FRAUD & ID VERIFICATION
One company that models just how AWS leads in this area is Sun Finance. The Latvian fintech – which operates across Europe, Asia, Latin America and Africa – was once bogged down by a manual, labour-intensive identity verification( IDV) process that was ripe for human error.
To overcome this, it turned to AWS to automate their workflow. By implementing Amazon Rekognition, Sun Finance transformed a sluggish verification system into a near-instant experience. The system allows the company to compare a user’ s selfie against their government-issued ID with unparalleled efficiency.
“ We receive all requests within one second,” says Sergei Kiriasov, Sun Finance’ s Head of Risk Technology.“ For each client, we request around 15 Amazon Rekognition operations and they typically finish processing in five to 10 seconds.”
This means that the entire document verification process now caps at a maximum of 20 seconds – a level speed vital for financial inclusion. Thanks to the implementation of Amazon Rekognition, Sun Finance has seen its automatic approval rate reach 60 % in some markets, even when dealing with low-quality images from budget smartphones.
Providing multi-layered protection through the cloud But AWS doesn’ t stop at simple face matching. To combat sophisticated spoofing attempts – where bad actors
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What is Amazon Rekognition? – Amazon Web Services
use photos or masks to mimic a real person – AWS utilises Face Liveness, a feature that verifies that the user is a real, live human being in real-time.
AWS integrates Amazon Textract to bolster the IDV process. While Rekognition handles the visual‘ face’ data, Textract automatically extracts printed text, handwriting and data from scanned documents. It can accurately read text written vertically or at awkward angles, ensuring that diverse ID formats from more than 50 countries are processed without a hitch.
Resilience is core to a multi-cloud protection strategy for fintechs. So, by applying and operating AWS’ suite of identity and fraud tools, a private repository of face vectors can be built to detect duplicate or fraudulent account creation attempts across an entire ecosystem. AWS turns complex machine learning into plugand-play services, removing the barrier between a customer and their finances and ensuring that financial services can be more inclusive and inherently more secure.
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