ABBYY, a multinational specializing in Intelligent Process Automation, announces the launch of its new solution called Proof of Identity. With the first all-in-one solution offering instant identity verification and authentication anywhere, anytime, ABBYY aims to help its customers tackle billion-dollar identity theft problems.
ABBYY Proof of Identity is an intuitive solution based on ABBYY Vantage Intelligent Document Processing and ABBYY Timeline Process Intelligence. It offers all the functionalities necessary to establish a correspondence between the declared identity of a user and his real identity, in particular:
Identity reading, including mobile capture and document classification.
Identity verification, including image tampering detection.
Face matching based on an advanced algorithm rated by NIST, with very low bias.
Tracking documents (document-centric identity verification).
Anomaly management (optional human verification of certain transactions).
Process Intelligence and Mining to identify opportunities for process improvement.
"More and more high-risk transactions are being conducted online, especially in the banking, healthcare and government sectors. This requires reliable verification of a person's identity while while meeting its expectations for ease of use. ABBYY Proof of Identity leverages our Intelligent Process Automation technology to implement identity verification and recognition mechanisms that are both simple for customers and secure for businesses. By integrating ABBYY Proof of Identity into their onboarding platforms, companies will be able to reduce cancellation rates while providing their customers with a fruitful and seamless experience." Bruce Orcutt, SVP of Product Marketing at ABBYY
The pandemic and the accelerated shift to digital have paved the way for an increase in online identity fraud, with an average rate of 5.9% in 2021. Up 44% since 2019 according to a report by Onfido, this type of scam has not yet returned to its pre-pandemic level. Finally, according to a study by Juniper Research, losses due to fraudulent online payments would exceed $206 billion between 2021 and 2025. Identity verification is therefore a major challenge in a context where more and more consumers are making their purchases. on line.
To avoid risk and speed up the onboarding process, more and more companies are opting for document-centric identity verification methods. This consists of checking the match between an image or video of the user's identity document and an image or video of the user's face. Gartner predicts that by 2023, 85% of companies will use document-based identity verification as part of their onboarding processes.