authID and FinClusive Partner to Integrate Next-Gen Biometric and Financial Crimes Compliance Solutions, Enabling Robust Identity Management
authID Inc. [Nasdaq: AUID] and FinClusive Capital, Inc. have announced a partnership to integrate authID's biometric services into FinClusive's Compliance-as-a-Service (CaaS) platform. This collaboration aims to combat financial crimes, identity fraud, and deepfakes while providing a seamless user identity experience.
Key points:
- authID's automated identity document authentication covers over 13,000 U.S. and international government-issued ID documents
- The integration streamlines digital onboarding and ongoing authentication for FinClusive's global customer base
- The combined solution offers dynamic risk scoring, monitoring, and advanced deepfake detection
- authID's platform ensures 'Knows Who's Behind the Device™' with speed, accuracy, and precision
- The partnership supports FinClusive's mission of global financial inclusion with secure and accessible identity assurance
- Partnership with FinClusive expands authID's presence in the global financial services market
- Integration of authID's biometric services into FinClusive's CaaS platform enhances security and compliance
- authID's solution covers over 13,000 U.S. and international government-issued ID documents
- The combined platform offers advanced deepfake detection and fraud prevention capabilities
- Partnership supports global financial inclusion while maintaining strong security measures
- None.
Insights
authID and FinClusive partnering is a noteworthy development in the financial technology sector. Collaborations between companies that offer biometric identity verification and financial crimes compliance are important as they enhance security, compliance and user experience. This partnership can potentially open new revenue streams for both companies as they provide a more robust solution to their clients. authID’s biometric services integrated into FinClusive’s platform create value by reducing the friction during the onboarding process and enhancing fraud detection.
From a financial perspective, authID could see an uptick in its stock as investors might perceive this partnership as a strategic move to enter a larger market. FinClusive, on the other hand, stands to benefit from enhanced security features which can attract more clients, notably in a landscape where cybersecurity is paramount. The partnership aligns well with the increasing demand for more sophisticated compliance tools amid rising financial crimes. However, investors should watch for the actual financial impact and new client acquisitions resulting from this partnership to assess its effectiveness fully.
This partnership leverages authID’s biometric identity verification and FinClusive’s Compliance-as-a-Service platform to provide a sophisticated solution against deepfake attacks and fraud. The emphasis on automated identity document authentication, covering over 13,000 ID documents globally, showcases the technological prowess of authID. Biometric verification, especially facial matching, has become a critical component in thwarting identity fraud. The integration’s ability to detect deepfakes and provide seamless user experiences can be a game-changer in the financial services industry.
The application of generative AI in financial crimes is a growing threat and this partnership’s technological response is both timely and necessary. By binding biometric data to user accounts, they can significantly reduce the risk of account takeovers. Technological advancements like these are essential in staying ahead of fraudsters. The focus on providing a smooth yet secure user experience will likely be appealing to financial institutions that are looking to enhance their digital channels without compromising security.
The collaboration between authID and FinClusive can significantly impact the market dynamics in the financial services and compliance sector. By integrating biometric solutions with Compliance-as-a-Service, they are addressing a critical pain point: the need for robust yet seamless identity verification. The global reach of this partnership is particularly significant; it enhances FinClusive’s ability to serve international clients with better security and compliance measures.
Market demand for such integrated solutions is likely to rise, considering the increasing incidents of identity fraud and financial crimes. This partnership also aligns with broader industry trends towards automation and AI-powered security measures. The potential market growth due to enhanced compliance and security can make this partnership a pivotal move in terms of positioning both companies as leaders in their respective fields.
However, it's essential to monitor how competitors respond to this integration and whether they adopt similar strategies. The success of this partnership will depend on the execution and the measurable improvements in fraud prevention and user experience that it delivers.
Partnership sets new standards in compliance and security, while delivering the fastest, most seamless, and accurate user identity experience available
DENVER, July 18, 2024 (GLOBE NEWSWIRE) -- authID Inc. [Nasdaq: AUID], a leading provider of innovative biometric identity verification and authentication solutions, and FinClusive Capital, Inc. (FinClusive), a global provider of comprehensive financial crimes compliance (FCC) and digital identity tools, today announced a new partnership. Under this agreement, authID's biometric services will be integrated into FinClusive's Compliance-as-a-Service (CaaS) platform to help combat the rapidly escalating threat of financial crimes, identity fraud, malicious, AI-driven deepfakes and other illicit finance, fraud, and related vulnerabilities.
