Precise to carry out directed share issue

Precise to carry out directed share issue

Precise Biometrics plans to carry out a directed share issue of approximately SEK 20 million ($2.1 million) pursuant to the authorization granted by the Annual General Meeting held on 14 May 2021. The objective of the directed issue is to finance part of the Company’s acquisition of EastCoast Solutions that was announced today, thereby accelerating the Company’s SaaS (Software-as-a-Service) business area Digital Identity. Precise has mandated Vator Securities AB to act as Sole Bookrunner in connection with the directed issue.

The price and the total number of new shares in the directed issue is to be determined through an accelerated book building procedure, which will be initiated after the publication of this press release and close before trading commences on Nasdaq Stockholm on 30 November 2021. The directed issue is subject to a resolution by the Board of Directors following close of the book building procedure. The book building procedure may, if the Company so decides, be shortened or extended and may at any time be terminated.

Precise intends to use the net proceeds from the directed issue to finance part of the Company’s acquisition of EastCoast Solutions that was announced today. Given the Company’s diversified shareholder base, Precise’s Board of Directors believes that using the flexibility provided by deviating from the shareholders’ preferential right is the most appropriate alternative for the Company and its shareholders at this time, allowing Precise to raise capital to finance the up-front payment in the acquisition of EastCoast Solutions in a timely and cost-effective manner.

In connection with the directed issue, Board members and persons of the management holding shares have undertaken to the Sole Bookrunner, with customary exceptions, not to sell any shares in the Company for a period commencing on the date of this announcement and ending 90 calendar days after completion of the directed issue.

MegaMatcher On Card 12 from Neurotechnology features new card algorithms

MegaMatcher On Card 12 from Neurotechnology features new card algorithms

 Neurotechnology, a provider of deep learning-based solutions and high-precision biometric identification technologies, today announced the release of the new MegaMatcher On Card software development kit (SDK). MegaMatcher On Card is an SDK for developing applications that feature biometric comparisons directly within the microcontroller of smart cards, and it includes optimized versions of the top ranked fingerprint, face and iris biometric algorithms from Neurotechnology.

The latest version of the SDK includes a new implementation of the face recognition algorithm with a biometric data template size lower than 256 bytes. This small size helps to save storage space on microcontrollers and enables the transmission of the face template to smart cards in a single data unit. This results in faster authentication speed and makes it easy to add support for face biometrics as a modality in third party smart card applications that were previously developed only for fingerprints.

MegaMatcher On Card 12 introduces the 1-to-N extension of the fingerprint library for the automatic recognition of multiple fingerprints on the same smart card, making it possible to verify the card owner directly through the use of any of the fingerprint data stored in the card. This is more convenient for end users and for system integrators who don’t have to implement complex mechanisms to require a specific fingerprint for verification.

“There are already more than 130 million smart cards and secure elements worldwide that include our MegaMatcher On Card technology,” said Antonello Mincone, business development manager for Neurotechnology. “We are constantly improving our on-card technology and adding value for its different uses, as we do with all our algorithms and related products across multiple platforms,” Mincone added.

MegaMatcher On Card 12 also includes support, through code samples and tutorials, for NXP® JCOP 4 smart cards with a fingerprint 1-to-1 library from Neurotechnology.

ID Week reveals London 2022 dates

ID Week reveals London 2022 dates

The organisers of Identity Week Europe, the world’s largest and most important identity event, have revealed that it is returning to the ExCeL, London next summer, 28-29 June 2022.

The organisers have also just released the 2022 sponsorship brochure – download it today to find out how you can maximize your ROI in the identity space for 2022.

The brochure lists who attends the event, content themes for 2022, Sponsorship & exhibition opportunities, and a round up of 2021 speakers & sponsors.

FacePhi signs a contract with Aena

FacePhi signs a contract with Aena

FacePhi, world-leading company in digital identity verification, continues to expand the use of its technology. More precisely, the company has just signed a contract with Aena (Spanish Airports and Air Navigation) after being awarded the public tender for “the supply and update of a facial biometrics solution” for its airports.  

With the signing of this contract with the world´s largest airport operator by a number of passengers, which has a network that extends throughout Spain and other countries such as the United  Kingdom -London-, Mexico and Brazil, FacePhi continues its expansion in the international airport sector. The company will be responsible for providing its digital onboarding and authentication technologies that will be applied to several passenger and employee management processes at the different Aena airports, which will be carried out exclusively with the knowledge and prior consent of the user and excluding its use for video surveillance.  

In this way, FacePhi will be in charge of providing digital solutions for the different phases that passengers go through during their experience at an airport: from registration, check-in and access to the security area or VIP lounges, to the very moment of boarding a plane. Thus, the identity verification technology applied to these processes will speed up travel procedures and improve passengers’ experience, avoiding crowding and reducing physical contact with both airport staff and other passengers, among other advantages.   

