Rhys David, CEO of Credas, explains how technology can improve accuracy and prevent identity fraud.
Name of product | Credas
Price | Identity checks start at £1 with a purchase of 1,000 credits
Target | Credas’ technology works in a range of sectors, including recruitment, and mortgage and finance provision
Challenge | Our team conducted market research with estate agents and found that it takes, on average, four business days a month to complete anti-money laundering checks, with one of the main barriers to completion being cited as getting hold of clients.
We saw the need for a platform that will save businesses across a range of sectors time and money by speeding up verification, improving the accuracy of identity checks and ultimately preventing fraud.Solution | The first of its kind in the UK, we have developed a suite of products and services designed to cut the time and cost it takes to verify more than 4,000 types of identification. We provide an easy and secure way to match ID photos with the actual person instantly using a mobile enabled portal, ensuring that the verification process can happen swiftly, safely and at any time convenient to the client and user.
The Credas verification process takes place in real time and consists of three simple steps – a selfie, a picture of the photo ID and a liveness test. Our system does the rest of the work, with facial recognition and ID authentication algorithms working in the background, providing a facial recognition accuracy rate of 97.7%.
A client or customer can simply download the Credas app, take a selfie and picture of their ID followed by a quick liveness test. This ensures that the person is present when the photo is being taken, verifying the user and that the ID document is government issued and legal.
Credas’s NFC chip reading technology has the ability to read biometric data which ensures further accuracy.
All data is stored in a secure cloud environment, meaning that a business can be confident knowing its data is held in a robust and highly secure environment.
Outcomes | The Credas platform allows people to verify their identity in their own time. Businesses no longer have to meet every client in person to check documents, saving a potential four business days each month.
The technology also enhances back office efficiencies for companies. We provide a leaner process that is safer and reduces risk, both for businesses and individuals who are providing essential ID documents.
It’s becoming increasingly important to be able to prove your identity in a fast and simple way, and we are working hard to address that challenge across a mass market, from signing a tenancy lease to registering for a job, and we are already working in the crypto-currency markets to improve registration checks.