Thursday, May 6, 2021

Innov8tif Launched New Applications on Joget Marketplace using EMAS™ eKYC to Offer AI-based Identity Verification

Kuala Lumpur, Malaysia 6 May 2021 - Innov8tif Solutions Sdn. Bhd. (“Innov8tif”) has launched new applications on the Joget Marketplace to offer real-time and automated identity verification capabilities on Joget low-code/no-code ecosystem.

Operated by Joget, Inc., the Joget Marketplace enables customers, partners and third-party innovators to easily leverage new applications, plugins and solutions to address their digital transformation needs. The two new applications published by Innov8tif are EMAS™ eKYC and EMAS™ OkayFace Approval. 

EMAS™ eKYC is an application that demonstrates customer registration use cases using face biometric authentication technology to strengthen the identity assurance aspect of a customer onboarding process. The identity document text recognition and facial biometric verification features are embracing the extensibility aspect of Joget’s plugin architecture, and these tools are designed to work in any process built on Joget platform, to support e-KYC (electronic know-your-customer).

EMAS™ OkayFace Approval enhances approval workflow with facial biometric authentication capability to strengthen data control and achieve the nonrepudiation criteria required in a stringent approval process.

With the launch of these two applications on Joget Marketplace, Innov8tif aims to help businesses and Joget’s partnership network in reducing the time of go-to-market for identity verification related use cases.

“In the current landscape where a low-touch economy thrives and is expected to remain relevant in the long term, Innov8tif has been empowering many e-KYC processes with its suite of AI-based EMAS™ eKYC ID verification APIs to enable 24x7 and real-time customer onboarding under the purview of stringent regulatory requirements. Maturity in deep learning technology advancement has helped the RegTech industry to propel machine-assisted identity fraud management and customer due-diligence,” said George Lee, Chief Executive Officer of Innov8tif. 

George added that Joget plays a pivotal role in the decade-long journey of Innov8tif providing digitalization solutions in Southeast Asia. It is now timelier than ever for Innov8tif to further strengthen the partnership model with Joget, Inc. and Joget’s global partners through cross-technology collaboration.

“Joget Marketplace provides a wide range of enterprise applications for users to download or use as a template and customize to suit their business needs. This ranges from healthcare apps for contact tracing to educational apps for training evaluation and workflow management apps for a remote workforce. We are delighted to work with partners like Innov8tif to showcase their expertise in the digital identity space,” said Raveesh Dewan, Chief Executive Office of Joget, Inc. “We see the Joget Marketplace as the solution marketplace for our customers. Our goal is to bring forward not just the power of our platform but also the power of our community so that our customers can easily discover ready-made, configurable solutions.”  

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About Joget, Inc.
Joget, Inc is the developer of the Joget open source no-code/low-code application platform. Joget empowers business users, non-coders or coders to create enterprise applications across industries and countries. With more than 200,000 downloads, 3,000 installations and 12,000 community users worldwide across various industries (including finance, manufacturing, IT, and more), Joget is a proven platform for a wide spectrum of organizations ranging from Fortune 500 companies to government agencies and small businesses.

Tuesday, May 4, 2021

The Rise of ekyc Trends among Non-Financial Digital Companies

Image source: Pexels


According to a study by McKinsey’s recent report, allowing eKYC could save businesses up to 90% on customer onboarding costs. Based on the same report, digital identity could enable 1.7 billion people who are currently unbanked to access financial services. Government agencies, especially the regulator, are being urged to release eKYC guidelines for the wider financial services sector as Malaysia's population becomes more digital and eKYC technology becomes more accessible.

Given these factors, as well as the fact that Malaysia will be issuing digital banking licenses soon, eKYC regulation for the entire industry is unavoidable and necessary. It is important to remember that Malaysia would not have to look far for resources; many countries have already implemented digital IDs and eKYC. It will be more cost-effective and time-efficient to learn from them. Meanwhile, a leading Malaysian telecommunications company's Vertical Director for Banking, Financial Services, and Insurance acknowledged that Digital ID has numerous business benefits. For example, by reducing interactions to over-the-counter transactions, increasing efficiency, and allowing smooth and digitally-driven experiences for consumers, the technology can save time and money. Essentially, the digital automation of customer onboarding is a step into the future most, if not all companies have to take.

