Australian fintech Sail Business Loans has unveiled a new biometric security system that allows instant ID verification of clients through a simple selfie.
The ‘natural face capture’ technology confirms a user’s identity against official identification such as a passport or driver’s licence. The platform verifies that the documents have not been tampered with or forged at a level of accuracy on par with airport grade security.
The system then confirms that the identity and location of the user matches that of the uploaded documents within 60 seconds.
As users do not have to align their face within a specific frame, this new technology provides heightened levels of cybersecurity embedded right into the application process. This added security is needed within Australia’s small business community, according to Symantec’s recent Cyber Security Survey, which found local small businesses were reporting security breaches at nearly twice the rate of those in the USA.
“Too many small businesses think they’re too small to catch the attention of cybercriminals, but unfortunately, that just isn’t true,” said Yanir Yakutiel, founder and CEO of Sail Business Loans.
“Implementing these security solutions gives business owners peace of mind that we take their security seriously. It also positions us to offer a quicker, more reliable and more competitive rate because we also have the assurance that everything checks out as soon as the application is submitted.”
Yakutiel said that Sail had been focused on filling the market gap for small businesses struggling to find working capital from day one.
“The growth we’ve experienced so far is proof that business owners around the country recognise there are agile and reliable options that also offer top-notch security and innovation.”
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