The Irish Identity Solutions Provider ID-Pal extends to the UK. ID-Pal’s solution uses document recognition to confirm that an ID document is genuine, as well as facial recognition (with liveness detection) to ensure it is in the hands of the correct owner.
In the UK, ID-Pal will seek to introduce its product to private brokers to help them combat rising rates of mortgage fraud. The company noted that there is often an information imbalance between loan companies and individual brokers who interact with businesses and consumers. Large financial institutions can afford powerful fraud prevention technology to spot counterfeits and analyze risk levels. Brokers, on the other hand, still rely on manual document checks and often cannot tell the difference between a real ID card and a fake one.
ID-Pal is able to provide small brokers with the same fraud prevention capabilities as their lender counterparts. By doing so, it reduces the likelihood of a broker inadvertently recommending a scammer for a loan. The solution itself is primarily intended for mortgage brokers, although it may ultimately be useful for brokers engaged in any type of loan.
“The way identity verification has been done historically is simply not sustainable in our digital, mobile-ready world,” said ID-Pal Founder and CEO Colum Lyons. “Manual ID document verification is inefficient and insecure, and the risk of data leakage and simple human error can leave businesses vulnerable to fraud.”
ID-Pal’s offering can be deployed as an “off the shelf” product or integrated into a broker’s existing digital workflow through the use of an API. The solution complies with the ISO 27001 standard and the latest European GDPR data privacy regulations. Therefore, brokers can use it to fulfill their anti-money laundering and know-your-customer obligations.
According to ID-Pal, its solution only takes a few seconds to perform an identity check and verify a person’s information. The company already offers services in Ireland, the United States and other parts of Europe.
Source: FT Advisor