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00:13Anti-money laundering, fraud detection and know your customer's services.
00:17These are the services offered by TrueMeID, which aims to boost compliance, security and customer service through its verification tools.
00:27$362 million, right? This is the forecasted loss from online payment fraud globally between 2023 and 2028.
00:39That is a significant, significant number, right?
00:45And this is the number that we want to look at when we think about a platform like TrueMeID and what we can do to help treat with or bring down or even eradicate and get this number down to zero.
00:58The platform allows for automated verification, thereby making for a less intensive service delivery process and an easier customer experience.
01:10And this verification process would start with them scanning a government issued ID, right?
01:15And the government issued ID is now verified to be an authentic government issued ID.
01:20Not just that it's authentic, but the information that is on it is authentic for the user that is holding it, right?
01:26To ensure that the biometric and the bio data information is accurate.
01:31So the second part of the process would be the person taking something like a selfie, right?
01:36And then this, what this does is to ensure that the person that is doing the transaction is doing it in real time right there.
01:43Founder Jason Letts says an added benefit of TrueMeID is that the platform is tailored for the intricacies of the local and regional markets.
01:52As he notes issues with address verification and other unique challenges.
01:57If you go to their platforms, primarily what they do is that they validate against passports.
02:03In some instances, in some countries, they're able to validate against some local IDs.
02:07So like the US, they will do state IDs, driver's license, that sort of thing.
02:11But when it comes to smaller territories like the Caribbean, they focus primarily just on passports.
02:16So what that means is if you integrate with a solution like that, your users would only be able to use a passport to be able to verify.
02:24And what we found, especially within institutions like credit unions, you have a lot of your members, a lot of your users have local IDs.
02:34So they have just the driver's license or the national ID card and they may not necessarily have a passport.
02:39This sort of triggered us to figure out how we could solve that deeper problem by validating our Caribbean IDs.
02:49I am Renessa Cutting and this was Tech Talk.
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