The innovation will benefit large financial agencies requiring identity verification to secure banking services, the communications industry, healthcare, education and social protection.
The system works by capturing the credentials and biometric data of the consumer at the point of contact, then validating the data in real time using the Ideco IDaaS ecosystem. When full trust is established, it generates a seal of authenticity, which both verifies the customer identity and digitally signs the vendor documents in compliance with the Electronic Communications and Transactions Act.
According to Ideco, identity fraud currently costs South African organisations billions annually, and their services aim to boost the security for businesses and to remove the governance, risk and compliance challenges.
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