New VideoIdent Flex elevates trust with a human touch in the
face of rising fraud and the closing of physical bank
branches
LONDON, April 16,
2024 /PRNewswire/ -- IDnow, a leading identity
verification provider in Europe, has unveiled VideoIdent Flex,
a new version of its expert-led video verification service that
blends advanced AI technology with human interaction. The
human-based video call solution, supported by AI, has been designed
and built to boost customer conversion rates, reduce rising
fraud attempts, increase inclusivity, and tackle an
array of complex online verification scenarios, while offering a
high-end service experience to end customers.
The company's original expert-led product, VideoIdent, has been
a cornerstone in identity verification for over a decade, serving
the strictest requirements in highly regulated industries across
Europe. VideoIdent Flex,
re-engineered specifically for the UK market, represents a
significant evolution, addressing the growing challenges of
identity fraud, compliance related to
Know-Your-Customer (KYC) and Anti-Money Laundering (AML) processes
and ensuring fair access and inclusivity in today's digital world
outside of fully automated processes.
Empowering businesses with flexible human-based identity
verification
As remote identity verification becomes more crucial yet more
challenging, VideoIdent Flex combines high-quality live video
identity verification with hundreds of trained verification
experts, thus ensuring that genuine customers gain equal access to
digital services while effectively deterring fraudsters and money
mules. Unlike fully automated solutions based on document liveness
and biometric liveness features, this human-machine collaboration
not only boosts onboarding rates and prevents fraud
but also strengthens trust and confidence in both end users and
organisations. VideoIdent Flex can also serve as a fallback service
in case a fully automated solution fails.
Bertrand Bouteloup, Chief Commercial Officer at IDnow,
commented: "VideoIdent Flex marks a groundbreaking advancement
in identity verification, merging AI-based technology with human
intuition. In a landscape of evolving fraud tactics
and steady UK bank branch closures, our solution draws on our
decade's worth of video verification experience and
fraud insights, empowering UK businesses to maintain a
competitive edge by offering a white glove service for VIP
onboarding. With its unique combination of KYC-compliant identity
verification, real-time fraud prevention solutions,
and expert support, VideoIdent Flex is a powerful tool for the UK
market."
Whereas previously firms may have found video identification
solutions to be excessive for their compliance requirement or out
of reach due to costs, VideoIdent Flex opens up this option by
customising checks as required by the respective regulatory bodies
in financial services, mobility, telecommunications or gaming, to
offer a streamlined solution fit for every industry and
geography.
Customisable real-time fraud prevention for high
levels of assurance
VideoIdent Flex has a number of key features and benefits:
- Customisable: Pre-defined configurations to meet specific
industry requirements and regional regulations.
- Expert-led: High-quality live video verification conducted by
trained identity verification experts, ensuring accuracy,
reliability, and compliance for high levels of assurance.
- Extensive document coverage: Support for a wide range of
documents, facilitating global expansion and inclusivity.
- Real-time fraud prevention: Advanced
fraud detection capabilities, including AI-driven
analysis and manual checks, combat evolving fraud
tactics and help protect against social engineering
fraud, document tampering, projection and deepfakes,
especially for high-risk use cases and goods.
- Verification of high-risk individuals: Reviewing applications
from high-risk persons, such as Politically Exposed Persons (PEPs),
high-risk countries; or assessing where fraud might be
expected with real-time decisions, without alerting suspicion.
Bouteloup concluded: "Identity verification is incredibly
nuanced; it's as intricate as we are as human beings. This really
compounds the importance of adopting a hybrid approach to identity
– capitalising on the dual benefits of advanced technology when
combined with human knowledge and awareness of social cues. With
bank branches in the UK closing down, especially in the
countryside, and interactions becoming more and more digital, our
solution offers a means to maintain a human relationship between
businesses and their end customers, no matter their age, disability
or neurodiversity.
"VideoIdent Flex is designed from the ground up for
organisations that cannot depend on a one-size-fits-all approach to
ensuring their customers are who they say they are. In a world
where fraud is consistently increasing, our video
capability paired with our experts adds a powerful layer of
security, especially for those businesses and customers that
require a face-to-face interaction."
About IDnow
IDnow is a leading identity verification platform provider in
Europe with a vision to make the
connected world a safer place. The IDnow platform provides a broad
portfolio of identity verification solutions, ranging from
automated to human-assisted from purely online to point-of-sale,
each of them optimized for user conversion rates and security.
In 2021, IDnow acquired the French market leader for identity
technology, ARIADNEXT, and the German identity Trust Management AG,
enabling IDnow to offer its customers one of the broadest
identification solutions through a single, integrated platform.
The company has offices in Germany, United
Kingdom, and France and is
backed by renowned institutional investors, including Corsair
Capital and Seventure Partners. Its portfolio of over 900
international clients spans a wide range of industries, and
includes leading international players, such as UniCredit,
Telefonica, Sixt, Crédit Agricole, BNP, and Munich Re, as well as
digital champions like N26, Solarisbank, Younited Credit,
BoursoBank, Klarna and Tier mobility.
Press contact IDnow
Katherina
Riesner
press@idnow.io
+49 89 41324 6030
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SOURCE IDnow