Biometrics a consistent foundation for various fraud protection stacks

Biometrics for fraud protection have become an essential part of the online world, creating billion-dollar companies, but one of the leading consulting firms in the field says that by combining biometrics with other technologies, identity verification providers can take advantage of a emerging growth opportunity. The most read story of the week Biometric update was Liminal’s forecast for Identity Authorization Networks, which notes ID.me, fresh off a fundraising at a $1.8 billion valuation, as a potential segment winner. ACCS’ trial of age assurance technology in Australia and NEC’s new imaging technology are other examples of facial biometrics being layered with other technologies to tackle familiar problems in new ways.

Most have read news about biometrics this week

Digital identity networks that include enterprise identity and fraud protection capabilities are defined by Liminal as Identity Authorization Networks (IAN), and the consultancy pegs its market opportunity at $15.5 billion by 2028 in the US alone. The new report says that Proof, ID.me, Entrust, Clear, Visa, DocuSign and Google are ready to support IAN now, while Jumio and Socure are just one step behind in preparing to address the emerging market.

ID.me raised $67 million in a public offering valuing the firm at $1.8 billion and appeared at No. 315 on the Deloitte Technology Fast 500. The company says it adds 60,000 new users daily, and revenues increased by 370% from 2020. to 2023, leading to reported preparations for an IPO next year.

A bipartisan group of 14 US senators called for a investigation into TSA’s use of facial recognition. The senators raise concerns about the technology’s accuracy, necessity and impact on privacy and suggest Congress should block expanding the program pending “rigorous congressional oversight.” They say the agency has not provided enough evidence that the use of biometric data is necessary to detect fraud or speed up passenger processing.

The new biometric pre-registration application, aimed at making the EU’s EES border control system operationally feasible, was presented by Frontex at an iMARS conference last week. The Quick Border apphastily developed in 10 months, it has gone through two tests, but the facial biometric verification and chip reading functions are still being improved.

ACCS CEO Tony Allen filled in the details on Australian Test of Age Assurance Technology and released the full project plan this week. The test is based heavily on the ISO/IEC DIS 27566-1 standard and will examine a wide range of options, from biometric facial age estimation to inference based on data such as purchase history, for effectiveness and privacy protection.

A pair of American legislators and Meta think app stores should be responsible for age verification, the social media giant offering a metaphor that may apply in the metaverse, but not in meatspace. Apple disagrees, of course, but it has AVPA and ACCS on its side.

NEC has introduced a technology to capture both facial and iris biometrics from a single imagewithout adjusting the camera between modalities. The capability is provided in a compact camera module that could go in POS devices, ATMs or tablets, and works on lower resolution images, the company says.

Generative AI allows fraudsters to gather information about their targets, tailor attacks to specific banks, and defeat authentication checks, writes Xin Ren, senior director of Feedzai Data Science, in a guest post. Biometric update. The combination of AI defenses with human expertise and collaboration however, in the financial industry, it can defeat even these sophisticated attacks.

Illuma founder and CEO Milind Borkar says Finovate Podcast the origin story of his voice biometrics business as a research and development contractor for the federal government and his pivot to serving financial institutions. He talks about why Illuma’s voice recognition demos look pretty much the same even as the technology improves, and the difference between AI and machine learning.

e-Tazkira number Digital IDs issued in Afghanistan it has increased by 8.1 million to 12.2 million overall since the Taliban took over in 2021, but rural numbers are low and the cost has increased fivefold. The NSIA is opening new centers and deploying mobile teams, and the government is pushing for improvements, but regional disparities and allegations of corruption persist.

A pre-launch edition of the UK DIATF has been published as businesses and regulators prepare for the passage of the Data (Use and Access) Act. The frame is restructured in version 0.4 for ease of navigation, and it does changes to improve the inclusion of the digital identity system.

DHS OBIM is reviewing the migration of a pair of latent fingerprint biometric databases that hold more than 300 million identity records to AWS GovCloud. An RFI seeks a cost estimate for a cloud system that can search those databases 3,000 per day, in between, at specified time intervals, and also asks about accuracy.

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Article topics

biometric authentication | biometry | Digital ID | digital identity | identity verification | the week under review