The Contemporary Business of E-Identity: Q&A with Russell King, Founder and CEO, Paycasso
As more of our lives transition to the ‘virtual,’ secure, simple and digital authentication is at the forefront. Questions linger. How do we know that the person we are speaking with is in fact who they claim they are – or – which transactions actually belong to us?
According to research by Cybersecurity Ventures: “As it is predicted that by 2021, cyber crime damages will cost the world roughly $6 trillion annually, it appears the state of identity has never been more important, conversely made more complicated, given the recent indoctrination of cryptocurrencies in to everyday life.”
Many emerging markets have, of course, largely leapfrogged the west in telecommunications development, in part out of necessity and accordingly, have dealt with fraud on a daily basis. With cellphone penetration rivalling developed nations, most conduct business online, using their smartphones. As such, novel new technologies needed to be developed to ascertain identity in the mobile internet arena.
Of course, the primary concern for mobile banking globally, is in ensuring security behind the platform. Paycasso is one such enterprise that is deploying client solutions that address key challenges in verifying identity, in part, by using novel facial recognition technologies.
The effective implementation of new technology such as facial recognition relies at least partially on user competence. According to Paycasso Founder and CEO Russell King, with a long established background in healthcare services, internet and financial regulatory regimes both domestically in the US and across EMEA and APAC (notably understanding the prevalence of fraud in such critical spaces), if a ‘teller’ can be trained to guide customers with an issue, so too can an online system (such as machine learning or ‘AI’) likewise be robust enough to engage users with even a basic technological literacy. Simplicity and elegance serve to shield the customer from the complicated workings that happen behind the scenes to keep their data secure.
The overarching mobile banking system would fall apart without an accurate methodology of ascertaining that users are, in fact, the customers they claim to be – As such, complex security measures must be put in place to confirm one’s ‘e-identity.’ Of course, these systems need to be easy enough to utilise that organisations would go through the trouble of enacting them in the first place – a very difficult balance to achieve. Comparatively, making a vault entirely inaccessible is easy; it’s making that vault secure to deter intruders yet easily accessible to authorized personnel that is the challenge.
Part of the benefit of smartphone proliferation is easy access to a camera and the web. Facial recognition technology, advancing by leaps and bounds in recent years, has allowed one to quickly and efficiently use a ‘scan’ of a person’s face in combination with their Government issued photo ID as part of a set of data points that collectively define a level of risk associated with the client’s identity in a given transaction.
This facial scan process falls within Paycasso’s ‘VeriSure’ and ‘InstaSure’ products, which themselves are part of a larger portfolio working together with ‘DocuSure’ and ‘IdentiSure’ to (in branded fashion) offer a holistic approach to organisations financial crime operating models.The DocuSecure process safely ingests and processes a customer’s government issued Photo ID. This ID is then run through a series of checks to ensure its validity.
VeriSure ties the two systems together and removes the need for human verification of identity entirely – ergo no teller – the system matches the ID photo to the facial scan and incorporates the ID verification processes of DocuSure. This combines for an entirely consistent and automated system that simply removes the issues of human judgement, ensuring the same verification standards.
By providing transparency and efficiency, Paycasso is one such e-identity champion offering comprehensive solutions to the pressing questions behind the future of commerce and authenticity. Mobile customers are their growing market and financial institutions (as but examples) need infrastructures such as theirs to better assess and service this segment of globalising demand.