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.

Four global banks have joined American Express Ventures in contributing to BioCatch’s Series C fundraising round and earning themselves seats on its newly formed Client Innovation Board.

The company has renamed itself Prove and says that the acquisition will allow it to help banks fine-tune their security procedures when serving customers.

Axcess Financial is using stronger authentication, studying up on bad actors and planning to use a federal service that automates verification of Social Security numbers.

Consumer advocates and policymakers are railing against use of the technology by government, universities and others. Banks using it for authentication need to tread cautiously, experts say.