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Verifying the identification of staff will not be a simple feat. At the moment, identification fraud is so widespread that in accordance with Javelin Strategy & Research, in 2021, conventional identification fraud losses, the place fraudsters used a shopper’s private info to realize illicit monetary acquire, value $24 billion and affected 15 million shoppers throughout the U.S.
But, extra distributors are aiming to handle the problem of fraud from the attitude of enterprises.
One among these suppliers is on-line verification firm Authenticate, which at present introduced the launch of a brand new identification verification infrastructure-as-a-service (IaaS) resolution to allow organizations to combine photograph ID and passport authentication into any utility or platform.
The answer highlights the methods through which photograph 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 international lockdowns and the COVID-19 pandemic offering ample time for fraudsters to study new methods and innovate new scams, enterprises are discovering it tougher to confirm the identification of consumers and staff at scale — notably in distant working environments.
“Identification fraud is the primary supply of cybercrime and it’s rising quickly,” mentioned Steve Ward, founder and CEO of Authenticate. “By its Meta Confirm UI Authenticate will acquire, course of, analyze, retailer and safe, personally figuring out info 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 permits enterprises to confirm the identification of customers in seconds, by means 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 best requirements of belief, privateness, confidentiality, safety, reliability and processing integrity,” Ward mentioned.
World identification verification market
Two of the group’s most important rivals within the house are Checkr and Sterling. Checkr provides an answer for performing background checks on staff that makes use of synthetic intelligence (AI) to remove guide evaluations. Final yr, Checkr raised $250 million in funding to realize a $4.6 billion valuation.
Sterling additionally provides background checks and screening from felony background checks to drug and well being screening, credit score stories, civil courtroom data, and COVID-19 well being testing.
In keeping with Ward, what differentiates Authenticate’s resolution from rivals is its give attention to threat administration and fraud prevention, fairly than background checks.
“Authenticate is serving an space in determined want of bespoke options for threat administration, fraud prevention, theft deterrence, asset safety, belief and security,” he mentioned.