Press Releases
VirtualSignature launches the most advanced ID verification solution delivering 100% accuracy against identity fraud
VirtualSignature, a leading UK developer of Regulatory Technology, has been working quietly over the past year with clients and accreditation bodies to develop SmartCheck ID Validate, one of the most advanced ID Verification solutions on the market, delivering 100% accuracy against identity fraud and jumping ahead of what competitors can currently offer.
Combined with its existing SmartSign eSignature solution, it now offers one platform through which customers can send documents and verify the identity & signature in one process, so they know that the person signing the document is who they say they are.
Identity fraud accounted for 61% of all cases of fraud reported to CIFAS1 in 2019 and this has increased significantly during the pandemic. In addition, criminals are getting more sophisticated in the way they fake IDs. Other solutions use 2D images for verification, however, these can be easily faked because 2D images of many people are available through social media over the Internet. SmartCheck ID Validate on the other hand, with its ISO2 rated 3D face recognition technology, provides a strong liveness check and contains AI enabled 3D face mapping which IS NOT publicly available online. This ensures that the user is physically present and is not using 2D photo images, masks, or deep–fake.
SmartCheck ID Validate also has advanced Near Field Communication (NFC) based technology which verifies the RFID chip data contained within any valid government issued ePassport that is ICAO3 recognised. It carries out multiple checks including verifying the photo ID in the document to detect whether it is fake and issues a certificate to confirm that.
The combination of the SmartCheck ID with document signing capability provides a complete end-to-end onboarding solution which reduces risk and satisfies regulatory compliance.
David Kern, CEO at VirtualSignature said, “Up to now, digitally identifying someone has been a separate process from eSigning and witnessing complex, sensitive and time-critical documents and deeds. Professional firms now have the ability to carry out the process in one transaction, resulting in faster completions. The whole onboarding journey for their client has become more convenient and secure.”
Government departments too, such as the HM Land Registry are encouraging the use of digital technology in identity verification by setting standards and offering a ‘Safe Harbour’ for those property conveyancing firms who meet the requirements. Under Safe Harbour, HM Land Registry would not seek recourse against conveyancers who comply with the standard in the event their client was not who they claimed to be.
David Kern went on to say, “Our SmartOnboarding platform, which allows firms to add their own brand, offers a modular approach so they can use the right level and combination of ID validation and eSignature that meets their specific needs and level of risk they want to manage. With the latest SmartCheck ID Validate solution, they can now get the highest level of accuracy, reduce risk and achieve Safe Harbour.”