SEON builds ID Verification on real-time fraud intelligence

SEON has launched an AI-powered Identity Verification solution built on over 900 real-time fraud signals. It will provide additional capabilities to its risk platform. According to the company, this new feature will not only help organisations assess if an ID is real, but also if someone can be approved based on identity and risk signals. As the quality of fraudulent ID documents continues to improve, this provides a way to lower risk.

Tamas Kadar, CEO and Co-Founder, SEON, said, “Organisations have told us they’re managing separate tools for fraud detection, identity verification and AML compliance – each with its own data, workflows and operational overhead.

“We built Identity Verification to bring those decisions together. When you combine AI-powered document checks with real-time fraud intelligence, you stop attacks earlier, reduce wasted KYC spend and make faster, more confident approval decisions with a clear audit trail.”

Putting trust back into identity

This is about putting trust back into identity. The ease with which deepfakes and forged documents can be obtained and used has created an identity crisis. AI has also changed the nature of fraud. To counter that, organisations are scrambling to find better solutions.

Part of the solution is being able to trust the ID beyond just a photo or a simple image. Additionally, for customers in regulated markets, there is a need to meet requirements such as Know Your Customer (KYC).

SEON says it “supports identity document verification for global government-issued IDs, biometric liveness checks, proof of address verification and optional government database checks.” It also expects to see customers build their verification workflows using its ID Verification solution. This will enable customers to build risk profiles that trigger further verification based on risk signals.

For customer service teams and onboarding agents, there is a single dashboard that shows all the data related to that customer. They will be able to drill down easily into any part of the ID Verification process. This gives them easy access to data and context when assessing risk.

Enterprise Times: What does this mean?

Identity theft continues to rise, creating significant issues for individuals and organisations. The use of stolen credentials backed by ever more believable fraudulent documents makes detecting fraud increasingly difficult.

SEON believes it can remove or, at the very least, significantly mitigate that risk. It uses a number of techniques to verify ID documents. It also ties that to live verification that allows it to detect deepfakes. Additionally, the use of up to 900 real-time fraud markers means that it gives organisations a way to trust an identity.

It will be interesting to see how quickly its existing customers add ID Verification to their current platform tools. Surprisingly, it hasn’t released a case study from an early adopter alongside the launch. That would have given greater insight into effectiveness and use.

One area that organisations will want to see more on is the integration into existing processes. At present, the website doesn’t say if this is through API or just its own tools.

Ultimately, the effectiveness of this will be shown through customer referrals that identify the number of frauds it stops.

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