How identification verification infrastructure as a service thwarts identification theft

Verifying the identification of workers is just not a straightforward feat. At the moment, identification fraud is so widespread that in accordance with Javelin Technique & Analysis, in 2021, conventional identification fraud losses, the place fraudsters used a shopper’s private data to realize illicit monetary achieve, price $24 billion and affected 15 million shoppers throughout the U.S. 

But, extra distributors are aiming to deal with the problem of fraud from the angle of enterprises. 

Certainly one of these suppliers is on-line verification firm Authenticate, which immediately introduced the launch of a brand new identification verification infrastructure-as-a-service (IaaS) answer to allow organizations to combine photograph ID and passport authentication into any utility or platform. 

The answer highlights the methods by which photograph ID and passport authentication strategies may present the reply to identity-based assaults and identification fraud which have run rampant over the previous few years. 

Assuring identification in a distant world 

With world lockdowns and the COVID-19 pandemic offering ample time for fraudsters to be taught new methods and innovate new scams, enterprises are discovering it tougher 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,” stated Steve Ward, founder and CEO of Authenticate. “By way of its Meta Confirm UI Authenticate will acquire, course of, analyze, retailer and safe, personally figuring out data on the request of its prospects 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 way of a mixture of options together with facial recognition, likeness detection, information quizzes and background checks. 

“Voluntarily audited and independently licensed for SOC 2 Kind II compliance, Authenticate can guarantee its prospects that they meet the best requirements of belief, privateness, confidentiality, safety, reliability and processing integrity,” Ward stated. 

International identification verification market 

Authenticate competes inside the world identification verification market, which researchers valued at $8.43 billion in 2021 and predict will attain a price of $32.94 billion by 2030. 

Two of the group’s predominant opponents within the area are Checkr and Sterling. Checkr provides an answer for performing background checks on workers that makes use of synthetic intelligence (AI) to get rid of handbook evaluations. Final yr, Checkr raised $250 million in funding to realize a $4.6 billion valuation. 

Sterling additionally provides background checks and screening from legal background checks to drug and well being screening, credit score studies, civil courtroom data, and COVID-19 well being testing. 

Based on Ward, what differentiates Authenticate’s answer from opponents is its deal with 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 stated.