Context
The ICO has updated its webpage dedicated to the ICO Regulatory Sandbox. The latest addition includes details of two innovations designed to help companies tackle financial crime.
Key points to note
Onfido Limited
- Onfido Limited has worked in the Sandbox to identify and mitigate bias present in the biometric identity verification technology it designed to enable its clients to prove that their customers are who they claim to be.
- For example, the technology is likely to be used by a financial institution to prove the identity of a customer who wants to open a bank account.
- The customer will be asked to provide a digital photo of their identity document and a selfie taken using a mobile phone or other device. Onfido will then analyse the images to:
- determine the likelihood that the identity document is genuine;
- confirm that the face in the selfie matches the face in the identity document;
- confirm that the selfie image does not display evidence of signs of fraud or facial spoofing.
- If the identity verification check is successful, the customer will be able continue with the rest of the process.
- Onfido’s work in the Sandbox ensures that its product is fair and inclusive for all users undergoing identity verifications.
Future Flow Research Inc
- Future Flow Research Inc provides an analytics platform which monitors the flow of funds in the financial system with the potential to combat financial crime.
- The platform enables financial institutions to contribute pseudonymised transactional data in bulk, enabling multiple financial institutions, Regulators and agencies to work together to detect and, ultimately, tackle electronic financial crime.
- This collaborative approach to fighting financial crime opens up the prospect of higher detection rates with lower false positives, while reducing the burden of scrutiny on each individual and business consumer.