Covid pandemic illustrates need for SysFi.ID–a secure digital ID for online or off
An official from Russia’s Central Bank recently described problems in verifying IDs when banks are forced to serve customers online only due to Covid. He explained how stopping money laundering and financial crimes was more difficult because ID documents could easily be forged with today’s technologies.
But on the upside, RegTech’s fraud detection capabilities related to ID documents are better than ever. AML Partners’ SysFi.IDTM provides a solution to concerns like that.
SysFi.ID represents a breakthrough in digitized ground-truth identity. It incorporates cutting-edge technology from multiple partners. Specifically, team members have developed and/or leveraged emerging technologies in entity resolution, kinematics, “cognitive load” offerings, blockchain, hashing, and ever improving biometric recognition technologies to create new and unprecedented options for identity verification.
At its core, SysFi.ID makes possible a much more secure personal identification. And it makes a secure personal ID available in digital form whenever it is needed. With new technologies, a person’s biometrics can be objectively, economically, and immutably welded to Personal Identification Information—at scale, hashed securely to blockchain immutability, in approximately two minutes, with “ground truth” accuracy for convenient re-use. Users who create a SysFi.ID possess an immutable ground-truth ID stored in blockchain. And then any entity or organization for which ground-truth ID is critical may use a blockchain reader to verify that any individual’s real-time in-person voice and face do in fact match that person’s immutable SysFi.ID stored in blockchain.
This technology has the potential to transform ID protection and objective verification of identity. With SysFi.ID, crooks and fraudsters might still acquire personal financial data through nefarious means—but they wouldn’t be able to pass themselves off as the stolen identity because their voices and faces could never match an individual with a SysFi.ID.