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Verifying the identification of workers isn’t a straightforward feat. Immediately, identification fraud is so widespread that in response to Javelin Strategy & Research, in 2021, conventional identification fraud losses, the place fraudsters used a client’s private data to realize illicit monetary acquire, price $24 billion and affected 15 million customers throughout the U.S.
But, extra distributors are aiming to deal with the problem of fraud from the attitude of enterprises.
One in all these suppliers is on-line verification firm Authenticate, which as we speak introduced the launch of a brand new identification verification infrastructure-as-a-service (IaaS) answer to allow organizations to combine picture ID and passport authentication into any software or platform.
The answer highlights the methods through which picture ID and passport authentication strategies might present the reply to identity-based assaults and identification fraud which have run rampant over the previous few years.
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Assuring identification in a distant world
With world lockdowns and the COVID-19 pandemic offering ample time for fraudsters to be taught new strategies and innovate new scams, enterprises are discovering it harder to confirm the identification of shoppers and workers at scale — significantly in distant working environments.
“Id fraud is the primary supply of cybercrime and it’s rising quickly,” mentioned Steve Ward, founder and CEO of Authenticate. “Via its Meta Confirm UI Authenticate will gather, course of, analyze, retailer and safe, personally figuring out data on the request of its clients and with the consent of the patron in reference to their use of no matter services or products they’re signing up for.”
The platform allows enterprises to confirm the identification of customers in seconds, by a mixture of options together with facial recognition, likeness detection, data quizzes and background checks.
“Voluntarily audited and independently licensed for SOC 2 Kind II compliance, Authenticate can guarantee its clients that they meet the best requirements of belief, privateness, confidentiality, safety, reliability and processing integrity,” Ward mentioned.
International identification verification market
Two of the group’s predominant rivals within the house are Checkr and Sterling. Checkr presents an answer for performing background checks on workers that makes use of synthetic intelligence (AI) to get rid of handbook critiques. Final 12 months, Checkr raised $250 million in funding to realize a $4.6 billion valuation.
Sterling additionally presents background checks and screening from felony background checks to drug and well being screening, credit score reviews, civil court docket data, and COVID-19 well being testing.
In accordance with Ward, what differentiates Authenticate’s answer from rivals is its concentrate on danger administration and fraud prevention, fairly than background checks.
“Authenticate is serving an space in determined want of bespoke options for danger administration, fraud prevention, theft deterrence, asset safety, belief and security,” he mentioned.