On the other hand, Aena will also extend the use of its technology to internal management and operation processes of its employees, such as carrying out maintenance, security or service activities. In this way, the safety of its workers and facilities will be reinforced as a whole, in addition to avoiding the use of paper or plastic identification cards, with the consequent environmental benefit and waste minimisation. 

 

The initial contract has a duration of 4 years for a total amount of approximately 1.5 million euros. 

How biometric cards can stifle fraud concerns

How biometric cards can stifle fraud concerns

By Lina Andolf-Orup, Senior Director, Global Marketing at Fingerprint Cards

Contactless payment technology first came to the UK in September 2007. Like the rest of the world, UK consumers have grown to love the convenience of contactless, which now accounts for 57% of all in-store transactions following a 90% growth between 2019 and 2020.  

Recognizing the benefits of contactless, in March 2021, it was announced that the limit would more than double from £45 to £100 (USD 137), which took effect in October 2021. This placed the UK amongst the highest limits in the world

While the increased limit has opened the doors to more tap and go transactions, existing worries are likely to be intensified. In search of a solution, the UK can look to banks in France, Switzerland and Mexico and their launches of the biometric payment card.

Growing limits, growing worries

Initially, the £10 cap limited consumers to low-value items. However, as the years rolled by, the limits went up. From £10 to £15, then £20, £30, then £45 at the onset of the pandemic, before finally rocketing to £100 in October 2021. Compared to the early days of only being able to buy a cup of coffee and a newspaper, consumers can now use contactless for goods such as their weekly family grocery shop or a full tank of fuel. 

Yet, the UK has not escaped contactless skepticism. Even before the limit increase, 53% of UK consumers were worried about the risk of contactless fraud if their card is lost or stolen, and the new limit has not helped.  

Consumers can now spend £300 before a PIN is needed, leading the media to label contactless cards a ‘thief’s dream’. Exacerbating these concerns is research from the consumer watchdog Which? that found, in 2016, some banks were not safeguarding consumers against contactless fraud. While banks may have adopted a more robust approach since then, stories like this do nothing to calm consumers. 

It’s not just consumers who face the risk of higher losses. To help safeguard customers, the UK payments regulators expanded credit regulations, requiring banks and issuers to refund victims of contactless fraud, opening up the probability of increased losses. 

A mixed reaction to the new limit

Looking at the reaction of the UK payments and retail ecosystem, there are signs that the £100 limit has not been met with as much enthusiasm as some might have hoped. 

The industry body for UK retailers, the British Retail Consortium’s response highlighted that not all retailers plan to implement the new limit. One of the biggest concerns is the risk of higher losses from contactless walk-offs. This happens when a consumer accidentally doesn’t pay for their purchase after they fail to notice that a PIN is needed. This happens either when they have reached the limit of consecutive contactless transactions, or the cumulative contactless transaction value has been hit. While this is less of a problem at staffed checkouts, it poses a significant risk with self-service machines. 

Currently, levels of contactless fraud are relatively low – equivalent to less than 2p in every £100 in 2020. However, this is before contactless cards became a more lucrative target for criminals. Banks need to be proactive to minimize the risk of higher contactless limits to maintain trust in the technology. 

The mixed response does not do much to support clarity amongst consumers about contactless limits. For example, if a customer expects to pay £100 using a contactless card, yet the retailer has not implemented the limit, this could be met with confusion, and possibly anger, at the checkout, undermining the overall convenience of contactless.

An increasing and misplaced burden 

Following the introduction of the £100 limit, banks have adopted varied approaches to maintain trust. One method deployed by some banks is allowing customers to set their own limits, or even allow them to disable contactless entirely – a tactic that consumers seem to favor. 

Alongside putting customers in control of contactless limits, banks are reminding them to be more vigilant with their cards and to check their statements more regularly. This makes sense from the bank’s perspective; they need to act to support customers. But placing additional responsibility on customers to mitigate fraud risks can potentially derail the progress contactless technology has made to become the favorite in-store payment method. And this shouldn’t be the case. 

To ensure consumers continue to use and trust contactless technology as limits rise, banks can instead utilize the robust security and frictionless experience provided by biometrics. The success of this approach can be seen in mobile wallets, with some UK banks advising customers to explore their use following the contactless limit increase. 

Since mobile wallets require authentication for each transaction, and often use biometrics to do so, the introduction of biometrics to payment cards will bring consistency to the in-store payments experience across card and mobile – with biometrics being the authentication bridge between them.

Bringing Biometrics to Britain  

With biometric payment cards, banks, issuers, retailers and consumers can unlock the full potential that contactless brings to in-store payments. Alongside added protection reducing fraud risks and lost revenue, it provides the convenience of avoiding contactless limits – and the confusion they can bring – altogether. 

The building blocks are in place for biometric payment cards to reach mass market. Milestones such as achieving new compliance, strategic collaborations and exciting technical innovations are continually lowering market barriers. 

