Why eKYC matters
- Jack Jack
- [email protected]
- ID Card
- (+08) 11111XXXX
- Russell D Diaz
- 15th June 1972
- [email protected]
- ID Card
- (+60)16-253 XXXX
WE HELP COMPANIES
AUTHENTICATE USERS, AND MORE!
36% of online user accounts are fake.
In fact, ~25% of all online traffic are bad bots designed to abuse websites, apps and APIs.
In today’s customer landscape, companies are serving a faceless mass of user accounts which are difficult to verify and authenticate.
This has resulted in rising New Account Fraud (NAF) cases rising year-on-year — affecting e-commerce, social media sites and e-services.
COMPLYING WITH REGULATION
AML and eKYC regulations in ASEAN are complex, inconsistent, and subject to changes.
To establish a regional presence here, international companies need to find partners that have strong local expertise and flexible systems that adapt to the ever-shifting regulatory environment.
UNSECURED DIGITAL ACCOUNTS & SUSPICIOUS ACCESS
- Passwords are a trade-off between user convenience and security — Lengthy, complex and unique passwords are harder to remember, but simple passwords are easier to crack open.
- Studies have shown that 20% of people forgot their own passwords within six months, but close acquaintances can correctly guess 17% of your passwords. What’s worse, 13% of passwords can be easily guessed within five attempts, just by referencing other popular passwords used by the same demographic.
Most companies use unique codes and confirmation links to authenticate users via SMS or e-mails. However, this method only tests validity, and not the authenticity of email addresses and phone numbers.
There are common spoofing methods, such as using free disposable email addresses and phone numbers. Fraudsters can create a free Gmail account in under 5 minutes.
- Traditionally, companies uses complex rules to prevent spoofing attempts and identity fraud. Examples include blacklisting domains and IP addresses, prevent multiple sign-up attempts, strict account recovery policies, and more.
- Building, maintaining and enforcing these rules requires domain expertise. Too restrictive, and genuine customers would have poor customer experience; Too lax, and users are vulnerable to backdoor access.
WE WANT TO WORK WITH YOU!
Innov8tif specialises in identity verification — helping you deliver value to real customers.
Our solution automatically validates user-submitted information and enforces secured access to protect user accounts. We strike a balance between security and user experience by leveraging technologies — such as risk-based authentication, device binding, OkayFace search, and more.
HOW WEAK ACCOUNT SECURITY AFFECTS YOUR BUSINESS:
THE INNOV8TIF ADVANTAGE
We have helped countless companies minimise customer onboarding costs and maximise customer satisfaction and account security.
OUR PROVEN SOLUTION:
- 7.5 million transactions processed in 2021.
- 35.38% fewer fraud cases compared to eKYC methods without document authentication.
- More than 100 ASEAN businesses have benefitted from our solution.
- Our optical character recognition has Khmer and Thai language support.
- We have regional teams for quick support and troubleshooting.
Our team has in-depth experience helping companies set up authentication systems across various IT environments and user platforms.