Experts agree that eKYC would become a critical process for banks to perform faster customer onboarding than the conventional over-the-counter method.

However, handling digital ID fraud is a major concern. As a result, regulator and authority's guidance on eKYC implementation guidelines with information security requirements are making it easier for the BFSI industry to execute this initiative successfully. Now that eKYC has made its way towards the BFSI industry, the trend also rises among non-financial digital companies. 


Property Technology (PropTech)

The rise of Property Technology, often referred to as PropTech across the globe represents the combined result of the real-estate, Internet-of-Things (IoT), finance and technological industries. Innov8tif started serving the PropTech industry for the first time since 2020. Prior to this, Innov8tif’s services and solutions were not needed by the industry as process digitalisation solutions were not mandatory for their continued operation. But now, PropTech players needed a method to sign property contracts virtually. 

PropTech players are attempting to remain sustainable while also preparing for what lies ahead in the post-Covid-19 setting. Some behaviours and programs, such as self-service registration fortunately will continue, as people would choose not to meet in person if anything can be done online.

Use cases related to the online signing of business-to-business (B2B) or business-to-consumer (B2C) agreements are examples of emerging areas where eKYC can see a lot of adoption. A tenancy agreement led by a property technology (proptech) firm, a service subscription agreement signed by a customer and a service provider, or a business transaction agreement (ie a lending facility) signed by two business entities could all be examples.


InsurTech

Insurance Technology, or InsurTech refers to the use of technology innovation with the purpose to reduce costs and create efficiency from the current traditional insurance industry practices. Now, InsurTech is an ecosystem that brings together adjacent industries to provide an improved service of greater value to insurers and their customers. 

Boost, Malaysia’s e-wallet payment platform provider last year initiated Boost Protect microinsurance plan, to make it easier for a person to subscribe to lifestyle insurance. The microinsurance plan provides affordable, accessible, and on-demand protection that focuses on catering to the daily necessities of businesses and households for Malaysians. The insurance product is underwritten by Great Eastern Life. 

 

Mobile Devices

The KYC system uses advanced biometrics technology such as face recognition and optical character recognition, and it only requires a smartphone and an ID to complete the authentication process, making it simple for users. By simply looking at their phone, users can turn on their mobile devices, log in to an application, and verify an online payment transaction.

By removing paper-based procedures, eKYC will enhance the entire authentication process, lowering the cost and time spent on verification. Unbanked customers can use their smartphones to open new accounts, make deposits, apply for loans, and invest in financial products with online verification.

Consumers want the convenience of signing up through digital channels, and banks want to increase new account enrolment through quicker, cheaper, and less expensive digital channels, so many have switched to digital KYC.


Friday, April 30, 2021

Innov8tif Collaborates with Monash University Malaysia in R&D of Image Forgery Detection

AI-driven ID assurance company, Innov8tif Solution Sdn. Bhd. (Innov8tif) has commenced a collaborative research and development (R&D) initiative with Monash University Malaysia on AI for forgery detection of identity document image. This industry-university research partnership aligns with Innov8tif’s business activities in identity assurance, and it presents potential anti-fraud solutions to real-world digital business challenges.

From left: Calvin Yap (Innov8tif), George Lee (Innov8tif's CEO), A/Prof. Dr. Wong Kok Sheik (Monash University Malaysia), Dr Ian Tan (Monash University Malaysia)


This R&D partnership is pursued jointly between Innov8tif and Monash University Malaysia with a clear end-goal for research output commercialization. Using AI techniques comprising deep learning and image processing technologies, image forgery detection algorithm is expected to contribute to Innov8tif's ID assurance solution value-chain and create an impact in real-time digital business transactions while reducing frauds.   

