The continued rise in identity fraud has become a significant source of discomfort for financial service entities, with a focus on strong customer authentication, Comcorp partners with organisations to mitigate their customers’ fraud exposure.
One of South Africa’s major banks has partnered with Comcorp South Africa to implement a liveness detection solution into their banking app. This new collaboration will deliver a safe, seamless, and secure authentication experience for South African banking customers.
Founded in 1994 Comcorp is a proprietary software company that has serviced the South African financial services industry since. Focusing on digital onboarding, system integration, and operating industry platforms, Comcorp has evolved with the industry to ensure they have continually been able to offer our customers relevant technology.
How it works, explains Daniel Isaacs, Group CFO of Comcorp, our facial biometric recognition solution, Curata, allows the bank to onboard and validate their customers on the bank’s app. This technology allows the bank to prevent identity impersonation that previously would have not been detected. Our liveness detection technology uses AI and Deep Convolutional Neural Networks to detect presentation attacks and is also ISO/IEC 30107-3 compliant. Using this technology, the bank has added certainty that the customer utilising the banking app is who they say they are, is a live person and not a fraudster using a photo or a more sophisticated identity impersonation tool.
We work closely with our customers to reduce fraud by providing trusted secure data and industry leading authentication along with world class service delivery. During the Covid-19 pandemic, we saw an increased move to remote onboarding. This meant credit providers were able to onboard their customers quicker but left them vulnerable to fraud attacks through basic identity impersonation says, Daniel.
Being proactive and responsive to customers’ needs remains at the forefront of this partnership, thus allowing the bank to onboard consumers more efficiently and reduce fraud losses, as they deploy the latest digital strategies.