GBG and InnoValor partner to tackle COVID digital fraud surge

GBG is working with with Near-Field Communication (NFC) technology provider InnoValor, to implement its ReadID technology into GBG’s identity verification and fraud prevention tools.

According to a recent PWC report highlighting the severity of the rise in fraud during the pandemic, nearly half of those surveyed (47%) said they’ve encountered fraud in the last two years. GBG’s own research also found that in 2020 alone, 1 in 5 consumers had been victims of identity fraud, a figure which is only set to rise as our reliance on the digital economy and digital-led businesses continues to grow. The company’s State of Digital Identity Report found that 59% of people opened some kind of new online account in 2020, ultimately leaving consumers more exposed than ever. Companies need to ensure they have the best data, technology, and people in place to protect users, prevent fraud, and verify accounts.

GBG’s IDScan technology allows users to onboard quickly, verify an individual in 5 seconds or less, and uses the latest InnoValor technology – ReadID – to validate, extract data and inspect documents direct from smartphones for 100% accurate results, 100% of the time (when compared to open source tools and data).

InnoValor’s ReadID technology provides secure identity verification across document types, including ePassports, ID document, and residence permits using NFC, verify an individual’s identity in seconds. GBG’s decision to partner with InnoValor over open-source options stems from their ability to provide additional protection measures against cloning of the NFC chip, resulting in a greater level of risk mitigation, when compared to other solutions.

Gus Tomlinson, General Manager at GBG, said: “Identity is becoming increasingly complex, and as more people make the move to digitally led lives, establishing digital trust and navigating fraud prevention, without interrupting the user experience online, is going to be increasingly difficult. That’s why we’re so thrilled to be working with such strong partners within the industry – InnoValor understands the balance required to keep people safe while giving them the best experience possible. As we move through 2021 and things continue to move to digitally-led, we feel confident we can keep up with the pace of consumers with them onboard.”

The partnership with GBG brings the smartest solution for identity verification into the market,” according to Maarten Wegdam, CEO of InnoValor-ReadID. “NFC first is the best way to combine security and optimal user experience. InnoValor is the most experience provider of NFC based identity verification.  In combination with GBG’s IDScan technology it brings a world-class solution to the market.”

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