Monday, October 3, 2022
HomeBig DataHow identification verification infrastructure as a service thwarts identification theft

How identification verification infrastructure as a service thwarts identification theft


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Verifying the identification of workers just isn’t a straightforward feat. At the moment, identification fraud is so frequent that in keeping with Javelin Technique & Analysis, in 2021, conventional identification fraud losses, the place fraudsters used a shopper’s private data to realize illicit monetary achieve, 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. 

Certainly one of these suppliers is on-line verification firm Authenticate, which at this time 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 study 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. 

“Identification 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 buyer 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 very best requirements of belief, privateness, confidentiality, safety, reliability and processing integrity,” Ward stated. 

World identification verification market 

Authenticate competes throughout 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 primary opponents 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 guide evaluations. Final 12 months, Checkr raised $250 million in funding to realize a $4.6 billion valuation. 

Sterling additionally presents background checks and screening from legal background checks to drug and well being screening, credit score reviews, civil courtroom information, and COVID-19 well being testing. 

In accordance with 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.

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