Introducing NEC's
Fintech
Banks, investment organizations and other fintech providers deal with a complex set of problems every day.
Research has shown that fraud, phishing, and other hacks by bad actors have increased more than 50% just in the past year, causing excess costs and significantly increasing business risks. High-risk / high-value targets need a way to eliminate and manage these problems.
NEC's authentication solution tackles
and supports multiple use cases.
- Unparalleled Accuracy: Our facial recognition technology utilizes advanced algorithms and deep learning techniques, providing an accuracy rate that leads the industry. This ensures reliable identification and verification of individuals, significantly reducing the risk of unauthorized access. Seamless Integration: NEC's solution seamlessly integrates with existing systems
- Seamless Integration: NEC's solution seamlessly integrates with existing systems and infrastructure, making implementation efficient and hassle-free. Our team of experts will work closely with you to customize and configure the solution according to your institution's unique requirements.
- Enhanced User Experience: By replacing traditional authentication methods like PINs or passwords with facial biometrics, your customers can enjoy a frictionless and convenient experience. They can securely access their accounts and perform transactions with a simple scan, eliminating the need to remember multiple credentials.
- Compliance and Regulation: We understand the stringent regulatory environment in which financial institutions operate. NEC's facial biometric solution complies with industry regulations, such as GDPR and KYC requirements, ensuring data privacy and regulatory compliance.
Digital ID - Fintech
High-risk / high-value financial targets need a way to eliminate and manage fraud and authentication problems.
Data SheetDigital ID - Overview
Harnessing advanced facial recognition technology for reliable identity authentication and authorization.
BrochureSafeguard Your Business with Superior Biometrics
Application of Biometrics and Digital ID
Biometrics lets you build your base of users with confidence. Each account holder has one face, and the biometric formula derived from that face will be recognized if the user tries to open another account under a different email login name and email address.
Some states use the same technology to prevent identity fraud when evaluating new driver's licenses and social service benefits requests.
Award-winning NEC biometrics algorithms and the NEC platform are far more reliable than typical device-based systems, which can be circumvented. If a user loses their phone, re-establishing secure accounts on the new device is faster with NEC biometric verification.
How It Works
NEC's identity services integrate with your app, where the user sets up their Digital Token.
The user can use several fintech apps but has only one profile for each, based on the unique Digital Token.
Authenticating the biometric Digital Token stored on each user's phone with the encryption key on the NEC Digital Platform means they are protected even if your database is breached. Hackers can't make fraudulent transactions.
The Digital Token is stored on their phone, not your centralized server, so it cannot be stolen in a data breach.
Once a Digital Token is established via an app, the same unique Digital Token is used for all apps enabled by NEC identity services.
Use Cases and Benefits
- Banking Access User Verification: Banks can use biometric digital IDs for user authentication, ensuring secure access to accounts. The system verifies every login and transaction, mitigating fraud and bolstering regulatory compliance.
- Credit Card Theft Prevention: Credit card companies can use biometric IDs to authenticate transactions, effectively eliminating card theft, chargebacks, and fraudulent activities.
- Preventing Fraud in Money Transfers: Money transfer services can use biometric IDs to authenticate users and transactions, stopping fraudulent activities and chargebacks, thus improving user trust in their services.
- Securing Mobile Banking: By integrating biometric digital IDs into mobile apps, banks can provide a more secure, personalized banking experience. Users can access their accounts, make transactions, or apply for services securely from their devices.
- Loan Processing: Biometric digital IDs can be used to verify the identity of loan applicants, speeding up the loan approval process while reducing identity theft and application fraud.
- Know Your Customer (KYC) Compliance: Biometric digital IDs help banks accurately verify the identities of their customers, enhancing KYC processes and meeting regulatory requirements..
- Physical Access Control: Biometric IDs can be used to manage access to restricted areas within a bank or credit union, such as vaults or data centers, enhancing physical security.
- Customer Service Improvement: Banks can leverage biometric IDs in customer service channels to verify the identity of customers quickly and securely, providing a faster, seamless, and more personal service.
Why NEC Biometrics
NEC's biometrics algorithms are rated #1 for speed and accuracy by the National Institute of Standards and Technology. It leads the industry in verification across demographics and with nose and mouth covered by a face mask. Liveness detection to prevent spoofing is built into the NEC digital identification platform.
NEC maintains its standing as a pioneer and innovator in the biometrics and digital identity services space by continually investing in and improving its algorithm with a robust R&D budget.
