GBG and InnoValor Team Up to Tackle Fraud in Digital Surge from COVID
- Covid-19 , Fraud Detection
- 04.02.2021 02:25 pm
GBG, the global specialist in identity data intelligence, has announced an enhanced partnership with leading Near-Field Communication (NFC) technology provider InnoValor, to implement their patented ReadID technology into GBG’s suite of identity verification and fraud prevention tools. This combination of innovative technologies paves the way for simpler onboarding, a seamless user experience, and improved digital trust.
A recent PWC report highlighted just how severe the rise in fraud has been during the pandemic, with nearly half of those surveyed (47%) saying they’ve encountered fraud in the last two years. GBG’s own research also found that in 2020 alone, 1 in 5 consumers had been victims of identity fraud, a figure which is only set to rise as our reliance on the digital economy and digital-led businesses continues to grow. The company’s State of Digital Identity Report found that 59% of people opened some kind of new online account in 2020, ultimately leaving consumers more exposed than ever. Companies need to ensure they have the best data, technology, and people in place to protect users, prevent fraud, and verify accounts.
GBG’s suite of identity verification tools already help 20,000 businesses globally to deliver a seamless, yet robust onboarding process to end users. Their IDScan technology allows users to onboard quickly, verify an individual in 5 seconds or less, and uses the latest InnoValor technology – ReadID – to validate, extract data and inspect documents direct from smartphones for 100% accurate results, 100% of the time (when compared to open source tools and data).
InnoValor’s ReadID technology provides user friendly, scalable and secure identity verification across document types, including ePassports, ID document, and residence permits using NFC. If works on all modern smartphones, using the same capability that enables contactless payments. It allows to verify an individual’s identity in seconds, providing a higher level of security at a lower cost with a better user experience. GBG’s decision to partner with InnoValor over open-source options stems from their ability to provide additional protection measures against cloning of the NFC chip, resulting in a greater level of risk mitigation, when compared to other solutions.
Together, GBG and InnoValor are combining solutions to deliver a safe, secure, and seamless onboarding experience through the power of market-leading NFC technology. By offering the most enhanced security features, as well as the ability to cross reference and triangulate data extracted from chips with extracted OCR data and captured selfies, the companies create the best ease of use and highest adoption, raising the bar for the next-in-class generation of identity verification.
Gus Tomlinson, General Manager at GBG, said: “Identity is becoming increasingly complex, and as more people make the move to digitally led lives, establishing digital trust and navigating fraud prevention, without interrupting the user experience online, is going to be increasingly difficult. That’s why we’re so thrilled to be working with such strong partners within the industry – InnoValor understands the balance required to keep people safe while giving them the best experience possible. As we move through 2021 and things continue to move to digitally-led, we feel confident we can keep up with the pace of consumers with them onboard.”
“The partnership with GBG brings the smartest solution for identity verification into the market,” according to Maarten Wegdam, CEO of InnoValor-ReadID. “NFC first is the best way to combine security and optimal user experience. InnoValor is the most experience provider of NFC based identity verification. In combination with GBG’s IDScan technology it brings a world-class solution to the market.”
For more information about GBG and InnoValor solutions, please visit http://www.gbgplc.com/ or www.readid.com.