Wednesday, July 21, 2021

Electronic KYC in ESG

Investors are increasingly applying Environmental, Social, and Corporate Governance (ESG) data – the non-financial metrics, as part of their analysis process to identify material risk and growth opportunities. Vincent Triesschijn, Director of Sustainable Investing at ABN AMRO, highlighted the significance and growth potential of ESG driven investing in an interview: “We’re seeing that investing according to ESG criteria is becoming more and more popular. Worldwide, sustainable investments have reached record amounts. ABN AMRO is currently managing 20 billion euros’ worth of client assets in sustainable investments, of which 1 billion euros in impact investments. We’re incredibly proud that the new Impact Equity Fund has already raised 200 million euros.” 

Sustainable investing has grown in popularity thanks to a shift in investing methodology preference driven by the millennial generation. The earliest batch of millennials (born in early 1980s) are already in their late 30s by now – the prime investing years. This investment discipline shift will gradually influence all other generations when the interest is becoming mainstream. Sustainable funds are growing, with the total asset size globally just shy of US$2 trillion. The bulk of these funds are in Europe (US$1.63 trillion).

Even the banks and financial institutions, are increasingly allocating a higher weightage to sustainability metrics as part of financial loan approval.

Image by Gerd Altmann from Pixabay
Image by Gerd Altmann from Pixabay

eKYC for Positive Environmental Impact

Microsoft set a bold goal and detailed plan to be carbon negative by 2030, and even to remove historical carbon emissions by 2050. 

Even in current times when physical movement is facing disruptions, many businesses are still primarily relying on physical customer servicing touchpoints in business and sales operations. This is a significant source of carbon footprints. Based on a survey done by Michael Page, the average commuting time between home and work, in Kuala Lumpur, is 44 minutes. Deriving inspiration from research done by NRDC, 1 minute on the road and assuming at ideal traffic (55mph), average carbon dioxide emissions is 291 grams/minute/car. In Kuala Lumpur alone, even if we are assuming a very low traffic volume of 100,000 cars on the road each day, the carbon dioxide emissions would reach 1,280 tonnes per day! Using the same analogy, you can derive the carbon footprints produced by your business, for all the branches nationwide, contributed by your staff and customers each day.

Outdoor air pollution was estimated to have caused 4.2 million premature deaths worldwide in 2016, and the highest concentrations of air pollution are in Asia.

Wednesday, July 14, 2021

Post Pandemic World: The Utilisation of Facial Biometrics in The Travel Industry

The recent pandemic is already transforming the way we travel and is showing to be an evolutionary catalyst for numerous sectors. Multiple touchpoints that formerly resulted in long queues of passengers are being phased out in favor of touch-less and self-service options. 

Restoring Confidence in Air Travel

Airlines and airports throughout the world are deploying technology that allows passengers to check-in using facial recognition, allowing them to pass through many touchpoints in the airport without having to touch anything. Instead of transferring documents back and forth, passengers can use self-service biometric verification to assist in baggage check-in, security check-point clearance, business lounge access, and boarding.

Photo by Anna Shvets from Pexels
Photo by Anna Shvets from Pexels

Face recognition is natural and crosses language barriers; most people know how to capture a selfie, so looking at a screen for a snapshot is easily accomplished. The pair of selfie photo and ID photo are compared by algorithm, and a match/no-match is concluded, following by the display of a red or green indicator light — a universal indication for a person to stop or go. 

To further promote touch-less consumer experience and safeguard personal data privacy, biometric authentication technology can be embraced at travel retail point-of-sales, and for in-flight purchases. Detection of elevated body temperature (EBT), auto-recognition of passenger’s flight number at duty free retailers without unnecessarily revealing travel document identification details, and not forgetting – the cashless payment. Spearheaded by market demand, face recognition algorithm has also been developed to a maturity that reliably recognises a face even when a mask is worn. Integration of various major technologies into a smooth process is the key to success. A new world means that contactless customer onboarding in every step of travel is now the new norm.

