20 September 2017

South Africa: New Biometrics Ecosystem Tackles Identity Theft

Johannesburg — IDECO, the South African biometrics innovation leader, has unveiled its next generation identity assurance ecosystem aimed at curbing rampant identity theft costing organisations billions annually. The new Identity-as-a-Service (IDaaS) ecosystem, designed to deliver fraud-proof trusted identity authentication, has been launched at the Association of Certified Fraud Examiners (ACFE) Africa conference and exhibition in Sandton. It is in realisation of statistics indicating fraud costs South African considerably, and with losses of up to R15 billion (US$1,13 billion) per year in the medical sector alone, identity fraud is possibly the single biggest governance, risk and compliance challenge facing organisations today. The new ecosystem delivers next-generation identity verification as a service to organisations requiring Financial Intelligence Centre Act (FICA) or Regulation of Interception of Communications and Provision of Communication-Related Information Act (RICA) compliance, managing large financial transactions, or otherwise requiring identity verification to secure banking services, communications, healthcare, education and social protection. Ideco CEO, Marius Coetzee, said building on Ideco's ground-breaking biometrics and authentication solutions, including the Identity 4.0TM three way digital key sharing system, they had developed a next generation ecosystem designed to offer trusted identity assurance in real-time, eliminating the complexity and risk associated with traditional verification processes. "As the first foolproof next-generation identity verification ecosystem in South Africa, we believe Ideco's IDaaS delivers unprecedented levels of authentication and full trust in identity for the first time," Coetzee said.

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