IdentityDetect is the first browser-based identity verification technology that accurately detects fake identities within 3 minutes by analyzing variations in the motor nervous system responses of examinees. It’s ideal for financial institutions for identity verification of customers and for governments to verify the identity of anyone presenting travel documents, such as immigrants and visitors.
LEHI, Utah – Aug. 23, 2017 – IdentityDetect, a new technology by Converus, can provide identity verification of an individual in three minutes simply by analyzing responses and mouse, keyboard or touchscreen interactions while the individual answers a series of questions. It’s a web-based test designed to help banks and other financial institutions verify the identity of prospective or current customers, as well as assist governments in confirming the identity of immigrants and travelers.
Research conducted at Padova University in Italy and lab studies conducted by Converus have shown IdentityDetect is 90 percent accurate in identity verification.
“IdentityDetect is a first-of-its-kind, game-changing technology that enables the near real-time validation of someone’s identity through a browser or mobile app,” said Converus President and CEO Todd Mickelsen. “It will be especially useful to online banks as well as governments in streamlining the identity verification process. It can also help prevent fraudulent transactions by validating a customer’s identity when nonstandard transactions are attempted.”
Mickelsen says studies have proven that deception, such as defending a false identity, increases cognitive load. IdentityDetect measures subtle changes in motor nervous system responses that result from increased cognitive effort when a person must defend a false identity. Other current methods for verifying identity include using a government-issued ID or a biometric method, such as an eye scan, fingerprint or face recognition.
But during an onboarding or screening process using IdentityDetect, individuals provide personal information, such as their name, address and date of birth. Individuals are then asked to validate their identity, based on those details. IdentityDetect captures numerous metrics about each person’s responses, applies a complex scoring algorithm, and uses a machine-learning system to accurately determine the person’s credibility. Results from the evaluation are available almost immediately in a web-based dashboard or via a Software Developers Kit. Depending on customer needs, IdentityDetect can be rebranded and integrated within other applications.
The technology isn’t meant to replace current processes. Instead, IdentityDetect is designed to be integrated into current security processes, thus providing another data point in evaluating the veracity of an individual’s identity.
A New Verification Tool for Banks, Financial Institutions
For banks and other financial institutions, Anti-Money Laundering (AML) and Know Your Customer (KYC) rules and regulations are a heavy burden. An estimated $7 billion is spent annually on implementing AML regulations in the U.S. alone. The average cost for a financial firm to comply with its KYC and Customer Due Diligence obligations are $60 million. Some are spending up to $500 million on compliance, according to a 2016 Thomson Reuters study.
In addition, 75-85 percent of all KYC alerts are false positives, meaning an error occurred in the evaluation process and the condition tested for is mistakenly detected. It costs banks up to $50 for every false positive incident. If a bank has thousands, or even millions, of false positives annually, then this cost becomes astronomical.
“By making IdentityDetect part of the overall AML/KYC initiatives, financial institutions can potentially reduce the false positives by 85-90 percent, while at the same time streamline the customer onboarding process. This may save banks thousands — if not millions — of dollars annually,” said Mickelsen. “Our new identity-verification solution fits beautifully into the current blockchain technology and serves as another layer of security.”
Automated Test Unbiased Against Immigrants
Immigration offices often rely on documents provided by the traveler or immigrant.
“One of the big advantages for governments using this technology to screen those entering their country is the test can be given via a government’s website before the person travels. The traveler submits an application to the website and then is prompted to confirm the information submitted. In 3 minutes or less, users of false or fake identities can be detected and directed to an embassy before they travel,” said Mickelsen.
Mickelsen says IdentityDetect doesn’t validate the authenticity of passports or other travel documents. Rather, it’s designed to confirm the person holding the passport is the person listed on the passport.
“Truthful U.S. visa applicants will have no problems with an IdentityDetect evaluation. Those who present a false identity will struggle,” said Mickelsen.
Other examples where IdentityDetect can be used to validate an identity include vacation property renters, leasing agreement signees, shipment recipients, and auto financing loan applicants.
IdentityDetect joins Converus’ other technology, EyeDetect — the first nonintrusive lie detection technology that accurately detects deception in 30 minutes by analyzing eye and other behaviors, is currently used by governments and corporations worldwide.
For more information, visit www.converus.com.
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Converus (“with truth”) provides scientifically validated, innovative credibility assessment technologies. EyeDetect® is the first nonintrusive, ocular-motor technology that detects deception with 86% accuracy in 30 minutes by analyzing eye and other behaviors. IdentityDetect™ is the first nonintrusive, browser-based identity verification technology that accurately detects falsified identities with 90% accuracy within 3 minutes by analyzing subtle variations in the motor nervous system responses. Converus’ technologies help protect countries, corporations and communities from corruption, fraud and threats. Converus is headquartered in Lehi, Utah. Visit www.converus.com.