New tool lets P2P investors verify identity with a selfie

Peer-to-peer investors could soon verify their identity using a selfie.

Digital identity software provider Mitek, which works with firms including P2P lenders, has unveiled a new Liveness Detection feature.

The tool lets a person submit an identity document along with a single selfie image to verify their identity, which are analysed for facial comparison and composition such as texture, lighting and other factors to detect any form of impersonation.

The technology also detects printed photos, video replays, low-quality and realistic silicone masks, doll and mannequin faces.

In beta tests, customers saw significant improvements in detecting impersonation attempts, Mitek said.

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“Increasingly, your digital identity is your gateway to everything you do in both the digital and physical worlds. It’s how you buy goods, send and receive money, and even exchange notes with your doctor,” Stephen Ritter, chief technology officer at Mitek, said.

“Mitek is setting the standard for digital identity verification, enabling enterprises to provide the highest level of security and convenience for consumers everywhere they need it.”

P2P lenders use a range of security measures to verify a user’s identity.

Zopa and Assetz Capital have both implemented two-factor authentication in recent years, which involves investors having to enter a passcode sent to their mobile phone to login or complete requests.