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27 June, 2022
Arya APIs help B2B Fintech Platform decrease identification errors and reduce frauds
On most fintech platforms, user identity verifications during transactions is a crucial step. Remote onboarding helped organizations solve their pain points but also opened up to new liabilities in terms of identification fraud. With ever-increasing online and digital onboarding, scams and other fraudulent activities are also becoming much more prevalent.
Use case
The main objective of the engagement was to deploy Passive Face Liveness Detection and Face Verification APIs to reduce frauds and provide a robust customer experience. Due to identification errors and the use of a single ID by multiple people, the frauds became a significant challenge on the platform leading to financial losses and reputation issues.
The Passive Face Liveness Detection API and Face Verification API solve the challenges of identity theft related frauds, ensuring that the image was captured live, rather than by a spoof artifact like a 2d or printed fake image/video held in front of the camera along with providing a seamless customer experience.
Impact
- Reduced transaction frauds by up to 98% within just six weeks of integrating these AI APIs
- Improved the security on the FinTech platform
- Protected reputation against risks associated with fraud
- Improved the overall user experience