#Japan #LIQUID Shield #Ashikaga Bank #Liquid Inc. #Utsunomiya

Introduction

In a significant stride towards enhancing security measures in the banking sector, Ashikaga Bank has announced the implementation of LIQUID Shield, an industry-first facial recognition fraud detection service. This groundbreaking initiative has been developed by Liquid Inc., headquartered in the Chuo ward of Tokyo. By integrating this advanced technology, Ashikaga Bank aims to strengthen its defenses against fraudulent account openings, a growing concern in the digital banking sector.

The Need for Enhanced Security

In recent years, with an alarming rise in cybercrimes, financial institutions have found themselves challenged by increasingly sophisticated fraudulent methods. Recognizing the urgent need for reliable identity verification measures, Ashikaga Bank has turned to LIQUID Shield to bolster its security protocols. This service effectively monitors identity verification data during online account openings, significantly reducing the potential for fraud.

What is LIQUID Shield?

LIQUID Shield is a cutting-edge fraud detection service that utilizes an extensive database, incorporating over 30 million common data points from various industry stakeholders. By analyzing facial images and personal identification details, it can detect discrepancies that a single institution might overlook. For instance, it flags instances where the same facial image is associated with different names or dates of birth, effectively identifying fraudulent activities.

With the capabilities of LIQUID Shield, Ashikaga Bank is poised to significantly reduce the risk associated with fraudulent accounts and transactions. In fact, reports have indicated that the number of fraud detections using this service has doubled compared to the previous year, highlighting the efficacy of an interdisciplinary approach in combating financial crimes.

The Vision of Ashikaga Bank

The representatives at Ashikaga Bank have expressed their commitment to providing both convenience and security to their clientele. In a statement, they detailed their ongoing initiatives in utilizing eKYC (Electronic Know Your Customer) for non-face-to-face account openings, emphasizing the importance of enhanced verification processes. They believe that the introduction of LIQUID Shield will effectively mitigate the risks associated with fraudulent account openings.

The new system allows Ashikaga Bank to leverage fraud data from various non-face-to-face financial institutions, a key aspect in their enhanced security measures. The incorporation of LIQUID Shield within their verification process is expected to significantly increase service safety, giving customers peace of mind when interacting with their bank.

The Technology Behind LIQUID Shield

This innovative service operates on a well-structured framework, utilizing a patent (Patent No. 7542076) that covers the technology employed for fraud detection. When a customer applies for services or engages in high-risk transactions, LIQUID Shield cross-references their data against this vast pool of historical identification records. This process helps in determining the legitimacy of the customer's application, thus preventing potentially fraudulent activities.

As of now, LIQUID Shield has successfully identified over 10,000 fraudulent attempts, demonstrating its potential in dramatically reducing fraud within financial services. The process not only helps in maintaining the integrity of transactions but instills confidence among customers who are increasingly aware of the dangers posed by cybercriminals.

Liquid Inc. and its Mission

Founded in December 2018, Liquid Inc. aims to establish a seamless and secure environment for services utilizing biometric authentication. Their forward-thinking approach incorporates advancements in image analysis and big data, establishing a brand predicated on both convenience and security.

Liquid Inc. continues to emphasize the importance of cross-industry collaboration, ensuring that fraud detection is effective across different sectors, including financial transactions, mobile phone contracts, and even real estate dealings. This holistic viewpoint paves the way for a more integrated and secure service landscape.

Conclusion

Ashikaga Bank's adoption of LIQUID Shield marks a pivotal advancement in the financial sector's ongoing battle against fraud. As digital banking continues to grow, the significance of robust security measures cannot be overstated. With initiatives like LIQUID Shield, banking institutions are setting new standards for safety and customer assurance, shaping a future where banking is not only convenient but also secure.

For more information about LIQUID Shield, visit Liquid Inc. and explore the full range of services they offer in enhancing secure transactions.