Statistics show that roughly 4.4 billion people worldwide use the internet. Additionally, approximately 80 percent of Americans shop online, according to information from Pew Research. While this has increased our ability to stay connected and access information, it’s also paved the way for issues such as money laundering, terrorist activity, and the sale of drugs and other illegal goods on the “Dark Web.”
The increase of internet commerce has also posed a problem for those who must meet KYC regulations. How can a company in China verify that a person in Washington, D.C. is legitimate? The barcode and ID scanners of years past are efficient on a local level but have quickly become outdated on a global scale.
Fortunately, however, new technology makes it easier than ever before for companies to read barcodes from ID images. No longer must companies have the physical documentation present in their hands to scan the barcode. This new technology is going to rapidly change the way we verify users online and onboard mobile customers.
AU10Tix Introduces New Barcode Reading Technology
At AU10Tix, we continually strive to provide our customers with the technology needed to keep them safe and allow them to meet KYC regulations. We recently introduced the only 2nd generation, fully-operational barcode scanning technology available on the market today. There are a few things that make this technology unique.
First and foremost, the physical document does not need to be present to scan the barcode. Users can take a picture of the barcode and send it to the individual requesting the information. That individual can then verify the identification instantly.
The other unique thing about this new technology is that it does not require any manual labor. The person requesting the barcode does not need to handle the identification. When the user sends a photo of the barcode, an algorithm will process the document, scan the barcode, and provide the person requesting the information with verification nearly instantly. Furthermore, there are a couple of other features that help this technology stand out:
• Forensic-level forgery prevention
• Up to 300% higher conversion rates of borderline quality images
• Data-rich reports
• Counterfeiting and collateral risk forensics
Barcode Technology Complete With Face Matching
Fake identifications and passports are a tremendous problem when it comes to ID verification. Our solution considers this, as we’ve also built face matching into our new solution. This allows someone to take a picture and submit it with the image of their barcode. Our system includes deep-convolution biometric face matching technology. Upon scanning the barcode, we’ll make sure that the identities of the two individuals match.
Our managing director Ron Atzmon said, “Anyone operating in markets where ID documents have barcodes on them understands the importance of this immediately. Barcode reading off ID documents is a basic requirement in markets where this feature is part of ID layouts. It is easy to do at the “front end” where you have an app or SDK that acts as a barcode reader. But it’s a whole different story when the quality of the image capturing is not optimal…”
Atzmon continued to say that this technology can help those who have historical images on file and need remediation. He stated that the technology should not only provide higher barcode reading success rates but that it will also make SDKs and apps much lighter. This should make it much easier on the customer, as it will require fewer system resources.
Our VP of Marketing, Ofer Friedman, said that this would not only make the platform lighter on the front end, but it will make it smarter on the back end as well. He stated that this combination is, “a powerful proposition for any service that requires AML/KYC via online and mobile channels. We have tested the new algorithms against leading front-end solutions that capture barcodes on the device side with amazingly similar results.”
Who Could Benefit From The New Technology?
There are thousands of opportunities for companies to benefit from this new technology. For instance, European regulators recently passed the Fifth Anti-Money Laundering Directive, which established strict guidelines about KYC remediation and how long companies are allowed to hold onto the data of their users. Our barcode scanning technology will enable companies to meet these regulations, thanks to instant confirmation.
Any other company who needs to verify identities could benefit from this technology. Consider, for example, a company who hires remote workers. Typically, they would ask the new employee to scan their ID. They would then have to manually enter the requested information into a search engine that allowed them to confirm the ID.
Now, however, the new employee could upload a picture of the barcode on their government-issued ID. This allows the employer to verify the employee much more quickly, simplifying the onboarding process.