The use of selfies and digital ID for customer onboarding has spread to the precious metals industry. Canada-based Goldmoney Inc., which sells investment and storage services for gold, silver and other precious metals, has teamed with U.S.-based Jumio to introduce a biometric-verification platform for Goldmoney clients.
Existing Goldmoney clients take a photo of their government-issued ID and then a selfie to verify identity via facial recognition on the Jumio platform
The secure authentication technology relies on facial recognition, a feature of recent digital ID efforts involving international airline travel and other activities. This new online verification process, which has already undergone beta testing, “is entirely paperless and significantly reduces online friction historically associated with customer account setup,” Goldmoney says.
Here’s how it works: Existing Goldmoney clients take a photo of their government-issued ID and then a selfie to verify identity via facial recognition on the Jumio platform. New customers apply for a Goldmoney account and can complete the verification process within three minutes. Jumio says it has verified more than 100 million identities issued by over 200 countries from real time web and mobile transactions.
Digital ID for client onboarding can prevent money laundering and other fraud
Jumio adds that its technology conforms with Anti-Money Laundering (AML) legislation and Know Your Customer (KYC) requirements via “machine learning to quickly and accurately verify a user’s identity through three layers of verification. Users are taken through a quick series of steps that includes ID capture, a quick selfie with ‘liveness’ detection, and are then verified in seconds.” Besides financial services, Jumio sells its technology to retailers, telcos, gaming operators, travel providers and members of the “sharing economy.”
“As we continue to expand the functionality of the Goldmoney Holding offering, one of our biggest challenges is establishing an appropriate balance between client security, regulatory compliance, and an improved onboarding and verification experience,” said Paul Mennega, Goldmoney’s chief operating officer. “Through our partnership with Jumio and the integration of their best-of-breed verification solution, we have achieved an important milestone in our mission to increase global access to precious metals by significantly reducing onboarding friction while further improving our industry-leading security and regulatory standards. It’s a true win-win.”
Goldmoney and Jumio said the rollout of the digital ID for customer onboarding solution comes in response to the anticipated $2.1 trillion in global losses in data breaches expected for 2019—that’s according to figures from Juniper Research. “Because Goldmoney enables its clients to invest, earn, or spend gold, silver, platinum, and palladium, they must ensure that their online customers are reliably, accurately, and compliantly verified,” said Jumio CEO Steve Stuut.