Confirming a person’s identification is essential to improving security and lowering crime in light of the current growth in identity fraud. Biometrics is seen as a new way to fight these kinds of crimes. Organizations like banks are enhancing the effectiveness and usability of KYC (Know Your Customer) processes for clients by utilizing biometric technologies. These businesses utilize KYC procedures to gather and verify consumer information to confirm service eligibility. Using facial recognition, law enforcement agencies can reliably identify individuals in crowded places. To give individuals direct access to structures, businesses use hand geometry. Nowadays, you can register bank accounts using your face and voice and buy goods and services online using your finger scan, thanks to the proliferation of smartphones and the inclusion of functional iris and finger scanners on modern electronics.
ID Fraud Doubled In Crypto And Banking In 2022
Although people use biometrics and other cutting-edge technologies to combat fraud, crime rates are still rising. The banking and cryptocurrency industries both saw an increase in identity fraud this year over the previous, according to the most recent promotional ID fraud report from anti-fraud services provider Sumsub. In 2022 alone, payment fraud surged by 40%. Geographically, five nations accounted for more than half of all fraud instances in 2022: Bangladesh (22%), Pakistan (15.2%), Vietnam (8.1%), Nigeria (5.4%), and the United States (5.1%). Due to poor local documentation, developing nations are predicted to top the fraud rankings in 2023, according to Sumsub CTO Vyacheslav Zholudev. “For online businesses, staying current on the most recent anti-fraud developments will be essential. According to the Sumsub research, ID cards were the most frequently falsified document type in 2022, and 79% of all counterfeit documents allegedly employed male personalities. The article also brought up deep fakes, and Sumsub claimed they were becoming more sophisticated and well-known.
How M2SYS is Revolutionizing KYC in Banking
One of the top companies in the biometric technology sector, M2SYS, constantly analyzes the next-generation identity management solution and is aware of all the drawbacks of a traditional KYC procedure. M2SYS has more than 22 years of experience in the identity management sector and created CertisID, a product that completely changed the KYC procedure. It is a biometric-based employee identity management and account holder identification system for banks and financial institutions. By adding accuracy and efficiency to authentication, this solution is intended to simplify the KYC process and secure every transaction.
The New Way Of KYC
M2SYS CertisID is a biometric customer and employee identification solution for the banking and financial services industries to help prevent fraud, protect assets, and establish a concrete audit trail of transactions. With the ability to support fingerprint, finger vein, palm vein, iris, facial, and voice recognition, CertisID enrols customers and employees using their unique biometric credentials and provides a higher level of security than passwords, personal identification numbers (PINs) or ID cards.