Identity verification

Truepic, which helps companies like banks and insurers fight fraud by verifying images, raised $26 million in a funding round led by Microsoft’s M12 venture capital arm.

Scams in which a real person’s information is used to create fictitious businesses or individuals have led to $6 billion in credit losses. The Federal Reserve has developed a standard definition for synthetic identity fraud so lenders can distinguish it from traditional identity theft.

Citing the risk of bias and misidentification, cities and civil liberties groups are calling more loudly for a ban on the use of face scans.

New analysis from SentiLink showed that the industry may be more vulnerable to some fraud threats than it realizes.

In too many places, identity verification and other vetting is still done manually, says Signicat's John Erik Setsaas.