Pre-Transaction Fraud Prevention
Nexrage Studios developed an advanced KYC platform for VULT Security, integrating AI-powered document verification and biometric authentication to prevent fraud in financial transactions. The system analyzes government-issued IDs, verifying them against live biometric data, and offers easy integration with scalable, compliant solutions. Our platform enhances security, reduces costs, and sets a new standard in fraud prevention for businesses.
Why managing AI risk presents new challenges
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The difficult of using AI to improve risk management
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How to bring AI into managing risk
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Pros and cons of using AI to manage risks
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Benefits and opportunities for risk managers applying AI
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Nexrage Studios has developed a cutting-edge KYC solution, integrating AI models with biometric verification to revolutionize fraud prevention strategies. Our groundbreaking technologies—Verified Account Origination and Verified Point of Approval—leveraging AI for document analysis and biometric authentication linked directly to financial transactions, setting a new standard in security and compliance.
Project Overview
Nexrage Studios’ initiative involved creating an advanced platform capable of analyzing government-issued documents, such as driver’s licenses, and validating them against live biometric data. The system connects to DMV databases and scans the OFAC database to ensure comprehensive identity verification and fraud prevention before and during transactions.
Key Features & Solutions
1. Pre-Transaction Fraud Prevention: Patented technology that associates biometric data with payment accounts, requiring biometric confirmation for every transaction, thus drastically reducing fraudulent activities.
2. Biometric Authentication: Integrates facial recognition technology to authenticate identities for account creation and transaction approval.
3. AI-Powered Document Verification: Utilizes AI to analyze and verify the authenticity of government-issued documents.
4. No Code and Low Code SDKs: VULT Security has developed both no code and low code options, allowing businesses of all technical levels to integrate advanced security features quickly and efficiently. These SDKs enable rapid deployment across various processing platforms without extensive coding requirements, simplifying the adoption process.
5. Innovative Interchange Rate Model: By verifying identities before transactions take place, VULT Security can provide a new interchange rate for card-not-present transactions that matches—or even undercuts—rates typically reserved for card-present transactions. This feature not only enhances security but also provides substantial cost savings to merchants.
Accessibility
The platform is designed with accessibility in mind, ensuring that users from various demographic backgrounds can easily interact with the system without facing technological barriers.
Scalability
VULT’s solutions are built to scale seamlessly with client needs, supporting everything from small startups to large enterprises across multiple industries.
Compliance
VULT Security has committed to the highest standards of compliance and security. The platform has undergone rigorous SOC 1 and SOC 2 Type I and Type II audits, conducted by independent auditors. These audits assess the effectiveness of VULT Security’s controls related to user data protection and privacy, ensuring that they meet the strict requirements necessary for handling sensitive information. Achieving these certifications underlines the dedication to maintaining a secure and reliable platform.
White Labeling
Offers white labeling options that allow clients to brand and customize the security solutions to fit their specific needs without investing in ground-up development.
Deployment
The deployment of VULT Security’s solution leverages Microsoft Azure to ensure high availability and scalability. Using Azure’s auto-scaling feature, VULT Security can dynamically adjust resources to meet demand without manual intervention, ensuring efficient operation during varying load levels. This is complemented by Azure’s robust monitoring and alert systems, which provide real-time insights into the application’s performance and security status.
