FINANCE
The Role of Biometric Verification and Authentication
Implementing biometric authentication and liveness testing offers several benefits:
FINANCE
The technology then uses these datapoints in conjunction for automatic three-way comparisons of new clients’ images against not only that supplied with their uploaded document and live selfie, but also the picture stored at Home Affairs. This feature mitigates the risk of identity fraud by confirming the authenticity of a person’ s identity in real-time.
The Role of Biometric Verification and Authentication
Biometric authentication, combined with liveness testing, has emerged as a critical component in enhancing security and compliance. These technologies verify a person’ s identity based on unique biological traits and ensure that the individual is physically present during the verification process.
Liveness detection analyses biometric features such as skin texture, pupil movement, and facial expressions to distinguish between a live person and fraudulent representations like using deepfakes, digital or printed photos or even masks. This process, then, significantly reduces the risk of identity fraud during digital onboarding.
Implementing biometric authentication and liveness testing offers several benefits:
• Enhanced Security: By ensuring that only legitimate individuals can access services, these technologies protect against unauthorised account access and fraudulent activities.
• Regulatory Compliance: Accurate identity verification helps businesses meet AML and CFT regulatory requirements, minimise the risk of involvement in financial related crime and reduce the risk of noncompliance penalties.
• Improved Customer Experience: Streamlined and secure verification processes enhance customer trust and satisfaction, fostering better business relationships.
76 REI MAGAZINE APRIL 2025