Lawtech 365, a leading provider of legal technology solutions, today announced the launch of “DynamicID”, a revolutionary NFC-based biometrics identity verification software.
UK-developed, DynamicID is the most advanced solution of its kind on the market, providing a secure and efficient way for individuals and organisations to verify their identities online. The technology is currently integrated as the core risk engine software block within Lawtech 365’s end-to-end digital onboarding solution, Verify 365.
“We are excited to introduce DynamicID to Verify 365,” said Rudi Kesic, CEO of Lawtech 365. “With its advanced features and unparalleled security, we believe it will become the industry standard for identity verification. DynamicID biometrics risk engine is more advanced than anything else currently available on the market.”
DynamicID utilises the latest in machine learning and artificial intelligence to accurately and quickly verify identities. It also incorporates biometric and liveness detection technologies, including advanced and non-biased facial recognition, to ensure the highest level of security. The software streamlines the identity verification process for law firms, estate agents and financial institutions, making it easy and convenient for clients to verify their identities remotely.
DynamicID will first be introduced to the market through Verify 365 – Digital Onboarding Technology, the company’s client onboarding solution which includes a complete client onboarding and verification process, including ePayments, eSignatures, KYC, AML checks and KYB workflows, developed specifically for regulated industries such as law firms, estate agents, accountants and financial institutions.
“One of the major benefits of the new DynamicID biometrics technology is its ability to enhance security and reduce the risk of identity theft, said Mev Dzihic, CTO of Verify 365. “With the increasing prevalence of online transactions, the need for secure and reliable ID verification in digital client onboarding is more important than ever. We are delighted to be incorporating DynamicID into Verify 365, which will help protect individuals and organisations from the potentially devastating consequences of identity fraud.”
DynamicID delivers seamless, secure, and inclusive client ID verification. With a simple “liveness” capture, businesses can automate client onboarding more quickly and efficiently while significantly reducing their fraud exposure.
“Identity fraud has risen 43% year-over-year with sophisticated fraud increasing 57% as criminals employed smarter tactics, utilising realistic 2D/3D masks and deploying display attacks, for example showing a picture of person on a screen, to try to spoof verification systems. And with 9 out of 10 clients now comfortable accessing digital services, the opportunities for fraudsters are increasing. Not only must companies now provide more accurate fraud measures when verifying new and existing clients, but they must also ensure they can establish trust with potential clients in under 2 minutes or risk losing them. Luckily, consumers are increasingly embracing biometrics, with 77% reporting that biometrics are more convenient than legacy verification methods,” added Rudi.
The company states that another key benefit of DynamicID is its ability to improve efficiency. Traditional identity verification methods can be slow and cumbersome, resulting in delays and lost productivity. DynamicID eliminates these issues, allowing users to quickly and easily verify their identities, saving time and increasing efficiency.
“Gone are the days of slow and cumbersome identity verification processes,” added Azeem Rashid, CMO at Lawtech 365 Group. “The launch of DynamicID comes at a time when the need for secure and reliable identity verification is more important than ever. With the increasing prevalence of online transactions and the growing threat of identity theft, the ability to accurately and efficiently verify identities is critical.”
“We are confident that DynamicID will become the go-to solution for identity verification in the regulated industries and beyond,” said Hockham Suthi, Chairman of the Advisory Board at Lawtech 365 Group. “Lawtech 365 are a trusted provider of legal technology solutions, including our Verify 365 digital client onboarding platform, with a reputation for innovation and excellence. The company is dedicated to helping our clients stay ahead of the curve and remain competitive in an increasingly digital world. The launch of DynamicID is a testament to our commitment to bringing the best software solutions to the market.”
DynamicID has the potential to become a game-changing technology platform that can offer a wide range of benefits for regulated industries.
Its advanced features, unparalleled security and cost-effectiveness make it the perfect solution for anyone looking for a digital identity verification technology.