Vancouver, B.C. – (July 10, 2020) – New facial recognition and document verification technology will enable small and medium-sized businesses (SMBs) to provide the same level of online protection to their customers as multinational organizations. As part of a holistic approach to identity verification, this new technology will empower SMBs to ensure compliance, become more resilient against cyber attacks and maintain their operations during these challenging times.
Trulioo, the leading global identity verification provider, today announced new document verification and facial recognition features to EmbedID, a low-code developer tool preconfigured to work with GlobalGateway API, the world’s largest identity verification marketplace. Leveraging independent data sources and integrated identity services worldwide, EmbedID helps small and medium-sized businesses verify users during the account creation process to help meet Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance requirements, increase trust and safety and mitigate fraud risks.
Using EmbedID, SMBs can copy a snippet of code and paste it onto their website to automatically generate a stylized registration form that is prewired to GlobalGateway to instantly verify personal identification information. The new features enable ID documentation verification and biometric authentication for an added layer of security. This empowers SMBs to check the authenticity of government-issued ID documents and use facial recognition with liveness detection to ensure the person creating the account matches the photo on the ID document.
“Taking a multi-layered approach to identity verification offers businesses the strongest defense against increasingly sophisticated bad actors,” said Rutherford Wilson, Director of Growth at Trulioo. “Adding document verification gives another layer of protection to help reduce risk, especially when combined with reliable identity verification. By enabling both of these capabilities, organizations can have increased confidence in knowing the user is tied to a real identity and that they are who they claim to be online.”
Due to budget restraints, SMBs typically have limited access to bank-grade technology and security solutions, making them an easy target for bad actors. This is evidenced by research from Accenture which found that an alarming 43 percent of cyberattacks are aimed at small businesses, while only 14 percent are prepared to defend themselves. In fact, six out of 10 small businesses have no digital defense plan in place, underscoring the need for industry awareness and education, according to Keeper Security 2019 SMB Cyberthreat Study.
“In an age of ongoing digital transformation, it’s essential for SMBs to be able to access the same identity verification solutions used by large organizations to protect their business and scale their company,” said Wilson. “Sadly, 60 percent of small and mid-sized businesses go out of business after an attack, and we designed EmbedID to help level the playing field to allow for accelerated innovation, customer acquisition and competition in the marketplace.”
Following the launch of GlobalGateway in 2014, Trulioo discovered a gap in the market after years of successfully delivering its bank-grade identity verification solution to hundreds of organizations across the globe. With the launch of EmbedID, Trulioo is democratizing access to best-in-class fraud defense technology for organizations of all sizes.
“SMBs tend to have limited IT budgets and KYC/AML compliance expertise,“ continued Wilson. “We wanted to build a solution for SMBs that provides battle-tested identity verification, reduced integration costs for IT departments, and an easy to use administrative portal so non-tech individuals can make updates as requirements change.”
About Trulioo Trulioo delivers trust, privacy and safety online through scalable and holistic identity verification. Trulioo provides organizations with secure access to GlobalGateway, the world’s largest marketplace of reliable and independent data sources, to help meet Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements, reduce the risk of fraud, and increase trust and safety online. Available through a single API integration, GlobalGateway powers instant identity and business verification for 5 billion people and 330 million companies in more than 195 countries worldwide. It serves a wide range of industries including finance, banking, eCommerce, gaming and online marketplaces.
The Trulioo mission is to help provide every person on the planet with a digital identity to enable access to basic financial services and support. Named a CNBC Disruptor 50 company in 2020 and 2017, and a 2020 Technology Pioneer by the World Economic Forum, the company is committed to building more inclusive economies and societies, preventing financial crime, and helping lift millions of people out of poverty through advancements in digital identity. For more information visit trulioo.com.
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Source: Company press release.