OneVault has signed an agreement with the South African Fraud Prevention Service (SAFPS) to deliver a biometric fraud detection solution for call centers and establish a centralized fraud database in the country.
As fraud attacks are getting more complex, response time and reliable data are critical. As a result, SAFPS will be leveraging OneVault’s LumenVox passive voice biometrics and fraud scanner authentication platform.
The South African Banking Risk Information Centre has reported an increase in online and app crimes in the past months, with phishing, vishing (voice phishing), SMishing (SMS phishing) and e-mail hacking being the most prevalent in digital banking, IT Web reports.
According to Manie van Schalkwyk, executive director of the SAFPS, passive voice authentication will help create a centralized fraud database to enhance protection.
“The advantages of this technology to our members are obvious. Not only can our members be sure they are either talking to the correct person, or identify a potential fraudster, they can also offer a new, desperately needed, level of customer service. If rolled out properly, call center agents won’t have to go through the normal security checks when talking to a customer,” Van Schalkwyk said in a press release.
“Using passive voice authentication in combination with real-time watch list functionality will allow SAFPS to make use of real-time identification to verify whether they are talking to the correct person and if this person appears on a current or known watch list,” added Vanda Dickson, business development and strategy head at OneVault.
IDC partners with iiDENTIFii to reduce fraud with biometrics
South Africa’s Industrial Development Corporation (IDC) has chosen iiDENTIFii for remote identity verification and financial crime mitigation with facial recognition to reduce fraud during the coronavirus pandemic, the company announced.
IDC will use the technology to identify individuals, directors and companies applying for investments, loans and grants.
“It’s an incredible honor to partner with IDC to ensure that this country’s key sectors and companies obtain the economic support they require during this difficult pandemic,” said Gur Geva, Co-CEO of iiDENTIFii, in a prepared statement.
iiDENTIFii develops technology that leverages neural networks and deep-learning for tokenized identity authentication. The company spent four years developing its facial recognition AI technology which has proven accurate based on standard biometric authentication systems. iiDENTIFii says algorithms and patented light technology work for all ethnic groups, providing a secure authentication process for any region and ethnicity.
The product is in line with KYC, RICA, FICA, AML and other government requirements. Its technology is specifically built for South Africa, elsewhere in Africa and developing markets, the company says.
iiDENTIFii was recently recognized as a critical service provider, due its ability to verify individuals’ identities with facial recognition, biometric liveness, and its link to the South African Department of Home Affairs. In March, the company reported a surge in automated facial recognition and authentication demand.
biometrics | facial recognition | fraud prevention | iiDENTIFii | OneVault | South Africa | voice biometrics