The risks and limitations of visual ID verification for community FI's
2016 SAW RECORD DATA BREACHESACCELERATED BY THE CLOUD
Sources: Gemalto Data Breach Index, FINTRAC, Insurance Information Institute, US Department of Justice
data records are breached every second
35
of global data breach incidents in H1 were
in North America
79%
ISSUER ID VERIFICATIONPROCEDURES ARE FLAWED
IDENTITY THEFT IS MASSIVE AND FOCUSES ONDEFRAUDING GOVERNMENTS AND BANKS
Personal Identity Information
theft dominates,accounting for
of all attacks
64%
ISSUERS ARE PAYING A DEAR PRICEFOR INADEQUATE ID VERIFICATION
Irreversible loss of reputation
Huge losses fromfraud and lawsuits
Hundreds of millionsin fines and sanctions
SOME EXAMPLES OF HOWIDENTITY THEFT IS EXPLOITED
Using stolen personalinformation, fraudsters
can convince call centersto give them access
to bank accounts
Using synthetic identities,good credit history is builtover the years. When thecredit limit is raised to
$50K, the fraudster takesa huge cash advance
and disappearsBank employees(including branch
managers) use existingcustomer information
to open accountsand launder money
Americans were victimsof identity theft in 2014 How victims’ information is misused
17.6 million
15.8%Credit card fraud
49.2%Governmentdocuments andbenefits fraud 5.9%
Bank fraud
3.5%Loan fraud
36.1%Other
2015
Inconvenient Error-prone Vulnerable to fraud
Time consuming Inconsistent Outdated
Call center fraud Credit card fraud Insider fraud
ID verification can onlytake place in the branch
Branch employees needto master 1,000+ state
and federal IDs
Enforcement and audit ofKYC processes suffers
due to lack of automation
Customer datacan be exploited
by branch employees
Manual data entryand ID scanning
takes up valuable time
Digital IDs are coming onthe scene which require
new verification technology
OPEN NEWACCOUNT
Please go toyour nearest
branch
IDChecking
Manual
AUTOMATED ID VERIFICATIONMINIMIZES ID FRAUD AND MAXIMIZES REACH
Industrializeddocument forensics
Real-time results Biometricauthentication
Digital audit trail Future-proof
50K
MANUAL ID VERIFICATION WILL GET HARDER IN 2017
New ID cards and drivers licenses will be issuedin tens of jurisdictions, as the 2017 deadline
approaches for the REAL ID Act andnew AAMVA card design compliance measures
FINTRAC has outlined newmethods to ascertain the
identity of clients in Canada,including mandatedphoto ID verification
Forensic document checks confirm
document integrity, security features and
data consistency
Compared against an up-to-date global
document template repository, results are
returned within seconds
Facial biometric matching confirms the person
presenting the document is its genuine holder, before proceeding to background checks
Beyond the branch, ID Verification can be
performed on any connected device—
smartphones, tablets, kiosks and computers
Compliance made easy with streamlined digital
processes and back office integration, supporting service expansion and
open APIs
Ready for next-generation digital IDs, biometricsand NFC scanning of
eDocuments
Shoreline, a Gemalto company, provides identity verification solutions based on automated ID document forensics and biometric checks. Visit http://www.shorelinecards.com/products/id-verification
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