There is already significant interest in the UK. When UK consumers were asked if they would prefer a biometric payment card, 48% said ‘yes’, 62% would switch banks to get one, and 42% would be willing to pay extra for it. NatWest and RBS have taken an early lead by identifying the potential of biometric card technology and have undertaken pilot tests. 

Moving forward, banks and issuers need to ensure they are supporting customers by adding strong authentication to the ‘tap’ of contactless. In doing so, they can take a significant step in reducing the worries intensified by higher contactless limits. 

Learn more about the global potential of biometric payment cards by downloading our latest eBook

 

Idemia to reveal new security feature product at webinar

Idemia to reveal new security feature product at webinar

Idemia is unveiling a new security feature product on Thursday, November 25, 2021 · 10:00 AM (CET time).

Olivier Charlanes and Aimane Ait El Madani from IDEMIA will make a presentation on ID document fraud, a global challenge for governments, and the solution to combat it. They will then unveil IDEMIA’s latest disruptive technology based on optical variable elements. A Q&A session will follow the presentation.

To register see here:

https://app.livestorm.co/idemia-2/id-document-fraud-a-global-challenge-for-governments-and-the-solution-to-combat-it?type=detailed

Herta launches a new version of BioMarketing

Herta launches a new version of BioMarketing

Herta launches a new version of its marketing solution that now displays a control  panel with relevant information about the behavior of visitors in a business. 

The new version of BioMarketing has a Dashboard that shows real-time information on the performance of a business  and allows you to view online data on the number of visitors and their recurrence, the average dwell time or the level  of occupancy. 

The information of the new product allows to have a deeper description of the different visitor profiles, as well as to  be able to identify the ideal buyer in certain areas of interest. In addition, thanks to its statistics filter by dates, it also  allows the user to measure the impact of the seasonal campaigns carried out in each center, thus helping to maximize  the return on investment with a detailed analysis even by the hour. 

Herta is currently in the most innovative stage in its history. With more than ten years of experience in the market and  clients around the world, adapting both to the post-pandemic world and to the new needs of its ecosystem of partners  and users, strengthens the company to continue leading the field of facial recognition and artificial intelligence. 

authID.ai to be Granted US Patent

authID.ai to be Granted US Patent

authID.ai, a leading provider of secure, mobile, biometric identity authentication solutions, today announced the Company has received notification from the U.S. Patent and Trademark Office (“USPTO”) that U.S. Patent No. 11182777 (“the ‘777 patent”) will be issued on November 23, 2021.

The ‘777 patent, entitled Systems and Methods Using a Primary Account Number to Represent Identity Attributes, is for a method that enables various attributes of the individual, to be securely linked to a Primary Account Number (PAN) to authenticate the user’s identity. The PAN of a user may then be used for identifying a user, without any sensitive data being released, as well as used to provide access, such as opening a door for a user, or accessing a bank account, or other payment method of the user. The PAN has become the most ubiquitous way of processing credit card and other payment transactions, which can be sent over established communications networks between banks and merchants anywhere in the world. Using this invention, identity authentication transactions can be authorized via the individual’s biometrics, such as the user’s unique facial features and routed over the same networks in the same way as payment transactions.

The identity attributes are stored in a secure, encrypted database that can be accessed when called upon during identity authentication or verification transactions. A transaction processor can then use the PAN to efficiently and securely facilitate a range of identity verification or authentication transactions. In this way, the identity attributes themselves do not have to be transferred or disclosed to the merchant and thereby exposed to potential theft.

These types of identity verification and authentication transactions which can be authorized by the individual using their biometrics may be required when, for example: using public transportation, accessing medical records, entering physical facilities, or when making payments at a point of sale to a merchant both on existing global networks as well as future platforms that may be developed.

“This patent grant validates the innovation behind authID’s proprietary solutions and is further proof of our commitment to optimizing the identity verification process and addressing the inherent problems of legacy authentication options,” said Tom Thimot, CEO of authID.ai. “This brings us one step closer to actualizing our vision of ‘payments by face,’ in which every enterprise can use cloud-based biometrics to offer its customers a more convenient, frictionless, and secure transaction experience.”

IDEMIA South Africa achieves level 1 B-BBEE status

IDEMIA South Africa achieves level 1 B-BBEE status

Company said the achievement recognises the continued efforts of the company in creating opportunities for black South Africans in its employment, supply chain and contribution to the community.

As part of the action plan to improve its status to Level 1, IDEMIA now works with over 40 black-owned local suppliers. This represents over 30% of IDEMIA’s local suppliers. Within the number of black-owned suppliers, more than half are owned/run by black women. In addition, 39% of the company’s employees are black women.

Empowerment is more than statistics. To truly create more opportunities for previously disadvantaged individuals, training and education are crucial. To this end, IDEMIA offers several training programmes for its employees, including finance for non-financial managers and intermediate & advanced level courses in the Microsoft Office Suite. Other training includes courses in soft skills such as conflict management and public speaking. In 2020, IDEMIA trained over 80% of its employees on skills that have value-added to their daily course of work.

