Trulioo, the Canadian company that provides online identity verification, has introduced a facial recognition and document validation technology it says will enable small and medium-sized businesses (SMBs) to provide the same level of online protection to their customers as global conglomerates.
“Taking a multi-layered approach to identity verification offers businesses the strongest defense against increasingly sophisticated bad actors,” said Rutherford Wilson, director of growth at Trulioo, in a statement. “Adding document verification gives another layer of protection to help reduce risk, especially when combined with reliable identity verification. By enabling both of these capabilities, organizations can have increased confidence in knowing the user is tied to a real identity and that they are who they claim to be online.”
As part of what Trulioo calls a holistic approach to identity verification, the technology lets SMBs ensure compliance, become more resilient against cyberattacks and maintain their operations during challenging times.
Dubbed EmbedID, the tool is configured to work with GlobalGateway API, a verification marketplace. Leveraging data and integrated identity services worldwide, EmbedID promises to help SMBs verify users when they create an account and meet anti-money laundering (AML) and know your customer (KYC) compliance rules, boost trust and safety and mitigate fraud, the company said.
Trulioo said it’s easy to use. SMBs copy the code and paste it onto their website to automatically generate a registration form that is connected to GlobalGateway to instantly verify personal identification information.
The new features enable ID documentation verification for an added layer of security, Trulioo said. This is expected to empower SMBs to check the authenticity of government-issued ID documents and use facial recognition to make sure the person creating the account matches the photo ID.
Due to budget restraints, SMBs typically have limited access to bank-grade technology and security solutions, making them an easy target for cybercriminals, the company said.
An alarming 43 percent of cyberattacks are aimed at SMBs, while only 14 percent are prepared to defend themselves, according to a report by Accenture, the Dublin-based professional services company.
The report revealed 6 out of 10 SMBs lack a digital defense plan, underscoring the need for industry awareness and education.
“In an age of ongoing digital transformation, it’s essential for SMBs to be able to access the same identity verification solutions used by large organizations to protect their business and scale their company,” said Wilson. “Sadly, 60 percent of small and mid-sized businesses go out of business after an attack, and we designed EmbedID to help level the playing field to allow for accelerated innovation, customer acquisition and competition in the marketplace.”
Wilson did not disclose the product price. A free version allows for up to 100 transactions.