How id verification infrastructure as a service thwarts id theft

Verifying the id of workers is just not a straightforward feat. As we speak, identity fraud is so widespread that in accordance with Javelin Strategy & Research, in 2021, conventional id fraud losses, the place fraudsters used a client’s private data to attain illicit monetary achieve, value $24 billion and affected 15 million customers throughout the U.S. 

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

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

The answer highlights the methods through which picture ID and passport authentication strategies might present the reply to identity-based assaults and id fraud which have run rampant over the previous few years. 

Assuring id in a distant world 

With international lockdowns and the COVID-19 pandemic offering ample time for fraudsters to be taught new methods and innovate new scams, enterprises are discovering it harder to confirm the id of consumers 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. “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 buyer in reference to their use of no matter services or products they’re signing up for.” 

The platform permits enterprises to confirm the id of customers in seconds, by way of a mixture of options together with facial recognition, likeness detection, data quizzes and background checks. 

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

World id verification market 

Authenticate competes throughout the international id verification market, which researchers valued at $8.43 billion in 2021 and predict will attain a worth of $32.94 billion by 2030. 

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

Sterling additionally provides background checks and screening from felony background checks to drug and well being screening, credit score experiences, civil court docket information, and COVID-19 well being testing. 

In response to Ward, what differentiates Authenticate’s resolution from opponents is its give attention to danger administration and fraud prevention, moderately 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.