Firms in the financial services sector such as banks, insurance, and pension funds are set to reduce fraud in their operations through the use of biometric technology to identify their customers.
This development is after Irish company DAON launched its services in the country promising the safety accrued from biometric authentication as financial operations go digital.
Daon’s IdentityX Digital Onboarding product is targeted at firms in the banking, technology, investments, insurance and gaming sectors, who require more trusted mechanisms to meet Know Your Customer (KYC) and Anti Money Laundering (AML) regulations for identity verification during account opening.
According to Luq Balogun, DAON divisional director for Africa, firms in Kenya can opt into its 60 days trial period before they can either sign up or decide otherwise.
Daon, a biometric identity technology has pioneered methods for securely and conveniently combining biometric and identity capabilities across multiple channels with large-scale deployments that span payments verification, digital banking, wealth, insurance, telcos, and securing borders and critical infrastructure.
Daon’s IdentityX® platform provides an inclusive, trusted digital security experience, enabling the creation, authentication, and recovery of a user’s identity and allowing businesses to conduct transactions with any consumer through any medium with total confidence
Daon’s IdentityX Platform enables inherent multi-factor authentication using biometrics such as face, voice and fingerprint to improve the customer experience with a more convenient and secure alternative to passwords. IdentityX allows financial institutions to establish trust by verifying a person is who they claim to be, enabling customers to securely bank and shop online.
Daon’s use cases include mobile login and payments verification and its biometric authentication provides Omni-channel authentication with a mobile-first approach, gives device binding, geolocation, and real-time detection for high security as well as future-proofs customers, allowing for biometric choice and new technologies as they become available
Daon’s IdentityX® Platform’s mobile app, RealMe Now, which enables customers to create an online verified identity gives customers a single verified identity credential to securely prove who they are in order to allow them to access government services and other private sector services online.
“Our strategy remains being committed to delivering a platform through which the identity of a user can be established, authenticated and recovered. Digital onboarding represents an important area and builds on Daon’s history of delivering proven mobile biometric authentication to millions of consumers,” said Balogun, DAON divisional director for Africa.
The app employs a layered approach to security and provides a convenient onboarding solution for customers removing the need for prospective customers to visit the bank premises for identity proofing when opening a new account.
Daon’s digital onboarding platform offers active and passive liveness challenges distributed across both mobile devices and server platforms within a comprehensive spoof detection scheme. The platform’s console enables case review and audit and makes digital onboarding easier.