Protect your organisation from fraud

Fraud and privacy breaches are on the rise. IDUX is a powerful digital identity ecosystem utilising the latest technology to increase digital trust for your people, and beef up your organisation’s digital security.

In 2022 privacy has become a major priority as consumers demand more transparency and control over how businesses handle their data. Governments around the world, including New Zealand, are introducing new regulations and enforcement as a result.

One of the main concerns for consumers is the lack of transparency and clarity with respect to business data practices.

Every business, specifically businesses providing online services, require some kind of identity verification before they can provide services to a customer.

It’s important to consider that there was a 72 percent increase in account takeovers in 2020[1] and 22 percent of people claiming to be victims of account takeover[2].

The true size of the digital fraud problem can also be verified in a number of reports around the world[3].

Here in New Zealand Covid-19 has accelerated the digital transformation of many industries, just as it has around the world. Businesses are under pressure to continually optimise their onboarding processes by reducing friction and improving the customer experience.

The IDUX digital identity ecosystem achieves this, and is easy for organisations to integrate.

With data breaches, identity fraud and account takeover fraud constantly on the rise around the world, IDUX was conceived, designed and built with the goal of embedding privacy into digital identity design, while complying with the ever-changing global regulations[4].

IDUX lowers the risk of fraudulent account creation and takeover by ensuring that individuals are exactly who they say they are.

How IDUX works for your organisation

First and foremost, IDUX will reduce fraud losses. Your organisation can confidently verify customers to meet KYC /AML/ CTF compliance and prevent fraudulent users taking over legitimate customer accounts through authentication processes.

IDUX will also minimise manual verifications. If a customer’s ID document fails verification, the ecosystem automatically requests an alternative reliable source document, saving time and money.

It allows reusable KYC (Know Your Customer) by removing repeat verifications when a customer signs-up or opens a new account with subsidiary companies. 

Integration is simple. Customers are able to easily integrate through the low-code SaaS/hosted solution, which means businesses can start verifying customers within hours. 

IDUX is all about data protection, privacy and accountability. Fully certified, the solution meets the highest global standards and regulations.

There is global scalability too. With comprehensive global coverage, IDUX makes it easy for a business to meet multi-jurisdictional regulations instantly.

And elective capabilities mean IDUX can be configured to meet any business objectives and KYC/AML/CTF requirements – current or future. Businesses have complete control over the workflow process.

For New Zealand’s CROs (chief risk officers), IDUX puts real advantages at their finger-tips.

CROs will appreciate the global coverage from two lines of code; no PII storage; automated exception handling for failed verifications; the highest standard of privacy and compliance; a 99.5 percent server uptime guarantee; reusable KYC; as well as in-country support.

One way IDUX can work to prevent fraud

A fraudster buys photos of a valid ID along with a selfie of the true document holder on the darknet. He or she then uses the photo of the ID during the onboarding stage to access a service. The verification system cannot recognize any signs of forgery, since the document is technically valid. Then the fraudster reaches the IDUX facial biometric check, trying to bypass it by presenting the selfie of the true document holder.

The IDUX facial recognition system scans the presented image, checking its depth, eye reflections, skin texture, and more. The check determines that there isn’t a real person in front of the screen, just an image. Access is denied.

IDUX technology combines document analysis for applicant authenticity, document verification for applicant validity, biometric verification for applicant ownership, liveness detection for applicant ID, and many other capabilities that reduces any chances of identity theft.

To learn more about the IDUX digital identity solution go to:

[1] Source: Fraud Trends to Watch in 2021.

[2] Source: Account Takeover 2021 Annual Report: Prevalence, Awareness and Prevention.

[3] For example: 2021 Chargeback Field Report by Chargebacks911; PwC’s 2020 CEO Survey: Behavioural Red Flags of Fraud, Fighting fraud: A never-ending battle PwC’s Global Economic Crime and Fraud Survey.

[4] IDU X complies to CCPA, GDPR, Australian Privacy Act 1988, NZ Privacy Act 2020 and many other in-country and global regulations. Its creator, DataZoo, is ISO27001 certified and holds SOC2 Type2 and ASAE 3150 reports.

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