Accurate identity verification ensures that whoever opens an account is the legitimate owner, not someone using stolen information. By implementing Luxand.cloud reliable identity solution based on face recognition, you can strike a balance: smooth onboarding for genuine users and robust protection against fraudulent activity.
Get Free API RequestsRequest Free DemoA report by Accenture found that 50% of customers abandon the signup process if it's too complex. Identity verification can streamline onboarding.
According to an article by Lexology, Standard Chartered being fined $1.1 billion for failing to implement adequate money laundering procedures. Identity verification helps avoid such penalties.
A study by Juniper Research estimated that global card-not-present fraud losses will reach $34.2 billion by 2024. Implementing identity verification can significantly reduce these losses.