Welcome to our quarterly newsletter, with insights on market trends, business and product updates, and other highlights.
In this issue, you’ll learn how major financial institutions are reacting to an increase in fraud attacks by accelerating their adoption of digital technologies to securely onboard and authenticate customers.
We’ll also look at the resurrection of commercial air travel and Daon’s expanding partnerships with travel and event companies for a safe return to normal life activities.
Finally, we have new resources to share, including a Forrester Report covering best practices and trends in voice biometrics.
According to the 2021 Verizon Data Breach Investigations Report, 61% of breaches involved stolen credentials, which remain one of the most sought-after data types. Of course, stolen passwords and the damage they cause isn’t new. What’s new is how widely the shift away from passwords is beginning to spread beyond the first movers in financial services and insurance.
Today, organizations of all kinds are accelerating their adoption of digital technologies to securely onboard and authenticate customers. For example, as a leader in the education space, Esme Learning recently added biometric identity assurance to their online courses—providing verification that students are who they claim to be, while improving the user experience and cutting daily admin work by 10 hours per course.
Elsewhere in the news, research from Aberdeen Group shows that the best performing brands today are those who put customer journey mapping at the center of their CX Strategy. “As a result of adopting this strategy, the customers have more awareness of the brand, less friction achieving their goals and a personalized experience at each stage.
This allows such brands to easily stand out from the competition,” the Group reports. I couldn’t agree more with the premise, but I foresee a danger for companies rushing to implement this strategy without first building a foundation of strong digital identity assurance. Ask any one of our customers and they’ll tell you: Digital identity is the scaffolding that allows customer experience planning to succeed in the first place.
Cross-channel identity platforms like our own IdentityX® enable organizations to maintain trust at each and every stage of the customer lifecycle. This, more than anything, is what allows the seamlessness of optimized customer experiences that Aberdeen and others so rightly prescribe.
Finally, over the past several weeks, I traveled to meet with multiple current and prospective Daon customers, and the resurgence of air travel is truly something to behold. I’m incredibly proud of the role that our own VeriFLY® solution has played in making this resurgence possible, and we’re working around the clock to meet the growing demand for VeriFLY® with an average 149% increase in usage by travelers each month of 2021.
VeriFLY® is now used for departure by 75 countries and nearly 600 flights per day. Since the VeriFLY® pilot began in November 2020, it has become the world’s most widely used Digital Health Credential App. We’re also excited to have worked with other non-travel organizations who are using VeriFLY® to ensure safe, in-person conferences and live sporting events. VeriFLY’s founding principles are very similar to those of Daon’s flagship product, IdentityX®; confidence, trust, convenience and enhanced security. Once made available to the consumer, both products have enjoyed stellar adoption rates.
Businesses of all sizes have had to shift to serving customers online in order to survive. Due to the COVID-19 global pandemic, pretty much every customer became a digital customer. There are fundamental shifts taking place in how people and companies interact with each other – and core to this is trust and the process by which we create and maintain it on an ongoing basis. I recently spoke about this at the FindBiometrics webinar.
While there has been a substantial focus in the financial services industry on the challenges of reducing fraud, there are also benefits to trust-powered digital-first customer engagement. One of our recent blogs explores how this challenge is also an opportunity.
Done right, digital customer onboarding transcends its role as a legal compliance requirement and works to lay the groundwork for long-term customer loyalty. We recently conducted a webinar on this hot topic. Watch the quick summary here and sign up to watch the webinar replay here.
We’d also like to share with you some technology news: Daon’s 3D face liveness was able to block 100% of fraud attacks in a recent independent ISO/IEC 30170-3 Presentation Attack Detection (PAD) level 1 test - performed by iBeta (a NIST-certified biometric testing lab in Colorado). Liveness detection technology is essential to biometric security—it’s what stops a fraudster from impersonating you by holding up a picture or video of your face.
Certain liveness detection technologies and algorithms are better than others, and this is becoming a key consideration for customers when evaluating and choosing among competing biometric solutions. And while we’re pleased to share independent testing that places our liveness technology atop the industry, we’re not stopping there.
Our research team continues to further develop and improve our 3D face liveness, in addition to countless other algorithms, technologies, and new cloud-based service offerings. Read more here.
Matt Swayze, Daon’s VP of Customer Success for Emerging Industries, presented a virtual session at Identiverse: “Risk-Based Security Takes Flight: How American Airlines Rebuilt Confidence in International Travel Using Digital Identity Assurance Technology.”
Forrester Report: Best Practices and Trends in Voice Biometrics
Download this full report highlighting the key benefits, drivers, challenges, implementation best practices, and trends around voice biometrics—authored by two of Forrester's top identity analysts, Andras Cser and Sean Ryan.
We’re always happy when our customers share how their business benefited from an investment in Daon technology. Following is several of our latest case studies and testimonials.
Esme Learning
Read about how Esme Learning built a fast, no-code process for adding biometric identity assurance to online courses, improved the user experience, and cut daily admin work for course operators by 10 hours per course.
“I was impressed by how Daon accomplishes identity verification, including liveness tests. Daon stepped up to give us everything to get started. We were able to deploy quickly, and it will provide huge gains for the people administering the course. In addition to saving us time and making life much easier, it provides the highest quality experience to our customers.”
Julia Henderson, VP of Course Operations, Esme Learning
Fraud often starts in the channel of least resistance, which for many large banks is the contact center. Read how a top-10 U.S. bank is fighting cross-channel fraud and enhancing the contact center experience with Daon’s IdentityX platform.
“The majority of the key vendors we evaluated had some sort of tie-in with Daon, which piqued our interest. Some vendors provided an orchestration platform, but lacked capabilities in biometrics and authentication, and instead partnered with Daon to handle it. No one [else] had the contact center presence or interactive voice response expertise we needed.”-
Working with IdentityX®, Target Professional Services, a UK firm specializing in data verification, developed mypensionID: an innovative app that incorporates Daon's best-of-breed biometric multi factor authentication technology.
“At Target we believe mypensionID and the biometric security it uses will become industry standard. The pensions industry is on the cusp of a wave of change, and we’re delighted that mypensionID is there as an early innovator.”
Lisa Lyon, Managing Director, Target Professional Services
