Intellicheck, a company focusing on technology solutions that stop identity theft and fraud with real-time authentication and age verification, has announced a collaborative agreement with software company Ipsidy. Ipsidy offers an Identity as a Service (IDaaS) platform, which is embedded with a suite of secure, mobile, facial biometric identity solutions.
According to the press announcement, the agreement will allow the companies to “offer expanded authentication with greater than 99% accuracy for any person-not-present transaction… [b]y combining Intellicheck’s industry leading remote ID authentication with Ipsidy’s best in class facial liveness and biometric matching services.”
Looking ahead, the need to prevent identity theft and fraud will continue to grow. “Account takeover (ATO) incidents jumped 74% in 2019 at a significant cost to consumers and merchants,” noted Intellicheck CEO Bryan Lewis. The foundation of digital security is a trusted identity, which is why Intellicheck requires that customers have a valid form of government-issued ID and confirm their identity using facial biometric matching.
Biometric authentication is significantly more secure than the traditional biometric security method of using a username and password. The reality is that “the current relied on method of authenticating by username and password simply doesn’t work in its current incarnation,” explained Peter Reville, Director of Primary Research Services at Mercator Advisory Group, in a recent PaymentsJournal article. “Contrary to what some say, biometrics are a very secure way to authenticate for virtually all of us,” he added.
And while consumers have been historically wary of using facial recognition as an authentication method, this is beginning to change. Recent Mercator Advisory Group research found that among several forms of biometric authentication, 17% of consumers reported being most comfortable using facial recognition for payments in 2019, up from 12% in 2018.
Ultimately, “this agreement brings together both service offerings [Ipsidy’s identity platform and Intellicheck’s real-time ID authentication] to effectively deter identity fraud and account takeover in today’s digital world,” said Ipsidy CEO Phillip Kumnick.