Patented Real-Time Facial Biometrics Instantly Matches Online and Social Media Profile Data; The End of Passwords?
NEW YORK, Sept. 17, 2015 (GLOBE NEWSWIRE) -- Socure, the industry leader in real-time online identity verification solutions, today introduced Perceive™, its newest innovation, designed to further slash the potential for online financial fraud by using facial recognition to confirm a person’s identity almost instantly.
The company announced Perceive, which delivers additional capabilities to combat the threat of account takeover and enables secure login authentications for high-value, high-risk transactions. Sunil Madhu, chief executive officer and founder at Socure, will demonstrate the technology today at Finovate Fall, the cutting-edge financial and banking technology conference, taking place here in New York City.
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Leveraging the Socure Social Biometrics™ Platform, Perceive avoids complicated and time-consuming training processes typically associated with facial recognition systems. The system compares the face of a person with trusted online and social media profile data to confirm that users are who they say they are. The innovative technology within Perceive provides the capability to use the front-facing camera on standard smartphones to instantly recognize that person’s facial features.
Those facial biometrics are then compared using a patent-pending entity resolution system from Socure to deliver an authenticity rating back to the requesting financial institution, which can then confirm an identity with greater confidence and security than ever before. Perceive is designed to rapidly scale in a device and operating system independent manner across billions of faces, millions of devices, and thousands of applications.
“Perceive provides the highest level of secure identity verification; better than device fingerprinting, click-flow, payment and other forms of user behavior analysis as well as out-of-band verification via SMS or email, which are rife with friction," said Sunil Madhu, chief executive officer at Socure. “With instances of malicious activities on the rise, confirming a person’s identity through remote facial biometrics also eliminates the need for passwords, which are still the number one point of vulnerability for account-takeover fraud,” he added.
The smart system simultaneously performs “liveliness checks” to prevent “spoofing” from things like a photo or a video animation of an applicant’s face. Perceive analyzes the data and returns results within milliseconds, with a significant degree of accuracy and confidence.
The problem is significant: in a report issued earlier this year, Javelin Strategy & Research revealed that fraudsters stole $16 billion from 12.7 million U.S. consumers in 2014. It also reported that approximately 13 million people throughout the United States were victims of identity theft last year, with hundreds of millions of consumers’ private information being exposed via data breaches.
The Socure Social Biometrics Platform is already in use by financial institutions – including some of the top US remittance companies and payment processors– verifying identities of consumers in more than 175 countries worldwide. As instances of credit card fraud, identity theft, and related risks to financial payments systems continue to grow, the danger for private citizens, banks and other institutions takes an increasingly costly toll. Socure works to protect them and save untold billions of dollars, at the cutting edge of analytics, machine learning, facial recognition and artificial intelligence.
Socure (www.socure.com) is the leader in real-time online identity verification solutions. Its cloud-based solution allows enterprises to reduce third party identity and synthetic fraud, increase the acceptance of valuable customers and reduce the cost of compliance/manual review. Socure was founded in 2012 and is based in New York City.
Organized by the Finovate Group (www.finovate.com), FinovateFall is a demo-based conference for innovative startups and established companies in the fields of banking and financial technology. Held in New York City, the event offers an insight-packed glimpse into the future of money via a fast-paced, intimate, and unique format.