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Austria Enhances Digital Onboarding Requirements with Biometric Authentication Technologies

Vienna, Austria - The Financial Market Authority (FMA) has introduced significant changes to the online identification regulations in Austria, requiring financial service providers to implement biometric authentication technologies for Know Your Customer (KYC) verification. This move aims to enhance the security and integrity of digital onboarding processes.

Key Changes to Online Identification Regulations

According to the amended regulation:

• Document authentication will no longer be acceptable as the sole means of verifying customer identities.
• Financial institutions must use third-party verification vendors that employ automated identification processes, such as biometric verification solutions.
• Biometric authentication technologies will require a presence check, multi-step customer verification process, and liveness detection.

Requirements for Biometric Authentication

To meet these standards, financial service providers can integrate fully automated biometric verification solutions that do not require human involvement. Some of the key requirements include:

• Secure data storage and retrieval
• Use of NFC-based identity documents issued by the government
• Electronic copies of the front and back of IDs must be stored
• Explicit consent from customers before collecting and processing their biometric data under Article 9 (2) a) of the EU General Data Protection Regulation (GDPR)

Ensuring Compliance with Regulations

To ensure compliance, financial service providers must implement robust security measures, including:

• Ongoing monitoring of customer activities to detect and deter suspicious behavior
• The presence check process must be recorded as part of the biometric authentication procedure

Partnering with a Leading Biometric Authentication Provider

Shufti Pro, a leading provider of facial biometric verification solutions, is well-positioned to help businesses meet Austria’s new identity verification requirements. With its state-of-the-art facial biometric verification solution powered by thousands of AI models, Shufti Pro ensures accurate customer identification and live presence verification, providing 98.67% accuracy against facial spoof attacks.

“We are committed to helping financial institutions stay compliant with the latest regulations while ensuring the highest level of security for their customers,” said a spokesperson for Shufti Pro. “Our advanced biometric authentication solutions provide unparalleled accuracy and reliability, making us an ideal partner for businesses in Austria and beyond.”

For more information on how Shufti Pro can help your business meet Austria’s new identity verification requirements, please contact us at [insert contact information].