Sunday, July 11, 2021

Being Able to Give is a Blessing

Thanks to Ken Chia the Councillor of Subang Jaya City Council (MBSJ) Zone 1 and his team, for providing assistance to help Innov8tif reach out to needy community affected by pandemic lockdown.

“In times like this, people just need a little help to get through it. Our grocery vouchers are aimed to be distributed to communities who suffer an income loss. We are blessed that Innov8tif team members are all healthy and the company is still able to operate its services. Let's do our part together, and help each other during challenging times,” says George Lee CEO of Innov8tif.

A total of 200 families each received a food and grocery voucher sponsored by Innov8tif, distributed from three different locations in Subang Jaya SS13 and SS19. May these individuals and families be given the strength to ride through challenging time.

Saturday, July 3, 2021

Post-Pandemic Boom: Tapping the “Conserved” Consumer Spending via Digital Services

According to global economists, such as Jan Hatzius, Goldman’s chief economist, the post-pandemic recovery will see a very high growth rate. Subsequently triggers game-changing events with far and long-term change in digital landscape, especially in digital/cyber security. 

During the pandemic lock-down, a huge lifestyle strain falls onto every citizen around the world, forcing a slew of adjustments in how we live and work. However, as the outbreak has progressed, such strain has gradually turned into a new behaviour bias more towards digital lifestyle. The most lasting consequence may be invisible: the marking of individuals coming of age during the pandemic era, similar to how the Great Depression and World War II marked their generations, with wide but difficult-to-predict impacts that may affect society for decades to come.

Over the past year, the one thing we have learned about COVID-19 is that for every two strides forward, there will be one step back, sometimes two, and occasionally three. Here are some developments, challenges and predictions that might be seen on the digital, business and commercial fronts in the coming years.

Seasoned Digital Behaviour + Spending Power Surge = Fast Tracking Recovery

Digital Behaviour: During the lockdown and social distancing period, entire populations relied on online methods to replace offline necessities. Now, digital behaviors have surfaced to the top of everyday life, and as people become more familiar and comfortable with the accessibility and convenience of doing things online - whether it be shopping, paying bills or signing up for new services. The digital behaviors built during the pandemic will hold and sustain as a new way moving forward.

Monday, June 28, 2021

Innov8tif Granted Patent for AI Technology to Verify Authenticity of a Malaysian Identity Document

The patent (patent no. MY-184165-A) is granted to Innov8tif by Intellectual Property Corporation of Malaysia (MyIPO).

Kuala Lumpur, Malaysia, 28 June 2021 — MyIPO has granted Innov8tif Solutions Sdn. Bhd. (Innov8tif) a patent for its method of verifying the authenticity of a Malaysian identity document using computer vision algorithm known as microprint detection technique.

Microprint is a security feature found in Malaysian identity card (IC), various government issued identity documents around the world, and banknotes. Microprint detection technique is a key feature in Innov8tif’s EMAS OkayDoc product – part of the company’s EMAS eKYC suite, to effectively determine if an image of identity document was captured from genuine IC or a colour-printed copy. This is achieved by analysing the quality of microprint extracted from a document image; there are subtle differences between an original pattern versus a copy. 

This patented technology has already been successfully commercialised to support online and automated verification of customer’s identity for account registration and product application use cases ranging from telecommunication industry to FinTech, InsurTech, WealthTech, PropTech and LawTech. Identity proofing is part of customer due diligence requirements in regulations surrounding KYC (know-your-customer) compliance. In 2020, Innov8tif supported 3.5 million online identity verification transactions.

“There isn’t just one algorithm for document authentication. In fact, Innov8tif has more than ten methods to complete the document authentication process of an identity document. Microprint authentication is one of them, and as we have discovered a unique method to accomplish the automation of this work for ‘physical-document-not-present’ scenario, there was a motivation for us to protect our intellectual property rights through filing of such invention for patent grant application,” said Tiensoon Law, Innov8tif’s Chief Operating Officer.