As part of the IDEMIA’s Corporate Social Responsibility (CSR) programme1, IMPACT, the company is exploring initiatives with local education institutions to raise awareness of the STEMi fields, and create opportunities for students in STEM education. IDEMIA IMPACT aims to redefine sustainable business through 17 priorities, including a commitment to work on a global community program focused on education, young people and technology, under five key pillars (Communities, Environment, People, Customers/Partners/Suppliers, Ethics) by 2023. The company’s CSR achievements and ambitions are outlined here.

“As a technology company, expanding STEM education to even more children is an essential pillar of IDEMIA’s IMPACT programme,” says Jeremias. “We have been an active supporter of initiatives such as the MTN Business App of the Year, which are geared to uncovering and developing local talent. Now with the opportunity to work directly with local schools, we will be able to have a direct positive impact on enabling the expansion of the South Africa technical talent pool.”

The global leader in Augmented Identity, IDEMIA has been supporting the country’s economy with technology solutions for over two decades. Working with customers such as South Africa’s government agencies, financial institutions and mobile operators, IDEMIA has been facilitating a trusted environment enabling citizens and consumers alike to perform their daily critical activities (such as pay, connect and travel), in the physical as well as digital space. Located in Johannesburg, IDEMIA operates a state-of-the-art personalisation center and has grown to over 200-persons strong in the country. No stranger to innovation awards, IDEMIA’s biometric technology achieved the best accuracy with and without a mask during the 2020 Biometric Technology Rally, hosted by the US Department of Homeland Securityii.

IDEX Biometrics enables turnkey solution for Biometric Smart Card

IDEX Biometrics enables turnkey solution for Biometric Smart Card

IDEX Biometrics has announced a proprietary software platform including a biometric card operating system (COS) and applets developed in collaboration with its partners jNet ThingX Corp., a Preferred Security Partner of Infineon Technologies AG. This software platform enables a full turnkey solution for biometric smart cards, reducing the complexity of card manufacturing, accelerating time-to-market, and lowering costs.

The IDEX turnkey solution is an extension of jNet’s Javelin EMV COS, which is based on Java CardTM, the world’s most popular and open application platform used to secure smart cards. The initial software release has been optimized for use with the highly-differentiated smart card reference design jointly announced earlier this year by IDEX Biometrics and Infineon Technologies.

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The tight integration of this design enables fingerprint authentication with low latency, high accuracy, and excellent power efficiency. Full biometrically-authenticated EMV transactions can be completed in approximately 500 milliseconds end to end. The platform solution enables safe and easy user enrollment, secure storage of fingerprint templates, and rapid matching, all without any biometric data ever leaving the card. The COS is fully compliant with GlobalPlatform security standards and EMV interoperability requirements.

Card manufacturers leveraging IDEX’s turnkey solution can benefit from reduced time-to-market by six to nine months, while significantly cutting development and certification costs. The complete solution includes the hardware reference design including a proprietary passive inlay, a new COS, a suite of financial applets and a proprietary matching algorithm, deployed on Infineon’s latest secure element SLC38BML800 and accelerated by our proprietary TrustedBio ASIC. Fingerprint authentication is provided by IDEX Biometrics’ TrustedBioâ solution, which incorporates a fingerprint sensor, biometric functions, power management, and encrypted communications into a single module.

Vince Graziani, Chief Executive of IDEX Biometrics, adds, “This advanced software platform unlocks the differentiated performance of the IDEX Biometrics – Infineon collaboration. As a Preferred Security Partner to Infineon, jNet ThingX has experience with multiple generations of Infineon security devices making them the perfect development partner for our new software offering. This turnkey solution enables customers to quickly deploy fingerprint payment cards with industry-leading performance.”

The platform is available for customer evaluation now.

Totm Technologies to be included in MSCI Singapore Micro Cap Index

Totm Technologies to be included in MSCI Singapore Micro Cap Index

Totm Technologies Limited (“Totm Technologies” or the “Company” and, together with its subsidiaries, the “Group”) is pleased to announce that Totm Technologies will be included in the MSCI Singapore Micro Cap Index at the start of trading on 1 December 2021.

 

The MSCI Singapore Micro Cap Index is designed to measure the performance of the micro cap segment of the Singapore market. With 195 constituents, the index represents approximately US$12.7 billion of the free float market capitalisation of the Singapore equity universe1 . The index is based on the MSCI Global Investable Market Indexes (GIMI) Methodology — a comprehensive and consistent approach to index construction that allows for meaningful global views and cross regional comparisons across all market capitalization size, sector and style segments and combinations. This methodology aims to provide exhaustive coverage of the relevant investment opportunity set with a strong emphasis on index liquidity, investability and replicability.

