The growing wave of investment in biometrics and identity verification has major implications for how technology providers in the space should be brought to market, which were explored in a recent presentation by Maxine Most, principal analyst of Acuity Market Intelligence, just like Nametag, Basis ID and Legal Bricks has joined or has further established itself in the biometric integration market.
Biometric integration is only “the first nut” in the broader identity verification market to be “cracked”, Most said in a presentation on “Harnessing the Tornado Part 2” at a virtual event Find Biometrics. The change in the biometrics industry brought about by widespread digital transformation was discussed by Most earlier this year. The biometric digital identity space received $ 2.2 billion in investment from early 2021 to mid-September, and Most sees it reaching $ 3 billion by the end of the year.
“I talk to companies that are 500 times the turnover of last year, and everyone thinks they are really special, but they all need to know that it happens to everyone,” says Most. Companies that had a few million dollars in sales a year ago are trying to find a way to operationalize globally.
The differentiation, however, is minimal among identity verification payers, according to Most. This lack, combined with a lack of sophisticated understanding of how biometric digital identity verification works, has created an opportunity for thought leadership and market education.
Integration solutions with facial biometrics launched by Nametag, Basis ID, Legal Bricks
Psuedonym has joined the biometric integration market with the release of a platform allowing businesses and consumers to prove their identity online with “multi-factor identity” and advanced biometrics, according to a company announcement.
The Nametag passcode-less identity verification platform provides smartphone-based account access and biometric authentication, with granular user control, according to the company. Users scan a government issued ID and verify their identity with selfie biometrics. The platform also allows users to reject requests from companies to share their data.
âOnline privacy is a broken promise. Our mission is to bring authenticity to the Internet and enable people to build trusting relationships, âcomments Aaron Painter, founder of Nametag.
Painter was previously vice president of Microsoft China and CEO of Cloudreach.
Nametag is offered to providers of banking, cryptocurrency, gaming, and social media.
The company claims Nametag has been tested in all 50 states and is now available for iOS and Android.
A new Know Your Customer (KYC) and anti-money laundering biometric service has been launched by Basis ID to provide real-time identity verification.
The new fully automated Entr solution provides document authentication with optical character recognition (OCR) and selfie biometrics with vividness detection. This last characteristic checks for liveliness through one of three types of head movements. Randomizing the liveliness check action prevents the use of dark web-purchased datasets by malicious actors, the company claims.
âThe advanced functionality of ‘Entr’ and its flexibility makes it possible to prove one’s identity with a simple movement of the head, in seconds and, above all, in complete confidence. It’s our ‘here and now’ approach and we’ve really done our best to make it all work together perfectly, âsays Akim Arhipov, Executive Director of Basis ID. âThis is an important development in the field of remote identity verification, which affects companies in all industries where a verification service is required. “
In addition to biometric analysis of 50 video images, Entr includes Politically Exposed Persons (PEP) checks and sanctions lists, and can verify over 3,000 government-issued documents.
Security and compliance technology provider focused on real estate and legal services Legal bricks has launched facial biometric checks both as a stand-alone product or through its LB Connect integration portal for the transport industry.
Built through a partnership with an unnamed biometric platform, the new service also includes document vivacity and authenticity verification, and is intended to complement Legal Bricks’ AML verifications.
Acuity | Basic identifier | biometric alertness detection | biometrics | digital identification | identity verification | KYC | Legal bricks | Maxine most | TagName | integration | optical character recognition