The new update comes with extra features, including all types of portrait verification. This provides an additional layer of assurance and helps detects forgery more efficiently.
Regula Document Reader SDK matches facial images in all the photos (primary, secondary, and “ghost”), no matter their location in the document, and detects any possible mismatches or manipulations that may indicate fraud.
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The ability is based on Regula’s ability to scrutinise over 12,500 identity document templates. Regula’s proprietary database is currently the largest in the world.
“There are two important rules that organisations looking for maximum security should follow”, said Ihar Kliashchou, chief technology officer at Regula. “First, the ‘Please provide a photo of your ID’ approach no longer works, as many images of fake IDs are often impeccable, and humans and even technologies may not be able to detect forgery from a static picture.
“Second, it is important to authenticate as many elements in a document as possible, ideally every single data field and security feature”, Kliashchou continued. “However, it is not enough to just verify them one by one. You should be able to cross-check everything and find possible mismatches and inconsistencies that may indicate that you’re dealing with a forged ID.”
Regula and the fight against ID fraud
Regula’s update comes following a rise in ID fraud. According to a survey conducted by Regula, 49% of organisations around the world had to deal with fake or modified physical identity documents in 2022.
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By GlobalDataBecause of that, 80% of financial institutions (FI) saw a surge in verifying work-related foreign documents.
In addition, almost half of them (44%) are facing a 25% rise in volume over the last year. Because of that, 62% of businesses now resort to time-consuming manual verification processes as more individuals embrace remote work and the freedom to work from anywhere.
The research was initiated by Regula and conducted by Sapio Research in December 2022 and January 2023 using an online survey of 1,069 Fraud Detection/Prevention decision-makers including from the finance sector. The respondents came from Australia, France, Germany, Mexico, Turkey, the UAE, the UK, and the USA.