Mr Pierre Prunier, Chief Executive Officer & Executive Director of Totm Technologies, said, “We are looking forward to the inclusion of the Company in the index as this is a key milestone that will enhance Totm Technologies’ trading liquidity and increase its visibility among global investors. We endeavour to step up our engagement with the investment community and promote Totm Technologies’ value proposition as a leading expert in Identity Management Solutions, especially in the space of Digital On-boarding and Digital ID. In the post-COVID-19 scenario, the global digital identity solutions market size is projected to grow from US$23.3 billion in 2021 to US$49.5 billion by 2026, representing a CAGR of 16.2% from 2021 to 20262 and the Group is poised to tap on this favourable trend.”

Stage set for Identity Week Asia

Stage set for Identity Week Asia

More high-profile speakers have been confirmed for Identity Week Asia, which is taking place virtually next week.

Ricarte Abejuela, Consul, Consulate General of the Philippines in New York will be taking part, as will Alok Agrawal, who is heading Gojek’s Identity product to build digital identity for consumers, drivers and merchants in the Gojek ecosystem.

Identity Week Asia will provide a central meeting point in Asia for anyone involved in authenticating human identity, whether via a secure credential, biometric, or digital identity solutions.

Governments, airlines, financial institutions, law enforcers, healthcare professionals and major corporations across the region are making Identity Week Asia central to their plans.

Dominic Chan, Director, National Digital Identity, GovTech Singapore is also speaking at the event and Nelson Goncalves, Identity Management and Biometrics Officer, International Organization for Migration, is taking part.

For more details of the agenda and to get your free virtual ass, see here.

IBIA appoints new managing director

IBIA appoints new managing director

The International Biometrics + Identity Association (IBIA), a trade organization for the identity technology industry, has welcomed Robert Tappan as the Association’s new Managing Director.

Tappan has an extensive professional career in corporate communications and in working with industry trade associations, conducting public affairs and issues advocacy campaigns. With over 30 years of experience in Washington, D.C., Mr. Tappan will bring to the IBIA his expert-level knowledge and leadership in issues management, marketing, and reputation management efforts simultaneously.

Notable accomplishments in Mr. Tappan’s career include: serving as Principal Deputy Assistant Secretary of State for Public Affairs at the U. S. Department of State from 2002 to 2006; serving as Director of Strategic Communications for Coalition Provisional Authority (CPA) in Baghdad  in 2004 during the Iraq War; and holding senior positions for several leading public relations firms in Washington, D.C., including President of the Washington, DC office of global PR firm, Burson-Marsteller (now BCW Global). He also spent four years as a spokesperson and Director of External Relations for Koch Industries.

“On behalf of the IBIA Board and our Member companies, I am excited to welcome Rob to the IBIA,” said John Mears, Vice President and Tech Fellow at Leidos, and Chairman of the Board of IBIA. “Rob’s experience and communications skills are critical to enlightening people about biometrics and identity management as our industry rapidly evolves.”

As the head of IBIA, Mr. Tappan’s paramount objective is sustaining IBIA as the leading  advocate for the biometrics industry. His vision for IBIA focuses on maintaining industry thought-leadership, advocacy, branding, promoting growth and diversity with companies in this space, while also developing a growth-oriented business plan for the Association. In addition to serving as the visible “voice” of IBIA, Mr. Tappan will also be representing the industry on critical topics of the day to the media. Mr. Tappan will be an advocate on behalf of IBIA, help recruit new members to the Association, and build on the success of its signature yearly industry conference and trade event, Connect:ID, rebranded as IdentityWeek in 2022.

Mr. Tappan will also work with industry members to help shape legislation and policies that are relevant to IBIA’s membership. A major mission is to educate citizens, legislators and policymakers about the benefits of biometrics, and the responsible use of technologies for human identity. To do this effectively, the IBIA seeks to increase its voice in public policy debates and its footprint around the world.

“I am very humbled and delighted to join IBIA at this important time in this industry’s evolution,” said Tappan. “We are seeing the growth of more and more biometric and security technologies, and the development of important new applications. I am proud to be a part of leading this organization into the year 2022 and the future.”

Precise to carry out directed share issue

Socure announces $450M Investment

Socure, a leading provider of digital identity verification and fraud solutions, announced its significantly oversubscribed $450M round at a $4.5B valuation from a number of the world’s best growth equity and public market investors. The company achieved a $4.5B valuation just seven months after its $1.3B Series D, on the back of 500% year-over-year bookings growth and nearly $1B of investment demand, earning Socure the highest valuation for any private company in the identity verification space.

The round is part of a Series E transaction led by Accel alongside funds and accounts advised by T. Rowe Price Associates, Inc. It also includes two new investors, Bain Capital Ventures and Tiger Global, as well as participation from existing investors Commerce VenturesScale Venture Partners, and Sorenson Ventures.

Socure will substantially accelerate its investments in product innovation to address identity verification challenges across the entire digital consumer journey, penetrate new markets including the public sector, as well as continue to attract and retain the best product, data science, and engineering teams in the world. The capital will also allow Socure to maximize the scale and intelligence of its customer consortium data and fully-automated ID+ platform to not only prevent third party and synthetic fraud, but also address payment and first party fraud risk while enabling world-class self-service analytics capabilities.

