A new, easy-to-deploy identity platform was announced this week to help address growing concerns about identity theft. Mitek’s Verified Identity Platform (MiVIP) merges the company’s mobile technologies with those of its recent acquisitions to give its customers flexible control over their consumers’ experiences.
With MiVIP, customers have the ability to orchestrate the full range of authentication technologies offered by Mitek, including biometrics, geolocation, politically exposed persons (PEPS) and sanctions, and desktop verifications. These technologies, along with those from recent HooYu and ID R&D acquisitions, enable MiVIP to provide security across the entire transaction lifecycle, according to Mitek.
Faster verification and integration
Mitek Vice President for Product Management, Chris Briggs, explains that the company’s Mobile Verify capture and verification technologies have been integrated into MiVIP for what he claims is fast and accurate document capture. identity and biometric data. This can help eliminate friction in the onboarding process. For example, an organization may require a simple database check before onboarding a customer. “If an end user passed on all aspects of database verification, they would be onboarded immediately,” Briggs says.
“Only if a red flag were raised would an additional verification process be required,” Briggs continues. “This means the verification process is dynamic and only requires the end user to take the minimum number of verification steps to meet business risk requirements. This means verification has the least friction and happens as fast as possible for the end user.”
Identity theft is a big problem
According to Mitek, it made MiVIP both easy to use and easy to deploy. The platform’s user interface allows a firm to choose which verification criteria they wish to apply to clients and the order to which they are applied. From a single location, a user can switch between verification signals – such as database checks, PEPS and sanctions, facial biometrics, liveness detection, document validation identity, geolocation, fraud alerts, digital fingerprint analysis, etc. – and define the order of their application.
Mitek also claims to have improved the deployment of the solution. Instead of days or weeks, it can be up and running in hours thanks to the use of its low code/no code architecture.
Identity theft is a widespread problem in the United States, according to the National Council on Identity Theft Protection, with 50% of the nation’s citizens victimized by identity thieves between 2020 and 2022. It adds that in 2020 alone, the Identity theft has cost businesses $13 billion. .
Research and advisory firm Gartner estimates that by the end of 2022, 80% of organizations will use document-centric identity verification as part of their onboarding workflows. By 2023, 75% of organizations will use a single vendor with strong identity orchestration capabilities and connections to many other third parties for identity verification and affirmation, up from 15% in 2020.
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