October 29, 2013
We have always been worried about filling online & mobile forms due to identity theft and effects of the theft. Identity theft is one of the biggest concerns in the Online world right now. miiCard through its patented technology is revolutionizing online identity verification. James Varga, CEO of miiCard gave us some really great insight about miiCard solution and the problem they are trying to solve.
What is miiCard ?
miiCard is an online identity verification service that connects the real-world you to the online you. It can prove your online identity to the level of an offline photo or passport ID standard, completely online and in just minutes.
This patented process allows individuals and businesses to connect in complete confidence and enables entirely new services online while reducing fraud and saving time and money.
Do you think miiCard would help in payment verification ?
miiCard does help in payment verification. By proving the identity of the person on the other end of the browser, miiCard enables everything from basic to complex and even high value financial services and transactions. Examples of this could be online loan qualification, buying and selling a home completely online, or securing a mortgage. It is also useful in expensive peer-to-peer transactions to remove the possibility of fraud.
Can miiCard be a KYC tool for financial institutes ?
miiCard meets all identity KYC and AML thresholds. With miiCard, participating companies are immediately compliant.
How do you authenticate identity of users & how do certify
miiCard is a flexible identity platform that verifies the identity of an individual by confirming access to their secure online financial accounts. miiCard ensures these accounts are active current accounts, as these require high levels of assurance to set up, and also that they are active to ensure the identity is up to date and maintain traceability. For assertion of identities and account security and protection miiCard supports a wide range of strong multi-factor authentication tools depending on consumer and business preferences, including SMS, hard token, and geo-location authentication.
You have lot of financial institutions using miiCard has it helped in reducing any online frauds ?
Where miiCard has been used in financial applications there have been no instances of fraud. Typically our methods for identity proofing means we can reduce fraud by around 80 per cent within the first 30-days of use. At the same time, this helps drive cost and time-savings and reduce new customer drop-out by eliminating the need for a manual or real-world identity verification process.
We already have 2 factor Authentication vis SMS PIN, IVR etc. will your service be another layer of authentication on top of it ?
miiCard is an identity verification service, proving identities online to the same level as an in-person passport or photo ID check. We do use a range of best of breed authentication tools and types to confirm the assertion of our members’ identities and protect their accounts. Together this means we can prove that: a) it is you, and b) it is you making the transaction.
From what I understand is when consumer enrolls in your service he goes through 2-factor authentication & on top of it while login in on banks website consumers have to follow banks authentication process too, is my understanding correct ?
On set-up, a user creates a miiCard account with a username, strong password and preferred method of 2-step verification – SMS, hard token or mobile app. This, combined with a number of other bank-level security features ensures security within the miiCard account.
To verify their identity, the user must then prove their ability to access their online bank account. Depending on their financial institution, this could be a simple login or require the use of an authentication service.
This is a one-time process and gives the user a live online identity that can be re-used across the web to create trust online as required.
So basically consumer has to remember miiCard Authentication & banks authentication ?
A user only has to login to their bank account as they normally would and only once. miiCard regularly revalidates identities, typically once a day so the identity is live and always ready to be used. The exception is for bank accounts that require two factor authentication where we prompt our members to refresh their account by re-authenticating once a month or when they need too.