Socure ID+ has become the preferred identity verification and fraud platform for enterprises of all sizes and is trusted by four of the five largest banks, seven of the 10 largest credit card issuers, top Buy Now, Pay Later (BNPL) providers, top investment management firms, top crypto exchanges, and the majority of top fintechs. The company is also accelerating its market leadership in telehealth, gaming, e-commerce marketplaces, and the public sector. Socure customers have also become investors in the company including Citi Ventures, Wells Fargo Strategic Capital, Capital One Ventures, MVB Bank, Voyager, and Synchrony. Other marquee customers include Chime, Varo Money, Public, Stash, and DraftKings.

Socure has emerged as the clear leader providing a complete identity verification and fraud platform with the highest adoption across all industries as it distanced itself from the competition with a 500% year-over-year bookings increase, 221% year-over-year customer growth, and five consecutive quarters of record year-over-year revenue growth. Last quarter, Socure also achieved an industry-leading net retention rate of 179% driven by near-zero attrition as its enterprise customers increasingly deployed multiple Socure products across various divisions, making Socure their complete fraud prevention, device, KYC, AML, and document verification platform.

Identity fraud continues to be fueled by the pandemic as more businesses and government agencies race to digitize, but with devastating consequences. In the private sector, according to Javelin Strategy & Research, identity fraud losses in the U.S. in 2020 reached a total of $56B. And in the public sector, 2020 identity fraud losses in unemployment alone totaled $400B.

Amidst the race to digitize, enterprises need to fuel their growth with new customers to remain competitive. Particularly those that are hard to identify including the 45 million+ group of U.S. citizens that are credit invisible, especially younger, thin-file 18-25 year olds and immigrants. Due to the unparalleled accuracy and inclusiveness of Socure’s KYC identity verification solution, if used exclusively across the country’s financial services industry, Socure’s technology could more than double the amount of automated approvals made in the U.S. in any given year for this population compared to legacy solutions.

Face Pay service is launched at all Moscow Metro stations

Face Pay service is launched at all Moscow Metro stations

The Moscow Metro has fully launched the Face Pay service, which allows passengers to pay the fare with biometry at all stations of the network», — announced Maksim Liksutov, the Deputy Mayor of Moscow for Transport, in his personal column.

The system has been tested by passengers and employees of the Transport Complex of Moscow since the beginning of 2021 and is finally ready for a full launch. To use the new payment technology, you need to connect the Troika transport card and a bank card to the Moscow Metro mobile app and upload your photo. The payment procedures are the same as when passing the turnstile with a bank card. All the data is securely encrypted: cameras on the turnstiles read the biometric key, face image or other personal data of users are not compared.

Maksim Liksutov said that at some stations, that have less bright light, the system might operate a little longer, much alike a smartphone camera that needs more time to recognize a person in the dark or in a poorly lit place. Moreover, the live technology distinguishes a real face from the photos and make the use of photo images to pay for a ride impossible.

According to the Deputy Mayor, Moscow is the city with the largest use of biometric payments in the world. Due to the variety of payment methods, over the past 10 years, the queues at the metro ticket offices have decreased by 3.3 times, and with the launch of the Face Pay, they might reduce even more. In the context of an epidemiological threat, a completely contactless payment method is the safest one. Other payment options will be maintained.

According to the forecasts of the Department of Transport, in the next 2-3 years, 10-15% of passengers will regularly use Face Pay. The Moscow Metro will adjust the number of turnstiles for the Face Pay if the demand for the new service is growing. As for now, at least one turnstile is installed in each station entrance, some of the stations have up to three.

The Face Pay technology is already shortlisted in the TechFest Awards in the categories Best Use of Technology: Artificial Intelligence and Transport Infrastructure Champion.

In a few days after the launch of Face Pay, more than 35,000 people joined the new service.

Mastercard brings Digital Identity to exams in Brazil

Mastercard brings Digital Identity to exams in Brazil

Mastercard, Amigo Edu and idwall have partnered to help students simply and securely prove their identity when taking virtual exams. We recognize that digital interactions can be complex – often rife with friction, risk and lack of control for those involved. For example, the typical person now manages 100 passwords. On the flip side, identity fraud is one of the largest and growing challenges businesses and service providers are facing.

“Even as the world has gone digital, proving who we are is often still an analog process. It shouldn’t have to be that way,“ said Ajay Bhalla, president for Cyber & Intelligence at Mastercard. “With digital identity, consumers can unlock new and enhanced experiences as they interact with businesses, service providers and their communities – making it safer and more efficient to shop online, open a bank account, file taxes or book travel.”

Students will create a digital identity in idwall’s Meu ID app, which verifies their identity information. Following this, individuals can easily prove their identity before taking exams such as University Admission Exams, all through Amigo Edu’s platform. Mastercard provides a simple and flexible API-based integration for both organizations to connect to the ID network and enable the secure sharing of the verified identity credentials.

