Individual digital identity is an increasingly global concept, in more than one sense. On the one hand, companies have an increasing need to verify the identify of individuals, who may be located anywhere on the planet at any given time.
On the other hand, the constant interaction of individuals with the Internet has made digital identity an increasingly difficult concept to analyze, due to different profiles, seemingly infinite interactions with companies on the web, changes of location and behavior, etc. So in order to identify a person on the Internet, it is not enough to simply connect data to a face; we have to understand and connect the whole digital context that represents the individual.
In addition, we must account for online fraud based on identity theft, which involves millions of dollars in losses every year in the financial sector alone, not to mention the loss of trust by users of the financial entity that holds their data.
To solve all the equations presented by this scenario, a single technology is not enough. A digital identity verification tool must combine different technologies in order to guarantee data security and reliable verification, while also providing an optimal user experience.
One example of this need to merge technologies is the recent acquisition of ICAR by Mitek Systems. By merging their respective technologies, these companies are able to create a much more powerful solution, one that combines computer vision, artificial intelligence, machine learning, and biometric facial recognition technologies, in addition to innovations in other future technologies such as SNA (Social Network Analysis), mobile number and email verification, and geolocation.
The merging of ICAR’s team of experts in artificial vision with Mitek’s team of scientists specialized in machine learning and artificial vision, has led to the creation of the most powerful R&D team in the identity verification technology sector.
In addition, given Barcelona’s current standing as one of Europe’s most important hubs for advanced technology companies, ICAR’s current head office will become one of Mitek’s key offices in Europe.
The merger makes it possible for both companies, already pioneers in their respective technologies, to offer an even more global solution, expanding the scope of document coverage to North America, Europe, and Latin America.
These technologies must become increasingly useful and compatible, and cover more documents. All without giving up usability. This is why the announcement of the merger of ICAR and Mitek represents a major technology step in the digital identity verification sector.