January 7, 2018

KYC Face Recognition to prevent Identity Theft

Group of unidentifiable business people hiding under question marks

Group of unidentifiable business people hiding under question marks

MoodMe has developed KYC Face Recognition to help Banks, Financial Institutions and Payment Service Providers offer secure online services & eliminate the risk of identity theft.

Financial Services are all moving to offer online services to make their Customers happy. People love for their Mobile Devices has generated an explosion of Mobile Banking, Mobile Payment service offering. How do you ensure that the Onboarding Process on a Mobile Device is as safe as your Customer walking into your Brick & Mortar Agency? This is why MoodMe has developed KYC Face Recognition.

How do you prevent people who have stolen someone else’s identity to open an Online Account with your Institution?

MoodMe KYC Face Recognition combined with Face Analytics drastically minimizes the risks of fraudulent opening of an account in your Institution.

KYC Wink2KYC TurnHead2KYC MouthOpen2

MoodMe KYC Face Recognition module is easy to integrate into your Banking / Financial Service Mobile Application at any point in your business workflows. The Steps work as follows:

  1. your Customer is prompted by KYC Face Recognition to show a series of facial expressions in sequence, such as: open mouth, turn head right, wink left eye (as illustrated). More expressions can be detected such as turn head up, raise eyebrows, smile, etc. Mathematical calculations are applied in real time on the face landmarks (red dots in the illustration) to measure with certaintly wether (for example) an eye is closed or a mouth is open.
  2. The expressions are chosen randomly by the KYC Face Recognition module from a list which your Institution can update at any time.
  3. A success in this First Step confirms that the person in front of the Mobile Device camera is indeed alive: this is NOT a picture, NOR a video playing in front of the camera.
  4. The Video from this sequence is uploaded to your Back End where it is stored in compliance with the General Data Protection Regulation (GDPR) of the European Union or any other Applicable Legislation in your Jurisdiction.
  5. your Customer is asked to upload a Picture Identification document which is also sent to your Back End.
  6. MoodMe KYC Face Recognition module has a Back End component which does the biometrical match. If this step is successfull, your Institution has the certainty that the person in front of the Mobile Device is the same as the one on the Picture ID. You can then proceed with opening an Online Account for your new Customer.
  7. NB: Banks are free to use any Biometric Software of their choice. In this case, the MoodMe KYC Face Recognition module is only used in the First Step of the Onboarding above.

Identity Theft samples in 1st week of January 2018:

The General Data Protection Regulation (GDPR) (Regulation (EU) 2016/679) is an EU regulation that strengthens and unifies data protection for all individuals within the EU. It also addresses the export of personal data outside the EU. The GDPR aims primarily to give control back to citizens over their personal data. The GDPR becomes enforceable from 25 May 2018. Unlike a directive, it does not require national governments to pass any enabling legislation, and is directly binding and applicable.