Introducing a Faster and Simpler Way to Verify Your Identity!
Our goal at Finax is to offer investing which is as profitable and, at the same time, as simple as possible. That's why, in cooperation with the Slovak firm Innovatrics, we have switched to the most modern way of verifying the identity of our clients – a passive liveness check.
As a financial institution, we must thoroughly verify the identity of our clients to ensure the safety of your funds and prevent money laundering. We are continually striving to improve this rather complex process to make it as quick and understandable for our clients as possible while maintaining the highest level of security.
That's why we were the first broker in Europe to launch a biometric identity verification option back in September 2019. This represented a material shift away from verifying identity via documents sent by email.
However, our endeavor did not end with this solution, leading us to spend the last few months working on the next enhancement, which is passive live verification and a more intuitive ID and face photo upload.
Passive Liveness Check
The most significant change is the transition to a passive liveness check. This means that in most cases, clients will no longer have to follow the red dot on the screen with their eyes. Instead, the system will use artificial intelligence to verify liveness based on one photo. When the camera is switched on, the system automatically selects the moment at which it identifies the best photo quality and takes a picture of your face.
Active liveness check, during which the client follows a red dot across the screen, will remain only as a backup solution. It will only be used in case of unsuitable conditions and poor photo quality.
We further improved the process by introducing helpful hints on how to take a better picture of your ID or face. For example, if you hold your ID card far away from the camera while taking a picture, the system will display the message "Move closer".
These recommendations will help clients upload better photos of their ID card and face, increasing the success rate of biometric verification.
At Finax, we continuously work on new technological enhancements. Coming soon, you can look forward to being able to open an account through the Finax mobile app!