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February 06, 2020

Who Am I? Q5id Enhances Identity Security through Proven Identity Management

In our rapidly evolving, tech-connected world, security is of utmost importance. This is especially true in regard to identity security, where nearly a million data records are reported stolen every hour, and that number is expected to increase over the coming years(1). The reason for this colossal amount of identity theft? Stolen information is big business, with the value of cybercrime topping illegal drug sales, reaching more than $600 billion in value - $200 billion more than illegal drug sales - in 2018 alone(2).

Phishing, stolen identities and weak passwords are among the leading causes of these data breaches, presenting a clear need for an identity security overhaul. But what does this overhaul look like? And is there truly a way the average person can prove their identity with very little—or no—margin for error?

Yes, there is. Q5id, the recently launched Proven Identity Management enrollment solution integrates the best-in-class verification solutions through a number of proprietary methods to prove and secure identities. As the most robust identity verification system available, Q5id uses multimodal biometrics of face, palms, voice with scans of existing ID documents and live video interviews to prove individuals’ identities. Armed with these proven identities, the solution fights identity theft and unauthorized access to accounts containing sensitive and valuable information.

“Traditional methods of authentication and verification, like passwords, SMS passcodes and knowledge-based authentication are becoming increasingly vulnerable,” says Steve Larson, CEO at Q5id. “It’s widely known that answers to secret questions can be found via simple web searches, and that text verification codes can be intercepted, so we set out to develop a solution that addresses the problem from a whole new angle, allowing people to prove they are who they say they are, and ensuring their accounts can’t be accessed by unauthorized users.“

So how exactly does it work?

Q5id enrollment is simple and takes an average of 2 to 3 minutes. In the first phase, biometric data points are collected. A person scans their face, capturing their unique facial biometric signature, then scans both palms and, finally, records three samples of the them repeating the same text to capture unique voice markers. Following this, the person simply scans a copy of an identification, like a drivers’ license or passport. The last phase connects the person to a live video call, where a Q5id Video Adviser cross-checks and verifies all supplied information and welcomes the user to a secure digital future. Once complete, the new member can use their Q5id to verify their identity and unlock any digital transaction.

The Q5id solution also offers significant benefits to organizations by confirming the person setting up an account is who they say they are, thereby preventing fraudulent account creation and more. A bank or lender, for example, can enable their account activation process with Q5id, so that a new account can only be approved after the applicant’s identity is fully proven. This protects the business, by ensuring only true accounts are created, and the consumer, by protecting them from someone opening fraudulent accounts in their names.

Benefits of Q5id extend far beyond the financial industry, with the solution an effective security measure across numerous other segments as well, including telecom, government, healthcare and education.

“Educational institutions could also see the incidence of testing fraud greatly reduced with an identity solution that utilizes the finest-in-class enrollment-based method for proving identities at the outset of any college application or testing process,” says Larson. “Essentially, a Q5id Proven Identity would give all students a fair chance to get the spots they deserve at the colleges of their choice.”

For the telecom industry, Larson indicates the technology has the potential to curb SIM-swapping, a scam in which hackers steal individuals’ cell-associated identities - and use those to commit fraud. “Q5id would be another layer of security that, when a hacker attempts to swap SIM identification, would stop them in their tracks by requiring multiple biometrics and ID types that even the most talented hackers can’t forge,” says Larson.

Needless to say, the benefits of Q5id in proving an identity are clear; offering security and peace of mind to consumers, while helping businesses conduct authentic transactions without the threat of fraud or legal issues down the line.



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