By Paul O Donoghue, Senior Correspondent
GLOBAL identity verification provider ID-Pal has launched a cutting edge new document fraud detection tool – ‘ID-Detect’.
With ID-Detect enabled, businesses gain enhanced document verification and accuracy rates on each submission, with testing in one vector attack showing an ability to detect up to 99.9% of fraudulent documents – giving greater confidence that a physical document is present, not a reproduction.
With the rising sophistication of AI-fraud, it has become crucial for businesses to enhance their identity verification and fraud prevention with AI-powered tools.
ID-Pal CEO and founder Colum Lyons revealed today: “We developed ID-Detect to comprehensively tackle the three most common types of document fraud in circulation today: Photocopies, screen recaptures and portrait substitution – where a photo is replaced.
“Preventing fraud is at the core of what ID-Pal do. We’re proud to offer ID-Detect to protect our clients from cutting-edge fraud risks and protect end users from identity theft,” he added
Lyons said ID-Detect offers even more robust verification of identity documents and addresses “to prove a person is real, a document is real, and they are the real owner of the document”.
The company said some financial firms have “varying risk thresholds and even more stringent compliance requirements”.
Highlighting how ID-Detect helps companies comply with their AML ‘know your customer’ requirements, ID-Pal said the tool “acts as a gatekeeper to prevent fraud at source through the use of digitally generated identity documents”.
Detailed information of how exactly ID-Detect works is available HERE.
ID-Pal, which is based in Dublin, was last month announced as the headline sponsor of the ‘European Anti-Financial Crime Summit’ (EAFCS) 2024 which takes place pon May 16 next. The team will showcase the power and accuracy of ID-Detect at the summit next week.
At the time of the sponsorship announcement, it was highlighted how the partnership with the organisers – the publishers of AML Intelligence – “underscored ID-Pal’s place at the core of the financial services ecosystem”.
This year’s EAFCS takes place at the Royal Dublin Society (RDS) convention centre in Dublin on May 16. The likes of Eurogroup President Paschal Donohoe will be speaking at the event – a full list of speakers is available here: European Anti-Financial Crime Summit 2024
Speaking at the time of the announcement, Lyons said: “It’s a period of rapid change in how we detect and prevent fraud. So, the ‘European Anti-Financial Crime Summit 2024’ comes at the most crucial time in being able to help the sector navigate the challenges posed by Artificial Intelligence.
“ID-Pal is dedicated not just to staying ahead of these changes but also to actively contributing to and advancing the conversation around these critical developments, alongside AML Intelligence.”
ID-Pal is an award-winning ISO 27001 and ISO 9001 certified identity verification solution that enables businesses to verify identities and addresses in real-time. Offering a unique blend of industry-leading biometric, document and database checks to streamline AML and KYC in one GDPR compliant solution, it is available out-of-the-box, as an API/SDK and as a Salesforce AppExchange integration. ID-Pal offers global identity verification coverage of more than 7000 identity documents and 200 verified address data sources to enterprise clients and SMEs across 200 countries and jurisdictions.
Winner of Best RegTech Solution in the 2024 MPE Awards, ID-Pal also won Best KYC Solution in the RegTech Insight USA Awards and the Deloitte “Financial Services Innovation Award” in 2023. ID-Pal is currently ranked in the Deloitte Fast50
Find more information on ID-Pal HERE.
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