ABBYY releases new Proof of Identity Solution

With the Optus hack dominating headlines in Australia, ABBYY has announced the timely release of a new all-in-one solution that offers instant identity proofing and affirmation. ABBYY Proof of Identity simplifies document-centric digital onboarding processes while promising to give organizations confidence that customers, constituents, employees, and partners are who they say they are.

As more consumers go online to conduct business, the challenge of verifying identities to prevent fraud has become increasingly critical. One of the critical steps in completing online and mobile forms involves providing personal identification data, however more than half of consumers (68%) abandon an online onboarding process.

Additionally, there is concern for fraud with the US Federal Trade Commission reporting more than 2.8 million US consumers lost $US5.9 billion to fraud in 2021, including identity theft and imposter scams, an increase of more than 70 percent over 2020.

According to the Australian Bureau of Statistics, an estimated 0.8% of Australians aged 15 years and over (154,300) experienced identity theft in 2020-21. This was similar to the rate in 2014-15 (0.7%).

Of those who experienced identity theft, the stolen personal information was most commonly used to obtain money from a bank account, superannuation, or investments or shares (57% or 324,800).

To avoid risks and expedite the onboarding process, more organizations are turning to document-centric identity proofing methods where an image or video of the user’s identity document is compared with an image or video of the user’s face. Gartner predicts that by 2023, 85 percent of organizations will be using document-centric identity proofing as part of their onboarding processes.

Bruce Orcutt, SVP of Product Marketing at ABBYY, said, “More high-risk interactions are transacted online especially in banking, healthcare, and government that require balancing trust in a person’s real-world identity with the customer’s expectation for a smooth user experience – and there needs to be a better way of doing it.

“ABBYY Proof of Identity accomplishes this by leveraging the company’s intelligent process automation technology into identify proofing and identity affirmation capabilities that are easy for customers and secure for businesses. By using ABBYY Proof of Identity as part of their onboarding platforms, organizations will have significantly lower abandonment rates, and customers will benefit from a positive experience.”

ABBYY Proof of Identity is built on ABBYY Vantage intelligent document processing and ABBYY Timeline process intelligence to seamlessly deliver all the capabilities to match a user’s claimed identity with their actual identity, including:

  • ID reading, including mobile capture and document classification
  • ID verification, including image-tampering fraud detection
  • Facial matching based on a top rated NIST-rated algorithm with extremely low bias
  • Trailing documents (document-centric identity affirmation)
  • Exception handling (optional human auditing of certain transactions)
  • Process intelligence and mining to identify opportunities for process improvement

Organizations interested in improving their onboarding experiences and reducing fraud risk can request a demo.

To learn more visit ABBYY Proof of Identity.