This collaborative approach towards R&D with the pairing of an established global university and a local AI company allows for deep-tech research to be carried out with a focus on meeting the increasing market demand for AI-assisted automations. 

Innov8tif’s commitment in this industry-academia partnership is demonstrated with the reinvestment of the company's bottom line into an R&D fund to support a student’s two-year postgraduate degree programme.

“This research collaboration is a result of MDEC MyIndustry AI initiative. The topic of collaboration - forgery detection of identity document image, is particularly timely given the current practice of moving almost everything to the virtual space.”, said A/Prof. Dr. Wong Kok Sheik, lead research supervisor at Monash University Malaysia.

“The most fulfilling moment when running a business is the opportunity to improve our employee’s lives and achieve one’s aspirations. Through this R&D collaboration, we are taking progressive steps towards the vision of creating Innov8tif as a research-driven company, which can translate into scalable and competitive solutions for industry. We wish to form various collaboration models with universities to spur innovations while developing a pool of talents. It’s time to dream big and act now”, said George Lee, CEO of Innov8tif. 

Considering the company’s business nature and the researchers’ expertise in Monash University Malaysia, more projects can be further explored for mutual benefits as well as returning to the community.


About Monash University Malaysia

Established in 1998, Monash University Malaysia is the third-largest campus of Australia's largest university. As a self-accrediting institution of higher learning, it offers a distinctly international and culturally rich environment with approximately 8,900 students from 78 different countries and 900 staff from 34 countries. Monash University Malaysia obtained an Outstanding (6-Star) in the Malaysia Rating for University and University College Excellence (SETARA) 2020.



Friday, April 23, 2021

e-KYC Solutions for Banking may become Crucial Necessities. Here's why

The capability of businesses to onboard their customers through digital methods, easily, efficiently, and safely, is a critical component of fintech. The technology that has evolved to allow this is called e-KYC (electronic know-your-customer).



KYC is an old banking term that refers to knowing a customer's identity, financial activities, and potential risks, especially in areas like money laundering. e-KYC has become the standard in countries like China, thanks to the widespread use of mobile devices with high-quality cameras and scanners, as well as innovations like document authentication, facial recognition, and biometrics. In reality, a few technologically advanced banks in Thailand, the Philippines, and Indonesia have persuaded regulators in those countries to enable them to onboard new customers entirely digitally on a case-by-case basis.

Checkpoints in a bank require the gathering of legal documentation and records to verify a customer's identity. If the customer is deemed a "high risk," the bank will request additional information to establish a risk profiling assessment. Manual processes are time-consuming, prone to mistakes, and present specific challenges.


1. Instantaneous

The e-KYC service is fully automated and available online. This means that KYC data can be transferred in real-time without any manual intervention. The paper-based KYC process can take days or weeks to complete, while the e-KYC process only takes a few minutes to complete. Besides that, e-KYC technology can also provide 24/7 business support. 


2. Reduced failed client acquisition and acquiring new customers

Today's banks are under pressure to raise their acquisition rates, and the digital onboarding process is critical to attracting new customers and maintaining customer engagement. According to The Digital Banking Report (2017), 43% of those who are dissatisfied with the process of opening a new account say they will be able to switch banks because they have to enter information more than once, particularly when moving from one channel to another, it is not near real-time, and the accuracy is poor.

As a result, e-KYC is one of the best solutions for overcoming the limitations mentioned above. It makes a bank's customer onboarding a one-of-a-kind experience, regardless of how many platforms they use or when they use them. Guaranteed information is modified and synchronized through networks to give consumers peace of mind that the data they have access to is still up to date.


3. Digital onboarding reduces fraud 

The truth is that banks have always had to deal with revenue loss as a result of fraudulent activities. They are currently confronted with enormous challenges in effectively combating systemic digital fraud, especially when working with the remnants of old legacy systems. Digital onboarding process has arisen to take advantage of the mechanism as banking transactions have moved to more digital and mobile platforms. As technology progresses, banks will have access to more tools to help them combat fraud, such as e-KYC in the automated onboarding phase for banks.