“The patented microprint detection algorithm helps in mitigating non-conformance of document, especially the colour copy. This milestone proofs Innov8tif’s long-term commitment in the development of digital identity verification business, and it is an assurance to our customers that Innov8tif is the rightful intellectual property owner of such technology.”

Accelerated by evolving customer interfacing landscape to digital touch point and low-touch channel, EMAS eKYC innovations have benefited from the timely market demand. Innov8tif continues its regional expansion activities by sharing its domain-specific experience with innovative businesses riding on transformative business models and delivery channels.

Innov8tif EMAS OkayDoc document authentication

About Innov8tif Solutions Sdn. Bhd.

Innov8tif (pronounced "innovative") is an ISO 27001:2013 certified AI company helping businesses to widen sales funnel, speed-up processes without paper and prevent frauds. Innov8tif's EMAS eKYC product enables businesses with digital ID verification capability to support online customer onboarding process and identity fraud management. In 2019, EMAS eKYC was accorded one of the two Merit awards for B2B Fintech category at International APICTA (Asia Pacific ICT Alliance) Awards among 16 participating economies.


Media Relations –

Thursday, June 24, 2021

Tuesday, June 22, 2021

6 Ways AI is Fighting Back against Identity Theft and Fraud

Image source: Adobe Stock

Identity theft is still a serious issue today. Admittedly, the rise of contemporary technology and the myriad advancements it has brought to the table have probably made the situation much worse as thieves no longer require physical access to your data to commit fraud. They can often do a lot of damage by jeopardizing your identity and working from afar, and they can accomplish most of it without even speaking to you.

However, technology has been employed to tackle this problem, and we are witnessing some significant successful improvements in this area, particularly from credit card firms and other market players. Artificial Intelligence has been at the forefront of some of the most significant recent events, and anybody concerned about their security should keep an eye on that field. Those working in the financial sector in any capacity, of course, have an even greater motivation to take note of how things function.

AI has shown to be an excellent tool for assisting human operators in this regard and ensuring that their jobs are completed correctly and according to all requirements. It may even be able to completely replace the task of a human operator in some cases, but this is still a work in progress. 

Here are a few ways AI helps to reinforce measures against identity theft:

1. Decrease False Acceptance 

If your fraud detection tools are not sensitive enough, you risk turning away legitimate clients. This is the basis behind false rejection. Installing a system that provides focused and relevant monitoring is critical. Since criminal tactics are constantly changing, security systems must adapt as well. This allows you to stay one step ahead of the bad guys.

False rejection, which essentially describes results wrongly indicating certain conditions or attributes to be present within a system, have plagued various tech-related industries for some time now. Financial institutions and e-commerce platforms often experience transactions being wrongly flagged as suspicious or legitimate consumers being incorrectly identified as suspicious parties. On the other hand, false acceptance also mean that fraudsters get past security measures and cause damage. The key is in the intelligence of the technology applied to accurately identify and distinguish legitimate users or cyber criminals.

Rule-based fraud detection is not enough, which is why machine learning has pushed the effectiveness of reducing false positives. Machine learning relies on intricate mathematical models from base data and algorithms to make precise predictions, as opposed to being programmed to perform specific tasks. There's flexibility involved, where systems learn from data instead of carrying out mindless commands. This technology can be used to identify fraudulent and legitimate behaviour.  

2. To Stop Account Opening Fraud

Considering account opening fraud is frequently linked to data breaches at other banks or FinTechs, banks that do not quite have the necessary data to distinguish fraudulent consumers can make it difficult to distinguish the situation. As most of the data are recorded in the traditional way (mostly on paper), this is where AI and machine learning can help. Banks may utilize machine learning and Artificial Intelligence to better evaluate and understand client behaviour, giving them a more complete picture of how legitimate consumers behave. This strategy depends on algorithms to identify users based on accessible data, and the amount and type of data that financial institutions may collect for fraud prevention are important to the effectiveness of these systems.