document (driver’s license, passport, state ID, etc.) and a photo of themselves. This technology could be used in a variety of different products ranging from online account opening, loan applications, e-signature, or any process where you want to ensure you are working with the correct person in a digital transaction. The system would then run a series of verifications to ensure that the ID is valid and that the information (front and back) on the ID appears correct.
Additional features include: live biometric faceprint can be compared to registered identity credentials; passive and active liveness checks are compared to prevent spoofing; faceprints are compared to biometric watchlists to spot known fraudsters and repeat applicants; extracts customer information using optical character recognition (OCR); integrates with 3rd party data sources to help perform AML/KYC checks and delivers prompt customer decision in accordance with fully configurable rules and workflows.
In addition, using Passive Voice Authentication to leverage new functionality in the IdentityX platform to quickly validate members over the phone, potentially reducing time and improving accuracy within IVR systems. This differs from voice verification currently available in CU*Answers mobile app in that it is passive, rather than active which requires the member to recite a specific phrase. Passive version is based on standard phone conversations.
“As the financial marketplace moves more and more to electronic payment services, transaction and inquiry products and marketing messaging, it is more and more important to also provide member confidence in the protection of their data by understanding and implementing new identification features,” said Barb Cooper, Mobile Technologies Group account executive.