Once a student creates their digital identity, they will be able to use it across their academic life and beyond. For example, their digital identity can help them open a bank account, purchase an age-restricted product without proving their date of birth, or rent a car without having to hand over their driver’s license.

“With this partnership, we accelerate our ambition to create a global digital identity for Latin America.  This will create a new way for companies to implement digital identity and provide more privacy and security for users’ personal identity data. We look forward to expanding our app into different services as we aim to continuously build, through technology, a trustful and more inclusive society for everyone”, said Lincoln Ando, CEO of idwall.

“By combining our respective technologies and capabilities, we’re providing safe and easy solutions for students and the wider education sector in Brazil,” said José Roberto Dantas, CEO of Amigo Edu. “COVID-19 altered the education landscape, creating greater opportunities for hybrid learning, while also presenting challenges – like proving your identity. In 2020 alone, we’ve had half a million students participate in a variety of exams and we’re thrilled to be adding a digital identity component to further ensure security for all parties.”

Digital identity represents a new way for educational institutions to approach digital transformation and learning in the current environment. It makes it easier for institutions to embrace remote and hybrid learning and ensure learning can be facilitated if a student’s circumstances change. Overall, it improves access to education, skills and training for those who may be geographically, socially or otherwise excluded.

Additionally, digital identity provides the necessary flexibility and focus on user privacy to suit the needs of a contemporary student, wherever they’re based and whatever their educational level. It also eases the administrative burden on the institutions and helps drive an improvement in cybersecurity in a sector where it’s one of the major risk factors. 

Digital identity is not a digitized version of a passport, driver’s license or national ID card, or a new style authentication token, but much more than that. It provides a simple and secure way to prove identity digitally, giving individuals more control and privacy, while enabling businesses and organizations to deliver services with less friction and more confidence.

The company’s recent identity activity has included initiatives around the world across the travel, healthcare, education and telecoms industries – including Optus and Deakin University in Australia, the Good Health Pass Collaborative, and partnerships with the International Chamber of Commerce, Microsoft and Samsung. Following these efforts in Brazil, additional partnerships will be introduced globally in 2022.

How biometric cards can stifle fraud concerns

Suprema integrates Biometric Access Control with Genetec

Suprema, a global leader in access control and biometrics, today announced the successful integration of its biometric access control products with Genetec™ Security Center, a unified security platform that connects security systems, sensors, and data in a single intuitive interface.

Through this integration, Genetec™ Synergis™ (the access control system of Security Center) can be paired with Suprema access control devices to allow users to verify access credentials with fingerprints and facial recognition along with existing RFID cards and PIN numbers. Biometric data such as fingerprint and facial recognition records can be quickly registered through either the Security Center software or Suprema’s BioStar 2 software, with all data being synchronized in real time and transmitted to a server. The integration is suitable for enterprise level use, allowing up to 1,000 devices to be connected at once.

Suprema CEO Hanchul Kim said, “Through this partnership, customers of both companies can more easily build and operate biometric-based security management systems. We will strengthen our partnership to elevate our status as a global security leader.”

“The integration of Security Center Synergis with Suprema’s biometric access control solutions simplifies the architecture thereby enhancing the end user experience,” said Francois Brouillet, Product Line Manager, Access Control, Genetec, Inc. “This brings increased value to our joint customers and partners and further strengthens our long-standing relationship with Suprema.”

Morpho Labs partners with Shufti Pro

Morpho Labs partners with Shufti Pro

Morpho Labs, a software company committed to the development of open-source blockchain programs, and Shufti Pro, an AI-powered ID verification service provider, have signed a strategic partnership to perform KYC and AML checks on investors that wanted to fund the company with cryptocurrencies.

With global regulators imposing stringent KYC and AML requirements on the cryptocurrency industry in recent years, effective KYC solutions have become vital for streamlining compliance. AI-powered KYC and AML services delivered by Shufti Pro will assist Morpho Labs in maintaining compliance with regulatory requirements.

Automated ID verification solutions offered by Shufti Pro will monitor Morpho Labs’ investors, assuring the mitigation of financial frauds through cryptocurrencies. Shufti Pro’s AML screening solution verifies the crypto users by screening them against Politically Exposed Person (PEP) lists, global sanctions, and criminal watch lists gathered by regulatory bodies such as FINTRAC, FATF, AUSTRAC along with others. With the help of these services, compliance targets and digital ID fraud prevention will be achieved seamlessly in one go.

“Shufti Pro definitely helped us to perform KYC and AML checks for funds that invested In Morpho Labs with cryptocurrencies” stated CEO of Morpho Labs Paul Frambot.

Commenting on the partnership, the CEO of Shufti Pro, Victor Fredung said, “We are excited to join hands with Morpho Labs in delivering state-of-the-art KYC and AML solutions for the crypto industry. We believe this collaboration will certainly mitigate the risks of identity and monetary fraud for Morpho Labs and will assist them in staying compliant with global KYC and AML requirements”.

