Identity theft has become commonplace due to the prevalence of large-scale data breaches and the massive amount of digital footprint that we regularly leave on the internet. To combat the rise of identity theft, modern organizations must determine “Is the customer actually the customer?” by verifying the identity of their legitimate customers. 

Is the customer actually the customer? 

Identity proofing ensures that users attempting to access services are actually authorized to do so, preventing fraudsters from gaining an access to sensitive data of legitimate customers. 

Cost of Fraud 

The total cost of fraud is made up of three components:

  • Direct financial loss costs due to successful fraudulent activities such as stolen accounts and stolen credit cards. 
  • Fraud management costs related to managementdetection and mitigation of fraudulent activities.
  • Indirect impacts  costs of losing existing and future customers frome.g., a reputation of poor fraud management and high-friction customer experience due to excessive and inefficient identity proofing. 

Manual Identity Proofing 

Most organizations to date still perform the Know Your Customer (KYC) process with face-to-face meetings and manual revision of submitted documents. However, these manual processes are time-consumingexpensive and prone to human error. This results in poor customer experience and tremendous total cost of fraud. To stay competitive in this everchanging world, modern businesses are in desperate need for novel approach to identity proofing. 

Finema Automated Identity Proofing 

Finema equips enterprises with a tool to significantly cut down the total cost of fraud. By using cutting-edge artificial intelligence and computer vision, we provide automated document-centric identity proofing for verifying any document, including national ID cards, driving licenses and passports. Our solution includes: 

Current Products 

Currently, we provide identity proofing solutions for verifying:

  • Thai national ID cards 
  • Thai passports.  
Accurate automated Identity proofing will be increasingly important in the current technology landscape. Finema offers peerless identity proofing services to help enterprises achieve desired security while preserving excellent user experience. 

New : 2020 Guidance for Decentralized Identity and Verifiable Claims

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