Leveraging Biometrics to Simplify Identity Verification
Pension “Proof of Life”, Banking, Identity Certification and More
NovuGens mobile biometrics authentication & analytics capabilities can be leveraged for a variety of use cases and industries. Our current solution ID37 Mobile Application and Analytics Portal have been designed to quickly track and efficiently capture a “Digital Proof of Life” requirement from retirees, anywhere in the world. Furthermore, our integration to a blockchain platform allows us to ensure the integrity of transactions to support and facilitate internal or external audits.
Pension “Proof of Life”
There are many institutions that offer a pension as part of their benefits package. A pension is a great benefit to have after retirement, given that it provides steady income for the rest of the employee’s life, and in some cases the benefits can extend to spouses and even other family members. Establishing and maintaining a pension program is not inexpensive so most employers require employees to not only contribute to the pension fund while employed, but also expect the employee to work for a certain number of years before the employee can be fully vested or eligible to receive benefits.
Pension funds can normally pay millions of dollars in benefits each year to many retirees so the opportunity for fraudulent practices is quite high for many reasons. To further complicate matters, the fact that many retirees often relocate to countries around the world where communication channels are less than ideal, makes it even more challenging to ensure that the retiree is still alive and to confirm that they are in fact continuing to receive payments.
Once an employee is retired, a pension fund begins to distribute benefits to the retiree on a biweekly or monthly basis. Benefits are paid until such time when the retiree passes away and often a portion of the benefits are paid to named beneficiaries. To avoid or prevent fraudulent practices, pension funds require retirees to provide a “Proof of Life” or Proof of Attestation in order for the payment benefits to continue. In many institutions, the “Proof of Life” process is so cumbersome that it only occurs once a year via a paper-based process which requires a lot of time and resources, and is high risk for fraud. To avoid an interruption of benefits, retirees are required to complete and notarize a “Proof of Life” form as proof that they are still alive. The form is then sent back to a Pension Administration team who manually reviews the documents to attest validity. Unfortunately, the existing “Proof of Life” process used by many institutions is extremely resource intensive, unreliable, and open to fraudulent activities which can result in a serious repetitional risk and significant losses.
How does ID37 address the “Proof of life” challenges with pension funds?
Leverages retirees’ access via mobile technology to eliminate paper-based forms
Uses secured mobile biometrics to perform a liveliness validation that the retiree is alive and eligible to receive benefits
Provides the ability to perform a “Digital Proof of Life” validation via a mobile applications within minutes rather than months
Ensures accuracy of data and identity by using proven biometric technology
All transactions or attestations are stored in a pension analytics portal which allows an institution the ability to quickly audit the “Proof of Life” requirements
The analytics portal provides an easy to use tool to view all retiree previous attestation and flags future validations
“Provides Passcode, voice and face recognition as well as other biometric capabilities for executing “Digital Proof of Life” quickly and accurately.
The solution leverages blockchain technology to ensure data transaction integrity and security
Ensure you are always in compliance and reduce your risk of fraud by implementing ID37 to quickly enable your clients to perform a “Digital Proof of Life” attestation via their mobile devices or by simply calling a local phone number.
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Banking Login Access and Infrastructure
Today, almost all banking institutions offer some form of mobile banking for customers to have access to their bank funds 24/7. Having access to your bank accounts via online tools has become a commodity that, if not offered, a bank could be at risk of losing customers. As internet banking gains more and more popularity among users, the security risks associated with conducting such sensitive transactions on the internet continues to demand more security. Banks would lose considerable credibility if their online banking software were hacked so most banks are seeking more and more ways of securing the network connectivity channels, as well as enhancing the way users authenticate to gain access to their accounts. Many banks are exploring new emerging technologies to address these very sensitive security issues and user experience.
Banks understand that securing internet banking access does not only require strong networks and firewalls but also an easy way to allow users to quickly and efficiently authenticate without the need for passcodes or tokens. Biometrics has recently started to be accepted by the masses as a new method and way to authenticate. The ‘password’ is your face or voice.
How can our biometrics solution, more specifically our face/voice recognition capabilities, support options that improve the way users authenticate?
Our solution uses face and voice recognition to baseline and later authenticate users – no need to remember another password
Your face or voice becomes the password – NOT just a link to your password – so forgetting a password becomes a thing of the past
Mobile banking applications can easily be adjusted to integrate biometrics and authenticate customers
Users can be given an option to log in by using their face, voice, or a combination of a passcode, plus one of the other authentication capabilities
Would you like to explore more about how biometric authentication works? How secure it is, and how quickly users can validate once the mobile capability has been rolled out?
Our Biometrics mobile solution uses blockchain and a data analytics portal to track and monitor while ensuring data integrity and ease of use. If you already have a mobile banking application, we can easily integrate our biometrics authentication solution so that it works seamlessly with your existing applications to provide that next level of service to your customers.
Interested in learning more about ID37? Contact us.