The FinClusive platform enables secure and compliant access to essential financial services by both traditional and alternative financial services organizations worldwide. To service its customers with an international client base, FinClusive needed a best-in-class, global identity provider of enhanced identity verification for onboarding and ongoing monitoring. authID’s automated identity document authentication covering over 13,000 U.S. and international government-issued ID documents made it the ideal solution for streamlining and securing digital onboarding and ongoing authentication across FinClusive’s customer portfolio, while delivering the essential privacy controls expected within digital channels.
“Our partnership with FinClusive further validates authID’s superior solutions for defeating deepfake attacks and fraud for the global financial services market,” said Rhon Daguro, CEO of authID. “authID’s platform ensures FinClusive ‘Knows Who’s Behind the Device™’ with speed, accuracy, and precision during account onboarding and throughout the user journey. Combining FinClusive’s revolutionary CaaS platform with authID’s global identity services creates a compelling advantage in preventing financial crimes and fraud, while delivering the fastest, frictionless, and most accurate user identity experience available.”
The increasing frequency of adversarial generative AI and other financial crimes underscores the critical need for FinClusive to assist its customers in verifying a user’s identity early during the onboarding process and on an ongoing basis. The integration of authID’s patented identity platform streamlines user onboarding with a seamless yet precise identity experience that helps enterprises detect deepfakes and stop fraud at the onset, while reducing abandonment rates and boosting revenue. Combined with FinClusive’s globally orchestrated anti-money laundering (AML), Know Your Customer/Know Your Business (KYC/KYB), client and transaction monitoring toolkit, the integrated application offers dynamic risk scoring and monitoring. This enhances the client journey while strengthening the controls needed to monitor and manage clients—regardless of location and across various financial service providers.
“authID’s global identity capabilities bolster FinClusive’s CaaS platform with best-in-class identity assurance, quick and highly accurate verification of international clients, and advanced deepfake detection. This integration provides the convenience and seamless experiences today’s digital-savvy consumers expect,” said Amit Sharma, CEO of FinClusive. “We are thrilled to collaborate with authID as they support our mission of global financial inclusion, offering highly secure and accessible identity assurance that effectively prevents fraud without sacrificing convenience and essential data protection for globally connected web-enabled services.”
Offering an easy, intuitive user experience delivered in any browser, authID’s document-based identity verification streamlines digital onboarding with robust, automated, global identity document authentication. With PAD Level 2 accuracy and facial biometric matching—from a selfie to the credential photo—authID effectively counters malicious injections and deepfake attacks. By binding the biometric root of trust established at onboarding to the user account, authID replaces cumbersome one-time passwords and easily compromised knowledge-based answers (KBA) with the ease of a quick biometric selfie and compliance-backed identity credential. This method provides strong, precise, next-generation authentication that effectively prevents account takeovers.
About authID
authID (Nasdaq: AUID) ensures cyber-savvy enterprises “Know Who’s Behind the Device™” for every customer or employee login and transaction through its easy-to-integrate, patented, biometric identity platform. authID quickly and accurately verifies a user’s identity and eliminates any assumption of ‘who’ is behind a device to prevent cybercriminals from compromising account openings or taking over accounts. Combining secure digital onboarding, FIDO2 passwordless login, and biometric authentication and account recovery, with a fast, accurate, user-friendly experience, authID delivers biometric identity processing in 700ms. Binding a biometric root of trust for each user to their account, authID stops fraud at onboarding, detects and stops deepfakes, eliminates password risks and costs, and provides the fastest, frictionless, and the more accurate user identity experience demanded by today’s digital ecosystem. Contact us to discover how authID can help your organization secure your workforce or consumer applications against identity fraud, cyberattacks and account takeover.
About FinClusive
FinClusive is a global provider of modernized compliance solutions. FinClusive's comprehensive Compliance-as-a-Service platform centralizes and automates complex compliance tasks, including Know Your Customer/Know Your Business, ongoing monitoring, anti-money laundering and fraud management, enhanced due diligence, and digital ID issuance and validation. Developed by former regulators, FinClusive's platform integrates hundreds of data sources, best-in-class technology providers, and advanced analytics tools, offering a risk-based compliance solution with global reach across 170+ jurisdictions. By helping customers meet global regulatory standards, FinClusive promotes financial inclusion worldwide. For more information, please visit https://www.finclusive.com and follow us on Twitter @FinClusiveCap and on LinkedIn.
authID Media Contact
Rhon Daguro
CEO
Investor-Relations@authid.ai
FinClusive Media Contact
Camila Reimpell
Director of Strategic Communications
camila.reimpell@finclusive.com
FAQ
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