Banks, credit unions, credit card and payments companies of all sizes are now able to take advantage of the most modern identity solutions available, thanks to a new partnership between FinTech enablement company ENACOMM and IDmission, a global leader in biometric and AI technology providing end-to-end digital transformations for applications relying on ID and identity verifications. ENACOMM customers will have the opportunity to streamline the onboarding process and boost customer acquisition using IDmission’s convenient yet secure authentication technologies, which is crucial in today’s age, when fewer consumers are visiting branches in-person, opting for digital processes amidst the pandemic.
With features like true passive liveness, deduplication, identity-proofing-as-a-service, and enhanced biometric Multi-Factor Authentication (MFA), IDmission solutions help businesses prevent fraud, identify and monitor threats for Know Your Customer (KYC) compliance, and enable frictionless customer experiences. IDmission solutions also determine document authenticity, match selfies to document(s), and even reduce racial bias through AI.
“Remote, digital transactions skyrocketed amidst the pandemic, and so did fraud, making the need for fast, secure authentication of customers more important than ever,” commented IDmission CEO Ashim Banerjee. “Biometric technology has become significantly more reliable in recent years, earning it an indispensable role in the Multi-Factor Authentication process.”
According to Feedzai’s recently released Financial Crime report, there was a 650% increase worldwide in Account Take Over (ATO) scams from Q4 2020 compared to Q1 2020. In an ATO attack, fraudsters use the credentials, account information, and passwords of legitimate users to gain unauthorized access to their accounts, then they transfer funds to another account or make purchases with the stolen credentials.
“ENACOMM is proud to add IDmission’s world-class biometric and AI-powered identity solutions to our comprehensive technology stack that empowers financial institutions and payments companies with affordable solutions for improving the customer experience, fighting financial fraud, and increasing operational efficiency,” said ENACOMM CEO Michael Boukadakis. “ENACOMM’s ultimate goal is to provide our valued customers with a digital gateway that enables them to choose the best available technologies for meeting their needs, despite core platform and provider constraints.”