Signicat, the European leader in digital identity and identity fraud prevention solutions, announces the launch of a new feature in its MobileID product: Face Authentication. MobileID is Signicat’s flagship product for secure user authentication via mobile apps. This new addition is designed to enhance security and prevent fraud in the financial and regulated services sectors.
Signicat’s recent study ‘Battle Against AI-driven Identity Fraud’ reveals that account takeover is the most common type of identity fraud in the financial sector across Europe. Similarly, deepfakes now constitute 6.5% of total fraud attempts, marking a staggering increase of 2137% over the past three years. This data reveals that fraud related to national digital identity schemes, Phishing, Spoofing and other types of identity fraud are getting increasingly sophisticated, and robust security measures are needed to protect users and companies.
“According to our research, 68% of fraud decision-makers in the financial sector believe identity fraud is a bigger threat than three years ago. Signicat’s Face Authentication brings advanced security capabilities to MobileID, ensuring that both businesses and their customers are protected against fraudulent activities. This feature is an additional mechanism to mitigate fraud in our already very secure, reliable, and user-friendly product”, indicates Pinar Alpay, Chief Product and Marketing Officer at Signicat.
Long before AI became the center of attention, software companies have been using it to enhance their solutions. In the case of digital identity solutions, AI is a unique element in the fight against identity fraud. Based on Machine Learning technologies, the Face Authentication feature performs a 3D Liveness Check and 3D Face Matching for each authentication attempt. The 3D Liveness Check verifies that a real person is present during the authentication process, effectively stopping fraudster’s attempts to use photos, deepfake videos, or other spoofing methods. Simultaneously, the 3D Face Matching process compares a 3D FaceMap collected during the current authentication with the one collected during the initial activation of the feature, ensuring a precise and secure match.
This enhancement in MobileID addresses several key security challenges. It significantly reduces the risk of fraud during authentication and transaction approval by providing an additional layer of verification. With the rise in phishing attacks, account takeovers, and other forms of digital fraud, having a robust authentication method is critical. Unlike biometric authentication that comes natively with mobile phones these days, Signicat’s MobileID Face Authentication is never stored on the user’s own phone and offers the highest level of security and data integrity, making it an effective tool in the fight against fraud.
Moreover, Face Authentication supports a variety of use cases, including account recovery, resetting second authentication factors, and authorizing high-value transactions. This flexibility ensures that companies needing solutions with a high level of assurance can implement secure authentication processes tailored to their specific requirements. For instance, multiple users can utilize biometric authentication on the same device without compromising security.
MobileID, Signicat’s proprietary authentication solution, is already known for its versatility and security. The addition of Face Authentication further strengthens its position as a leading tool for strong customer authentication, customer engagement, and payment processing. By integrating this feature, Signicat continues to offer innovative solutions that meet the evolving needs of the market.
“Introducing Face Authentication to MobileID underscores our commitment to enhancing security and providing a seamless user experience,” said Simone Andersson, Product Manager for Mobile Identity at Signicat. “As fraud tactics evolve, so must our solutions. This new feature is a testament to our dedication to staying ahead of the curve and ensuring our clients can operate securely in the digital landscape. Our MobileID solution is PSD2 compliant and responds to all the requirements from regulated sectors.”
The Face Authentication feature will be available in MobileID starting mid-July. For more information about this new feature, please visit www.signicat.com.
Signicat’s MobileID Adds Facial Authentication to Prevent Account Takeover and AI-related Fraud i4.0 Today Magazine
