Periodic Reporting for period 1 - Daego (Secure, reliable machine learning based technology platform for the creation and authentication of Digital Identities to enable safe digital transactions across Europe)
Período documentado: 2019-11-01 hasta 2020-04-30
According to the Association of Certified Fraud Examiners (ACFE), organizations on a global scale lose nearly 5% of their overall annual revenues due to frauds.
The creation of a digital identity is often costly and time-consuming. Banks, for example, spend about 130 euros per customer to register and authenticate them, being the verification (validation that a user is who he claims to be
at onboarding stage) its weakest link. Nevertheless, new techniques such as biometrics, device identification and geolocation data can automate the authentication process easing the digital onboarding of clients.
DAEGO digital verification provides enormous benefits for our customers and ultimately, to our users:
• Our customers have reported that their fraud levels dropped to zero after implementing our solution
• It increases digital customer engagement
• It eases integration with the company’s processes - less than a week is required to have a solution up and running by a new customer
• It offers the flexibility to adapt to the main industrial verticals
The creation of a digital identity is often costly and time-consuming. Banks, for example, spend about 130 euros per customer to register and authenticate them, being the verification (validation that a user is who he claims to be
at onboarding stage) its weakest link. Nevertheless, new techniques such as biometrics, device identification and geolocation data can automate the authentication process easing the digital onboarding of clients.
DAEGO digital verification provides enormous benefits for our customers and ultimately, to our users:
• Our customers have reported that their fraud levels dropped to zero after implementing our solution
• It increases digital customer engagement
• It eases integration with the company’s processes - less than a week is required to have a solution up and running by a new customer
• It offers the flexibility to adapt to the main industrial verticals
We have analysed DAEGO from different perspectives and have updated our strategy, which has led us to the following conclusions.
Technical Conclusions:
• DAEGO is a comprehensive product that closes the GAP in online digital verification processes.
• DAEGO face verification algorithms have proven an outstanding >99% performance.
Commercial Conclusions:
• Identity verification market is in continuous growth in most verticals.
• DAEGO offers flexible pricing models and business models for the different categories of clients that demand digital verification solutions.
Financial Conclusions:
• DAEGO is profitable under our realistic assumptions.
• DAEGO leads to the creation of a high number of jobs within the company.
Technical Conclusions:
• DAEGO is a comprehensive product that closes the GAP in online digital verification processes.
• DAEGO face verification algorithms have proven an outstanding >99% performance.
Commercial Conclusions:
• Identity verification market is in continuous growth in most verticals.
• DAEGO offers flexible pricing models and business models for the different categories of clients that demand digital verification solutions.
Financial Conclusions:
• DAEGO is profitable under our realistic assumptions.
• DAEGO leads to the creation of a high number of jobs within the company.
DAEGO offers businesses a way to automate their customer onboarding and identification processes and workflows completely. It includes the following capabilities that go beyond the state of the art:
• Unique multimodal identification of Security features of ID documents.
• Passive verification of liveness through a video-selfie.
• Unique anti-proofing techniques that cover the whole process.
• Unique multimodal identification of Security features of ID documents.
• Passive verification of liveness through a video-selfie.
• Unique anti-proofing techniques that cover the whole process.