Jemima Moore

June 7, 2022

Credfin’s Identification Solutions 

Approximately 40 percent of all fraud and deception offences in Australia involve identity-related crime. eCommerce merchants currently lose between 1 and 5 percent of revenue to fraud and, across all sectors, compromised security contributes to $2.4 billion in fraud every year.

“eCommerce companies told us there is a trade-off between fraud and convenience. If they ask for more identity information, they increase friction. But they’re also conscious they need to address the level of fraud.”

Consumers told Australia Post, through the research, that they’re willing to share information between providers if it makes their lives easier. But they want to be in control of their own identity and who can access their personal details.

Credfin is providing a solution to reduce the friction with digital identification, where we are drawing from existing sources where the client has already verified their identity through showing 100 points of paper ID, thus enabling reusability of existing identity verification in real time whilst also meeting the fraud prevention needs of businesses.

KYC & AML Checks 

Our KYC and AML identification product allows for frictionless customer onboarding by allowing you to electronically identify and verify a user’s identity in seconds.

Our flexible electronic identity verification solutions allow you to verify the identity of your customer in seconds with industry leading pass rates. Our solutions fit seamlessly into your existing flows with same day implementation. 

If you choose this solution we are also able to increase match rates. We have access to dozens of databases as well as utilise biometric checks, bank account checks, MRZ checks, Australian and New Zealand government data sources and global watchlists to offer industry leading pass rates.

ID Scan & Biometrics Check 

Through our ID Scan and Biometrics Check solution, you are able to capture and biometrically match images of your users ID document and their face to ensure a greater level of confidence in their identity.

Through implementing ID Scan and Biometrics check, you can have peace of mind that your onboarding is more robust and secure. Our solution works with facial recognition as facial recognition is a particularly useful biometric modality for mobile onboarding and authentication. 

Both products will reduce fraudulent behaviour within your organisation. Our onboarding process is safe and effective, allowing you to mitigate fraud and identity theft. How’s that for peace of mind?

If you are ready to jump into secure identity verification, sign up to Credfin now. 

Want to know more? Don’t hesitate to contact us here

Jemima

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