Goldmoney Takes Advantage of Biometric Authentication Solution from Jumio

Another client is looking to take full advantage of Jumio‘s mobile biometric identity verification platform: Toronto-based Goldmoney.

In the age of BitCoin mining, Goldmoney’s business revolves around the old-fashioned idea of investing in actual precious metals. But this is also the mobile age, and Goldmoney must adapt to trends in digitalization – and digital fraud – just like everyone else. To that end, the firm has launched a fully digital customer onboarding process using Jumio’s Netverify platform, with new clients able to verify their identities by using a smartphone to snap pictures of their government-issued IDs, and taking a selfie, with biometric technology matching the face from the selfie to that depicted on the ID. Existing customers can also use the ID confirming process to unlock access to their own digital accounts.

The service has been launched after an initial beta trial, with Goldmoney COO Paul Mennega explaining in a statement that one of his firm’s “biggest challenges is establishing an appropriate balance between client security, regulatory compliance, and an improved onboarding and verification experience.” With Jumio’s solution, Mennega says, Goldmoney has “achieved an important milestone in our mission to increase global access to precious metals by significantly reducing onboarding friction while further improving our industry-leading security and regulatory standards.”

News of the implementation arrives, appropriately, on the heels of Jumio’s Gold win in the 2018 Cybersecurity Excellence Awards, in the category of fraud prevention. The company is proving to be one of the biggest success stories in the financial services sector’s embrace of mobile, biometric authentication technologies, though Netverify has seen a wide range of applications extending beyond that sector as well.