AI-based identity verification solution provider Shufti Pro currently offers ongoing AML monitoring and KYC services to more than 500 businesses worldwide, in industries including finance, banking, crypto, and fintech among others. The company has extended its services to 230+ countries and territories and has won various awards owing to an accuracy rate of 98.67%.

Paravision announces expansion in Europe

Paravision announces expansion in Europe

 Paravision, the U.S.-based leader in mission-critical face recognition and computer vision, today announced its expansion in Europe with the appointment of UK-based veteran sales and business development executive Carl Gohringer. The appointment builds upon Paravision’s existing success with European partners in a range of public and private-sector use cases including identity verification, access control, ravel facilitation, border management, and payments.

The expansion will accelerate the growth of Paravision’s position as an independent, industry-leading provider of trusted face recognition.

“Over the past few years, it’s become clear that Paravision’s technology answers a wide range of critical needs in the UK and EU, in both the public and private sector,” Gohringer says. “Now we’re taking the next step, and partnerships are going to be crucial to that effort. I’m looking forward to expanding our existing customer and partner relationships and building new ones to make Paravision’s technology available wherever it’s needed.”

The news follows Paravision’s completion of a $23M funding round and its consistent recognition as the top performer in the leading global benchmark of face-recognition software vendors. The US National Institute of Standards and Technology (NIST) has rated Paravision’s face-recognition software #1 in the United States and among the top 10 globally on tasks including 1:1 verification, 1:N identification, performance for paperless travel and performance in masked environments. NIST’s tests are considered the gold standard for assessing face recognition for identity verification.

Gohringer brings to Paravision more than 15 years of experience in the application of digital identity, biometrics, and electronic travel documents to borders, immigration, government identity schemes, and counterterrorism. As the founder of Allevate Limited, he’s undertaken international business development activities for organizations such as NEC, Crossmatch (acquired by HID Global), Tygart Technology, and WorldReach Software (an Entrust company) and has developed strong networks into the global system integrator and identity management communities.

His participation in the delivery of the Identity and Document Verification component of the UK Home Office EU Settlement Programme and his recent focus on the UK Home Office, Cabinet Office, GDS, NHS, and Border Force will be of direct relevance to his role at Paravision.

At Paravision Gohringer will lead go-to-market efforts in the UK and EU, working with end-clients, local partners, and system integrators to meet the demand for accurate, secure and convenient identification solutions for tasks such as digital onboarding, airport check-in and pre-travel identity verification.

“Paravision answers urgent questions governments and organizations are asking about how to perform identity verification quickly, accurately and ethically,” said Paravision President and COO Benji Hutchinson. “With Carl’s deep understanding of identity technology and wide experience in the region, we’re even better positioned to serve our partners and customers across the Atlantic. We couldn’t ask for a better standard-bearer than Carl to lead our efforts outside the United States.”

Paravision recently announced a slate of new and updated offerings for face recognition and computer vision at the edge, on mobile devices, on-premises, and in the cloud, including enhanced functionality for smart cameras, support for Android devices and “person detection” capabilities for distinguishing presence and position.

Mindtree launches Digital Health Passport

Mindtree launches Digital Health Passport

Mindtree, a global technology services and digital transformation company, today launched Digital Health Passport for Travel, a solution that provides a smarter, safer and smoother experience to global travelers in navigating frequently changing travel regulations and restrictions related to the COVID-19 pandemic.

Mindtree_Logo
Mindtree_Logo

The solution offers travelers an easy, quick and secure way to comply with country-specific entry requirements and protocols. It enables them to locate COVID-19 testing providers, schedule tests and make sure that test results meet their destination’s criteria. It also facilitates swifter approvals by allowing travelers to digitally store, manage, validate and share test results, vaccine certifications, self-attestations, travel authorization forms and other travel documents.

“Amid a wide range of rapidly evolving travel health standards because of the pandemic with no single authority to harmonize them, travelers worldwide are dealing with a high degree of confusion and ambiguity,” said Venu Lambu, Executive Director and President, Global Markets, at Mindtree. “Mindtree’s digital health passport for travel is a comprehensive and long-term solution that addresses multiple aspects of travel-readiness and drives seamless, contactless and paperless travel health workflows. This makes it easier for travelers as well as authorities to make informed decisions, speed up processes and minimize health risks.”

Built using Hyperledger Fabric blockchain technology, this platform-based white label offering can work in tandem with the existing apps of travel suppliers, saving them the time, cost and effort required to engage with new partners for every change. The real-time, adaptive solution can be readily integrated with boarding gate readers, check-in kiosks, border management systems, e-gates and standalone identity desktops. It can also be easily plugged into Evernym’s verifiable credentials platform, Sherpa’s visa and travel rules API, International Air Transport Association’s (IATA) Timatic passenger verification database, and Smartvel’s AI-powered travel solutions.