Mitek Verifies Consumers with the Snap of a Driver’s License (May 12, 2015)
Mitek Systems has unveiled authentication technology, which it says will improve customer acquisition efforts by enabling issuers to instantly verify a consumer remotely or in a brick-and-mortar bank location using a driver’s license. Photo Verify uses Mitek’s MiSnap auto capture solution with “advanced computer vision” to find and decode an encrypted security feature on driver’s licenses that’s invisible to the naked eye, according to an announcement today. Not all U.S. states have driver’s licenses with the hidden mark, but a majority do, the company said. The product is in beta now but will be rolled out this summer.
Photo Verify is fast and doesn’t produce false positives that would red-flag legitimate potential customers, and it helps financial institutions optimize the mobile channel for customer acquisition, according to James B. DeBello, Mitek president and CEO.
If you’re providing a financial product, you want to know consumers are who they say they are, explains Sarah Clark, Mitek vice president of product. Photo Verify could be used for a number of scenarios where a person’s identity needs to be authenticated, including approving a new prepaid card, credit card, traditional savings or checking account, or for insurance claims. Issuers also could use the technology to authenticate cardholders who want to provision a card to a mobile wallet. After a consumer enters his information and payment card details, he would take a photo of his driver’s license to prove his identity.
“One of the largest prepaid card providers came to us because it fills their identity verification need,” Clark tells Paybefore. Although she couldn’t name the client, she says Photo Verify will help the company acquire more cardholders via digital channels.
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