From: RegTech Analyst
Compliance and onboarding company Netki has announced the release of a new face-scanning tool to help businesses prevent fraud.
The Los Angeles-based startup unveiled its updated OnboardID tool at the North American Bitcoin Conference.
Netki’s solution is now scanning more images of faces from different sources to determine whether the faces are those of the same individual as that of provided ID documents.
The idea is that the update will help banks and other financial services firms to more securely verify their clients’ identities. Netki claimed its new software can provide a 62% improvement over industry leaders.
“Our face-matching algorithm now outperforms industry-leading solutions by more than 60%,” boasted Steve Scott, director of software engineering at Netki. “We’re especially proud of the algorithm’s ability to successfully match a wide variety of skin tones, from very light to very dark, as well as find and match faces in darker lighting conditions.”
OnboardID has also been able to reduce the number of cases where the tech could not identify a picture and therefore needed manual inspections by 83%.
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