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.

Contact

Media Relations – marketing@innov8tif.com

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.