We’re thrilled to announce that our latest product enhancement, ID-Detect, that makes the identity document verification process even more robust and secure for your business has been shortlisted in the Cyber Security category at the 2024 Wealth Management Industry Awards. ID-Detect was launched in January 2024 as an additional feature available to add to customer plans and is designed to robustly detect and prevent common types of document fraud and produce detailed results for review.

This award category celebrates new initiatives, products, programs, platforms, or enhancements to an existing platform/product designed to protect client data, prevent fraud, ensure compliance with new regulatory mandates, and protect confidentiality of personal information from hackers, cyber criminals and other attacks etc. Being shortlisted underscores the importance of ID-Detect and how it protects organisations globally from fraud while maintaining a seamless experience for end-users, by adding an additional powerful layer to existing Document Verification processes.

ID-Detect Combats Document Fraud Attacks

Research has shown that Screen Recapture, Photography and Portrait Substitution are present in 90% of all attempted document fraud attacks.

Here is a breakdown of what each one is: 

1. Screen Recapture: A digital reproduction of an identity document made using a device such as a mobile, table, computer, or monitor.
2. Photocopy: A reproduction of a document printed from a digital image taken by a camera, copier or scanner.
3. Portrait Substitution: A fraudulent facial photo overlaid onto the portrait of a person in a genuine ID document.

With ID-Detect enabled, you can experience enhanced document verification and accuracy rates on each submission, with testing in one attack vector showing an ability to detect up to 99% of fraudulent documents*. Thus, confirming with greater confidence that a physical document is present, not a reproduction.

Learn more about the benefits of ID-Detect here.

Wealth Management Awards Ceremony

Now in its tenth year, the WealthManagement.com Industry Awards is the only awards program of its kind to honour outstanding achievements by companies, organizations and individuals that support financial advisor success. A panel of judges made up of top names in the industry, led by WealthManagement.com director of editorial strategy and operations David Armstrong, chose the finalists and will determine the winners, which each year recognizes the firms and individuals who are bringing new innovations to market that make a real difference to the daily activities of financial advisors.

Winners will be announced at a gala and awards ceremony in New York City on September 5th.

“The Industry Awards are a beacon, illuminating the trailblazers and innovators who are shaping the future of the financial services industry,” said David Armstrong, director of editorial strategy and operations. “They serve as a leading indicator of future activity, and as a barometer for the dynamic ecosystem of companies and organizations that empower, support and enable advisor success who are driving the industry forward.”

Find out more about the awards here.