American data analytics firm FICO has added AI-powered identity verification and authentication capabilities to its platform.
The first product FICO Identity Proofing will allow clients to on-board customers without in-person verification.
The solution verifies customer identities by carrying out an AI-driven biometric analysis of an applicant’s selfie with a government-issued ID.
The other suite, FICO Authentication Suite, carries out biometric and behavioural authentication to identify legitimate customers.
The tools are designed to prevent spoofing and account takeover fraud.
With the two solutions, financial institutions can carry out digital on-boarding, eKYC processes in compliance with regulatory and PSD2 requirements.
The new capabilities were realised through FICO’s purchase of digital security and risk management solutions provider EZMCOM.
FICO CTO Claus Moldt said: “As our clients expand their digital offerings, they are requesting more sophisticated identity proofing and authentication capabilities to complement our fraud, compliance, customer lifecycle, and customer engagement applications.
“Behavioural and biometric authentication are becoming the gold standard to prevent identity spoofing and improve customer protection, while reducing friction.
“By adding this technology to our portfolio, we will provide our clients with a seamless approach to authentication and customer on-boarding – across digital channels, mobile devices, servers and workstations.”
Established in 1956, FICO leverages predictive analytics and data science to facilitate operational decisions.
In September this year, the company teamed up with KYC solutions provider Arachnys to speed up customer on-boarding at banks.