The rapid increase in identity fraud is a growing problem. Comcorp’s anti-fraud identity biometric solution called Curata, has been selected by TPN Credit Bureau. TPN in collaboration with Comcorp, aims to mitigate this risk with the help of Comcorp’s technology.
TPN recently introduced Curata, a facial biometric authentication software that verifies identities while at the same time collecting POPI compliant consent. The solution was developed in response to the growth in identity fraud, the increase in online transactions which has accelerated during the Covid-19 pandemic, the need to comply with POPI regulations, and a growing need to share sensitive data responsibly.
How it works, explains Paul Moss, CEO of Comcorp, is that the user is directed to the Curata software before being asked for permission to verify their identity. The user then takes a selfie on their phone which is matched with a national Golden Source Biometric Registry. To prevent spoofing or deep-fakes, in other words, to make sure that the person is not holding up a picture of someone else, liveliness detection is able to instantly confirm that a 3D person is taking the selfie.
Although the solution has initially been focused on the financial services sector, its potential use is extensive including helping businesses with know your customer (KYC) legislation; in the banking, insurance, and telecommunication industries in order to comply with legislation and reduce fraud; in the medical industry to provide consent for hospital admissions and operations; in the education sector prior to writing exams; and in a work from home setting to allow users to access corporate networks.
But how exactly does Curata help to prevent fraud and financial crime? “Syndicates typically rely on collusion and insider knowledge of how a process works and then exploit any gaps,” says Moss. “The kind of fraudulent activities that Curata can prevent include, for example, a courier company which is delivering a credit card to a fraudster with a fake identity. Using Curata, the courier can match the face to the face on the registry to ascertain authenticity.
Another example of where Curata could be utilised is in the online lending space where the lender can authenticate the identity of the individual prior to advancing them credit and in this way avoid lending money to a fraudster using a fake identity. Essentially, Curata is able to help prevent fraud and financial crime by matching a physical face to the registry database to guard against fraudulent credit applications.”
Organisations that have expressed interest in this solution include a major bank, courier companies, online lenders, credit providers looking to access bank statement or payroll data, cell phone providers, and motor dealers.
Most recently, TPN Credit Bureau has brought the solution to clients to combat identity fraud in the rental market and to move towards a system where digital identity verification, express consent, and bank statements are available on one electronic platform.