Rather than just authenticating users when they log into an account, systems now actively track accounts to ensure that they are not behaving abnormally. A scoring system that "checks how certain it is that the account owner is also the one using the computer" is one way to think about how continuous authentication could work. OCR, facial recognition, liveness detection, and fraud detection are examples of these technologies. This method aids banks in increasing device security and reducing fraud during the digital onboarding phase.

Friday, April 9, 2021

Innov8tif's OkayDoc Named as Top Winner for Huawei Spark Malaysia's Tech Competition

This press release was published on 8th Apr 2021 on Huawei.

[Kuala Lumpur, Malaysia, 8 APRIL 2021] Innov8tif emerged the winner for its OkayDoc platform today in Huawei Technologies (Malaysia) Sdn Bhd’s Huawei Spark competition, with DoctorOnCall placing second and MHub coming in third.

OkayDoc is a set of computer vision algorithm that automates ID authentication and prevents fraud in e-KYC (electronic know your customer) through visual zone inspections, security feature detection and content tampering checks.

DoctorOnCall delivers healthcare services like online doctors, specialists, pharmacists, screenings and vaccines directly to users. They have Artificial Intelligence (AI) doctors and 5G Internet of Things (IoT) Pods that aim to improve healthcare for at least 700 million people in Southeast Asia.

MHUB is the leading end-to-end property sales transaction platform that speeds up and simplifies the property sales cycle by connecting developers, agents, banks, lawyers and buyers.

Source: Huawei.com

The companies were among the 10 finalists shortlisted from more than 140 entries in the Huawei Spark competition.

The competition is part of the Huawei Spark programme, which aims to incubate and accelerate company growth and build an ecosystem for businesses in the Asia Pacific (APAC) region.

Huawei Spark is held in collaboration with the Malaysia Digital Economy Corporation (MDEC), TusStar (Malaysia) as incubator partner, and powered by TM ONE – the enterprise and public sector business solutions arm of Telekom Malaysia Berhad (TM) – through its α Edge (pronounced as Alpha Edge) Cloud platform.

The 10 companies that made it to the top were:

  1. BookDoc
  2. Boss Boleh
  3. DoctorOnCall
  4. Fuhla
  5. Innov8tif
  6. Mhub
  7. MSA - Mobile Sharing Assistant
  8. OrangeFIN Asia
  9. Orpheus Capital
  10. SmartPeep

A five member panel of judges comprising representatives from MDEC, TM ONE, TusStar and Huawei decided on the winners after a pitching session by the finalists.

Launched virtually in Malaysia in November last year, the Huawei Spark programme is a hybrid accelerator programme to support deep tech companies in Asia Pacific , with a focus on firms that use 5G, Artificial Intelligence (AI) / Machine Learning & Analytics, Internet of Things (IoT), Edge Computing and Software as a Service (SaaS) applications, leveraging Huawei’s technological and innovation leadership.

Click here to continue reading the full press release.

Friday, April 2, 2021

Digital Fraud Tactics that may be on the Rise in 2021

Image source: Pexels.com


Because of the rapid rise in digital use, fraudsters can rapidly find new ways to steal money, taking advantage of customers' lack of experience with digital platforms and many businesses' resource constraints. The Federal Trade Commission estimated that between January 2020 and early January 2021, consumers filed over 275,000 complaints, leading to more than $210 million in losses related to COVID-19. As a result, companies must predict new fraud strategies to avoid damages and protect consumers from issues such as identity theft through new technologies such as biometric security.

Few could have expected the issues of 2020. As lockdown measures restricted conventional modes of business, the COVID-19 pandemic ushered in a time of rampant digitization to allow remote processes and ensure business continuity. This change exacerbated trends that were already in motion to a large extent. Much remains elusive when we look forward to 2021 and the post-COVID market world. Here are some prominent security, technology, and industry-related issues that are expected for the coming year. Understanding these could help people who work in financial institutions and banks better prepare for cybersecurity threats and concerns in 2021.

