Mitek advances speed and accuracy of identity verification with single-point NFC solution
October 2020 by Marc Jacob
Mitek has introduced Near Field Communication (NFC) technology into its identity verification workflow. This ‘fast-lane’ helps banks, fintechs and financial organisations onboard their customers more simply and securely.
The NFC-enabled solution offers best-in-class identity verification, that delivers the highest conversion and lowest abandonment rates, thanks to an intuitive customer experience and banking grade fraud prevention.
NFC further advances the automation of Mitek’s digital identity verification solution by authenticating users through biographical and biometric information stored in a NFC chip within eligible IDs. Mitek’s intuitive capture technique swiftly locates the NFC chip and extracts the data for rapid authentication. Consumers scan their NFC-enabled ID document and take a selfie to check liveness and face comparison – the NFC chip with Mitek’s technology do the rest.
For users, this solution offers simplicity and speed, with no difficult onboarding hoops to jump through. For organizations, it reduces abandonment rates and improves conversion rates all in compliance with international regulations. This is particularly critical to reduce the risk of synthetic identity fraud – the amalgamation of real and falsified information to create fake identities – the fastest growing type of financial fraud today, according to McKinsey. Those with ID documents not yet supported by NFC protocols are seamlessly guided through Mitek’s banking grade document capture, authentication, face comparison and liveness detection, with human experts on standby for complex cases.