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Hamilton Reserve Bank and OUTD explain the benefits of flawless and secure digital identity.
Hamilton Reserve Bank and authID at Banking Tech USA 2022 Awards
AuthID Biometric Identification and Multi-Level Verification Hamilton Reserve Bank (HRB) has helped to reduce the risk of identity fraud, reduce password risk and provide flawless banking practices trusted by HRB loyal customers.
A.D. Launched in 2021, HRB’s new digital Temanos banking platform is specifically designed to expand the global portfolio of high-value customers and provide improved security.
HRB uses AUthID’s multi-factor, cloud-based biometric verification technology to create a secure and seamless journey for customers, further enhancing the bank’s security and credibility. It also provides best practices in anti-money laundering (AML), KYC, and compliance with CFT and PSD2 regulations.
With the simplicity of photo identification and facial biometric ID, customers can create a credible ID that can be used anywhere when they bank with HRB. AuthID’s flagship solution, Verified, allows customers to avoid risky one-time passwords and knowledge-based queries and instead logged in using a “selfie” associated with their verified identity and verified important account transactions.
“AuthID Biometrics allows financial institutions such as HRB to accelerate customer transformation and secure overall customer travel. Jeremiah Mason, senior vice president of production for OTD.
HRB CFO Antonio Kenyatta says their new digital boarding process should be simple and recognizable to produce “Wow” results.
“As part of our bank’s digital transformation strategy, we have outlined the need for a new account. By creating a digital solution, we have streamlined the online customer application process for retail and business accounts, and reduced customer turnaround time, ”said Anthony Gajor, Vice President of Global Business Development.
The result is a satisfying and safe digital boarding experience for customers. The process is very short, and customers can use any mobile or desktop browser to quickly capture their identity and take selfies.
Selfie means biometrics strengthen the bank’s digital onboarding at the beginning of the customer’s journey. And AuthID’s Verified provides strong biometric identity verification when the remote account is opened, eliminating paper-driven account applications. Certified artificial intelligence (AI) uses anti-spoof validation and biometric matching of self-portraits with verified credentials.
authID boarding process
“Our boarding process is user-friendly and only takes minutes. But, importantly, we can now stop fraudulent accounts at the entrance,” Kenyatta said.
In fact, the bank used AUthID to track the risks and costs of passwords. FIDO2 now offers customers a seamless FIDO2 certified password to access their online banking portal. Using the AuthID patent-pending process, FIDO login is related to the biometric-verified identity of the board.
“Delivering strong customer authentication that combines what you are with‘ what you have ’creates a digital trust chain between users, their accounts and their devices,” says Mason.
With biometric, password-free verification, any “who” assumptions made by any transaction will be eliminated, which will create trust and confidence in the user authentication process. This allows banks and financial institutions to prevent fraudulent accounts and reduce losses.
“We now have strong defenses against phishing and phishing attacks that target our customers to provide their account details. We have also removed knowledge-based queries and one-time passcodes that are vulnerable to hacking. Biometrics also reduce the risk of documentation, account control, and friend fraud, ”said Anthony Gajor.
According to HRB, the risk of fraud has dropped by 23% and customer support desk costs by 67% after implementing the uthID-certified solution. In contrast to days or weeks, the bank has reduced the booking time for retail customers to just a few minutes, and corporate customers have averaged up to two days, weeks and even months.
Upon entering the platform, their customers and HRB accounts will be protected by AuthID Privacy-First Face Biometric Multi-Level Verification, connected to the verified identity during boarding. In practice, this means that the client takes a quick, “live” selfie, and verifies the identity of the swift wires, user account changes and password reset, and eliminates easily damaged heritage verification methods.
The Bank plans to grow and deploy at least one million new customers next year, and the platform, which is expected to attract and retain customers, is expected to contribute significantly to attracting and retaining customers.
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