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The Green Sheet Online Edition

January 08, 2024 • Issue 24:01:01

New Products

Enhance customer experience with advanced ID protection

Product: Smart Suite Intelligence
Company: Caf

Caf, a global digital identity solutions provider, enhanced Smart Suite Intelligence, a platform designed to drive business revenue by protecting and optimizing the digital user experience. The growing company, with offices in the United States, United Kingdom and Canada, has monitored and analyzed more than 14 million transactions, preventing $79 million in fraud throughout the year, stated Darryl Green, executive chairman at Caf.

In response to worldwide demand for embedded finance and "everywhere commerce," businesses cannot rely solely on KYC and KYB standards to create seamless on-boarding experiences for customers while managing risk and compliance, Green said. Instead, enterprises must know everything about each user that interacts with their digital platforms to maintain data security and protect user privacy, he noted, adding that to do this effectively, businesses need to re-think processes and implement new technologies.

"As we move further into a Web 3.0 world and beyond, global, anywhere commerce and banking will become the norm," Green said. "This means businesses need to know a lot more about their customers to properly identify risk and root out fraud."

Global KYE platform

Green described Smart Suite Intelligence as a global Know Your Everything (KYE) platform that businesses can use to assess individual users quickly and at scale. Participating businesses can leverage the platform to provide good users with a seamless verification and authentication experience, he added, citing the following enhancements to the platform:

  • Enhanced integration: Flexible, anywhere integration allows global businesses to safely verify and onboard customers, businesses and employees.
  • Expanded data coverage: Comprehensive global data coverage provides access to more than 200 countries and territories.
  • Prolific product suite: Recent updates to the company's product suite further enhance user onboarding, document verification, KYC, KYB, identity validation and account takeover prevention.
  • Liveness detection: Enhanced biometric protections on the iBeta Level 1 certified platform help participating companies ensure the liveness of every user.
  • Flexible orchestration: Drag-and-drop capabilities offered by the low-code, no-code workflow builder and flexible orchestration engine enable companies to leverage the platform without needing to write code.

Green emphasized these capabilities are critical in a world where fraud is increasingly commonplace and growing more sophisticated.

Julie Conroy, fraud expert and head of risk insights & advisory at Aite-Novarica Group, agreed, stating, "No country is safe because fraud organizations are global and they go where the money is and where the softest targets are. E-commerce companies in Latin America and around the world are under considerable pressure to prevent digital fraud and protect their customers."

Futureproof security

Green mentioned that Caf, formerly known as "Combate à Fraude," has been on an upward trajectory since he took the helm as CEO in 2021. The company's Smart Suite Intelligence platform is designed to validate all relevant data points about users to determine if they are who they say they are, he noted, adding that validating and authenticating identity in the digital realm can be multilayered and complicated.

To solve for these issues, Caf uses contextual data to validate and verify users, as well as device validation to ensure that fraudulent users are not mimicking devices to hide their true locations, Green stated. In addition, he noted, the company's advanced face-matching technology provides a valuable layer of protection against stolen identities, and these facial biometric solutions are less intrusive and more secure than passwords and protect against stolen identities, impersonation and account takeover attacks. end of article

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