There are five fraud risks that companies should be aware of this year to help them prepare for fraudulent activity in 2021.


1. Biometric identity fraud

With biometric technology, many effective software and mobile applications across a variety of industries can be found. Unfortunately, such budding technological advancements are not excluded when it comes to threats from cybercrime. Fraudsters are now likely to utilize AI to break through traditional security solutions such as passwords, captcha features and even biometric authentication measures. There's even the possibility of the use of deepfake technology to bypass authentication to gain access to systems and personal information. Another example of rising fraud trends is the use of social media filters - those which can imitate or swap facial features to another person's likeness. These facial expression recreation algorithms are based on AI components, which is what makes the creation of real-time photorealistic avatars possible. Sometimes, voice capabilities are even present. The bad news is that hackers can use all of these great features to bypass most non-presential biometric authentication solutions.


2. Chaos caused by the global COVID-19 crisis 

Taking advantage of the volatile economic crisis, opportunistic hackers have engaged in even more fraudulent behaviour. Stealing stimulus checks and unemployment insurance, collecting compensation for dubious COVID-19 treatments, duping victims into contributing to fictitious charities, and other schemes are among the strategies used. In the first half of 2020, there were 1.1 billion fraud attacks, which is more than double the number of attacks in the second half of 2019. According to the Federal Trade Commission, COVID-19-related fraud has cost Americans $145 million. 


3. Expect frequent hacks of voice-capturing devices

In 2021, as more businesses and financial institutions use voice authentication, expect an increase in hacks of voice-capturing devices with microphones that record users' authentication information. If used by financial institutions, this information may be especially vulnerable to attacks because it could contain confidential information such as account numbers, social security numbers, or other personally identifiable information.


4.“Too Good to Be True” COVID solutions

Experian anticipates that fraudsters will continue to exploit nervous and vulnerable customers and businesses as vaccines are distributed and quick COVID-19 testing becomes more widely available. Everyone should be on the lookout for scammers who use the promise of at-home test kits, vaccinations, and treatments as a cover for sophisticated phishing, telemarketing fraud, and social engineering schemes.

Monday, March 22, 2021

Customer Case Study: redONE re-imagining mobile plan subscription experience with e-KYC powered customer self-service registration

Client: redONE Network Sdn Bhd
Project: redONE Online


Multi-channel e-KYC
3 months from canvas to deployment


redONE is the first postpaid Mobile Virtual Network Operator (MVNO) in Malaysia. redONE was established in 2012, and it achieved the milestone of 1 million postpaid subscribers in 2018. A large part of its success is attributed to the unique and hyper-local sales agent and advisor network. Innov8tif has been serving redONE as a technology partner since 2014, by enabling redONE’s sales agents with a paperless mobile sales platform. The entire process from customer identity verification to confirmation and activation of mobile plan subscription, is done over-the-air in real-time from the agent's mobile tablet.

When the COVID-19 pandemic outbreak hit Malaysia with a nationwide lockdown, many businesses were experiencing a big impact on business model continuity. redONE was not an exception as the value proposition of face-to-face agent-customer relationship was going through testing moments. Great products to offer, strong network of sales representatives, but the non-face-to-face customer ID verification was a missing puzzle. 

By implementing Innov8tif’s AI-based e-KYC (electronic know-your-customer) technology, it complements the offline-to-online strategy, offering a multi-channel and self-service customer registration experience. A simple gesture of QR code scanning is all it takes for a customer to be led to some guided steps, from capturing identity document image to verifying selfie photo. The entire subscription registration and activation process remains as paperless as it could be. 

“We have established a trusted relationship with Innov8tif over the years, starting from the days when Innov8tif helped us to digitise our sales channel. And now moving forward to new customer-facing channels when our business continues to grow and adapt to the evolving landscape, we know that Innov8tif always has our back,” Farid Yunus, Group CEO of redONE Network Sdn Bhd.


Why redONE chose Innov8tif:

Capability to support self-service e-KYC without mandatory mobile app installation
Compliance with regulator’s ID verification requirements
Win-win commercial model