Two new AI-powered security features ported from the acquisition of EZMCOM look set to fight fraud in the banking sector.
A provider of analytics and decision management technology, FICO, has just announced that it is adding two new features, Identity Proofing and User Authentication, to its platform.
The features are part of FICO’s recent acquisition of EZMCOM, whose products are used by banks across the globe to protect more than 60 million customers.
With Identity Proofing, organizations verify customers’ identities by having them take selfies with their government-issued IDs. Within seconds, Identity Proofing verifies the ID’s legitimacy, performs an AI-driven biometric analysis between the ID picture and the selfie, and performs liveness tests against the selfie to prevent spoofing.
The FICO Authentication Suite offers organizations the power of layered authentication controls including multifactor, biometric, and behavioral factors. State-of-the-art keystroke analysis and device telemetry facilitate a frictionless approach to verify legitimate customers. Machine learning driven risk scores invoke step-up actions to multifactor or biometric options—to reduce account takeover fraud, while streamlining the customer experience.
Together, the products provide a platform to establish and sustain trust in the digital identity, offering easy-to-use, integrated security across the customer lifecycle to support fully digital onboarding, eKYC, and PSD2 mandated strong customer authentication to manage risk and optimize customer interactions across the lifecycle.
FICO clients using the Fico Falcon Fraud Manager solution will be interested in understanding the account takeover and strong customer authentication capabilities that these new solutions provide; they are strong additions to the flexible, AI-empowered capabilities FICO announced with its launch of Falcon X at the Finovate conference in New York this September.
Said FICO’s Chief Technology Officer Claus Moldt: “As our clients expand their digital offerings, they are requesting more sophisticated identity proofing and authentication capabilities to complement our fraud, compliance, customer lifecycle, and customer engagement applications. Behavioral and biometric authentication are becoming the gold standard to prevent identity spoofing and improve customer protection, while reducing friction. By adding this technology to our portfolio, we will provide our clients with a seamless approach to authentication and customer onboarding—across digital channels, mobile devices, servers and workstations.”
Hong Leong Bank’s Jagjit Kaur, General Manager for Wholesale Digital and Transaction Banking shared: “EZMCOM’s unified authentication platform centralized our authentication infrastructure and lowered costs. We are discovering security transformation benefits with EZMCOM’s innovation and expanding their platform across multiple regional operations.”