Quick help against fraudulent practices. The consequences of Covid-19 are weighing on the economy. Many micro companies and solo self-employed persons are dependent on immediate state aid to avoid insolvency
Appropriate applications for this can be filled out and sent online to ensure the fastest possible assistance. This process, also attracts fraudsters to the scene: In recent weeks, copies of the online applications have been made and data tapped with the aim of subsequently submitting the fake application with a modified payout account (“Phishing”). This poses challenges for banks and authorities. This is because personal consultation and examination of the applicant is not possible due to the current situation.
The Robo-Ident-Technology of Nect GmbH offers a solution: “The Robo-Ident-Technology developed by us enables a legitimation of the applicant while avoiding contact (“remote identification”). Our technology is capable of verifying thousands of applications simultaneously and thus continues to enable the immediate awarding of federal grants“, explains Benny Bennet Jürgens, co-founder and CEO of Nect GmbH.
Artificial intelligence for secure authentication
The Hamburgische Investitions- und Förderbank (IFB) has already commissioned Nect GmbH to conduct a legitimacy check using the Robo-Ident-Technology in order to resume the application procedures and the release of urgently needed aid funds. All applications received so far shall be verified by Nect before the payment of the Corona aid.
Here’s how it works: In the first step, applicants receive an e-mail via IFB with a link that leads to Nect’s website and a personal QR code. In order to scan this code, applicants can download the NectApp via the App- or Playstore. For online identification only a short video recording of the identification document (passport or identity card) and the face (“selfie”) is necessary. “With this we guarantee the highest level of security through biometric algorithms: The artificial intelligence checks that the faces on the video and the ID card match, that the ID document is authentic, that the recording was made at the correct time and that the person is alive,” adds Carlo Ulbrich, also co-founder and CSO of Nect.
As a rule, the authentication process takes no longer than two minutes. After this verification of identity, the customer is asked to verify his account details to ensure that the payment is made to the correct account. The client – in this case IFB – then receives the applicant’s data for reconciliation in order to be able to complete the application.
Rapid integration for fast remedy
The quick implementation of the process by Nect is a decisive advantage, especially in these turbulent times: The described process for Corona emergency aid went live within 48 hours and can now be integrated one-to-one within one day at additional customers. In addition, customers have the choice of carrying out the identification before, during or after the new application. Before implementation, Nect consults with the client to determine which variant is most suitable.
“Identity verification via Robo-Ident technology offers financial institutions and public authorities a quick and cost-effective way to further strengthen their existing security measures. In this way, frauds can be prevented and immediate help can be provided to those who need it most in these difficult times. We are proud to be able to provide this important and exemplary support from the state to protect against fraudsters,” said Jürgens.