TL;DR:
- Checkout.com launches ‘Identity Verification’ to enhance customer onboarding and ID verification process.
- The product utilizes AI and facial recognition technology trained on billions of identity documents.
- Designed for fintech, rental and hire companies, gaming, and government organizations.
- Identity Verification helps businesses scale by offering a friction-free and compliant verification process.
- It can potentially verify identities across 195 countries, having already verified over 10 million identities.
- Collaboration with Uber Eats to guarantee document authenticity for independent delivery drivers.
- The product addresses the challenge of deepfakes and deceptive documents.
- Customers can use video mode on mobile phones to present their identity documents and faces.
- The AI system provides live feedback and detects invalid documents.
- AI and machine learning play a significant role in authenticating identity documents.
- Identity Verification monitors hologram changes, transparency, opacity, and face movements.
- The launch of Identity Verification strengthens the fight against identity fraud.
Main AI News:
In a bold move to address the rising challenge of identity fraud, Checkout.com, a leading global payments solution provider, has launched its cutting-edge product, ‘Identity Verification.’ This groundbreaking solution aims to revolutionize the customer onboarding and ID verification process, empowering businesses across various sectors.
Harnessing the power of artificial intelligence (AI) and leveraging proprietary technology, Checkout.com has trained its Identity Verification product on billions of identity and facial recognition documents. This advanced system caters to the needs of fintech, rental and hiring companies, gaming enterprises, and government organizations, equipping them with the tools to combat ID fraud effectively.
The implementation of Identity Verification facilitates seamless customer verification, ensuring compliance and expediting the onboarding process. By leveraging an extensive database of ID documents from 195 countries, Checkout.com claims that its revolutionary product has the potential to verify the identity of nearly every citizen worldwide. Remarkably, during its beta testing phase alone, Identity Verification successfully verified over 10 million identities and flagged over one million cases of fraudulent activity.
Renowned industry players have already expressed their enthusiasm for this groundbreaking solution. Baptiste Foulon, senior operations manager at Uber Eats, commended the collaboration, stating, “We’re thrilled to partner with the Checkout.com Identity Verification teams to capitalize on their expertise. This enables us to ensure the authenticity of every document provided and deliver the best possible experience for our independent delivery drivers using the Uber Eats app.”
With the rise of deepfakes and sophisticated deceptive documents, identity fraud has become increasingly challenging to combat. However, Checkout.com’s Identity Verification product is poised to revolutionize the field. By utilizing video mode on mobile phones, customers can now present their identity documents and their faces simultaneously. The state-of-the-art AI algorithm guides users throughout the process, offering live feedback to ensure document authenticity and correct positioning of their faces for optimal recognition by the AI system. Moreover, Identity Verification is equipped to detect and flag invalid documents, providing an additional layer of security.
Meron Colbeci, the chief product officer at Checkout.com, highlighted the company’s commitment to leveraging AI and machine learning to enhance the authentication of identity documents. “We firmly believe in the symbiotic relationship between digital payments and online identity verification,” Colbeci explained. “Outdated systems that rely on human appointments or operate on limited days of the week hinder the long-term growth of the digital economy. By harnessing the power of AI and leveraging extensive data points, along with a seamless video streaming experience that only requires an internet connection, we can now verify identity documents swiftly and accurately, facilitating customer onboarding while adhering to KYC requirements.”
Through its innovative AI and machine learning algorithms, Identity Verification is capable of authenticating over 3000 types of identity documents. By tracking the movement of the identity document in the video, the AI system can effectively detect holograms and color changes that are commonly present in most legitimate documents. It also monitors transparency, opacity, and other crucial indicators. By incorporating simple and intuitive face movements from the user, the AI swiftly identifies potential deepfakes and fraudulent identity documents.
Conclusion:
The launch of Checkout.com’s Identity Verification product marks a significant milestone in combating identity fraud. By leveraging AI and facial recognition technology, businesses can now enhance their customer onboarding and verification processes, ensuring compliance and seamless experiences. This innovation has the potential to revolutionize the market by offering a scalable solution that can verify identities across various sectors and countries. With the ability to detect deepfakes and deceptive documents, Identity Verification provides an additional layer of security. This advancement highlights the growing importance of AI and machine learning in the fight against identity fraud, paving the way for a safer and more efficient digital economy.
