OTPs have for some time been a default fraud prevention tool. But the assumption that you are reaching the correct person when you send a unique pin to a device is dangerous. Theft, SIM swaps and telecommunications fraud are common, and more robust mechanisms are required to ensure that that security measures are effective.
Rather than sending a pin, OTV makes use of a link that customers receive via SMS, email or other existing gateways. This link either opens in a business’s app or in the customer’s default browser. Once the customer clicks on the link, they are invited to capture their unique biometric information – through a photograph of their fingerprint, face or both – in order to verify their identity.
The link has no trail to any personal or confidential information, and once verification is complete, no biometric information is stored on the customer’s device. This data is, however, stored in the customer’s confidential WhoYou vault, and can easily be accessed whenever your business engages with them.
OTV protects businesses against identity fraud and reduces unnecessary steps in the onboarding process. Once biometric information has been gathered, various demographic fields can be auto-populated, which helps our clients to understand their customers better.
More than any other type of one-time services, OTV is the future of secure, accurate and real-time identify verification.