A new easily deployable identity platform was announced this week to help address growing concerns about identity theft. Mitech Verified Identity Platform (MIVIP) It combines the company’s mobile technologies with its recent acquisitions to give its customers flexible control over their customer experience.
Through MiVIP, customers have the ability to orchestrate the full range of authentication technologies provided by Mitek, including biometrics, geolocation, politically exposed persons (PEPS) and prohibitions and bureau checks. According to Mitek, these technologies, along with recent acquisitions HooYu and ID R&D, enable MiVIP to address the security of the entire transaction lifecycle.
Quick verification and onboarding
Chris Briggs, vice president of product management at Mitek, explained that the company’s mobile verification capture and verification technology has been integrated into MiVIP for which he claims to be the fastest, most accurate capture of identity documents and biometrics. This can help remove friction in the onboarding process. For example, an organization may require a general database check before a customer is onboard. “If an end user passes all aspects of a database check, they will be immediately onboard,” Briggs said.
“Just throwing a red flag will require an additional verification process,” Briggs continued. “This means the verification process is dynamic and only the end user needs to take the minimum number of verification steps to meet the business risk requirements. This means there is as little friction as possible in the verification, and as fast as possible for the end-user.”
ID theft is a big problem
According to Mitek, this has made MiVIP easier to use and install. The user interface of the platform allows a business to choose the verification criteria that it wants to apply to customers and is applied to them. From a single location, a user can toggle verification signals – such as database checks, PEPS and restrictions, facial biometrics, vitality detection, ID document validity, geolocation, fraud alerts, digital footprint analysis, and more – and orders for them. Can set application
Mitek claims that it has improved the deployment of solutions. Instead of days or weeks, it can be turned on in hours using low code / no code architecture.
According to the National Council on Identity Theft Protection, identity theft is a widespread problem in the United States, where between 2020 and 2022, 50% of the country’s citizens have fallen victim to ID thieves. It adds that in 2020 alone, ID theft costs companies $ 13 billion.
Research and advisory firm Gartner’s guess That by the end of 2022, 80% of companies will use document-centric identity authentication as part of their onboarding workflow. By 2023, 75% of companies will use a single vendor with strong identity orchestral capabilities and connections to many other third parties for proof of identity and verification, compared to 15% in 2020.
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