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The Top 5 Identity Verification Companies To Look for in 2021

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Cybersecurity is becoming a growing concern for many businesses. This means people are hunting for solutions to tackle this ever-growing issue. But the answer may be quite literally in front of people’s faces. And it comes in the form of online identity verification.

What this involves is using artificial intelligence and biometrics to successfully identify that a person is who they say they are. IDV service providers authenticate identities by verifying identity documents and biometric authentication to ensure original identities are onboarded. Biometrics is a subset of AI and thanks to its ability to identify unique human characteristics, it is perfect to use for access control.

What this means for the modern world, is that AI-based IDV solutions can help in the fight against cybercrime. It is great for any firm that needs to verify that a person is who they say they are. Whether that be a finance company, eCommerce business or a healthcare firm. It protects data and helps in the fight towards anti-money laundering. It does this by blocking spammers and hackers in an efficient and precise way.

It seems like a miracle cure against cybercrime. So, with this in mind, it’s great to see which companies are providing the best services.

Here are 5 firms that are revolutionizing identity verification 1. Unico

Claiming to have the largest facial biometric database in Brazil, Unico connects people with companies. All through a digital means. It even says that from March to November, the use of its identification services went up by 59.3%. Considering the amount of usage the company has seen in 2020 alone, it seems Unico is playing a strong role in identity verification in Brazil.

However, one of the downsides of Unico is that it can sometimes block users, even when they are legitimate. This is usually due to inactivity or too many password attempts. The software may also be affected by slow loading pages, which when accessing bank details, can be frustrating.

2. Shufti Pro

As one of the most rapidly growing IDV companies right now, Shufti Pro provides an all in one service at a global scale. Using real-time identity verification, the tech firm focuses on KYC/AML screening and facial biometric authentication. The company claims that it can verify a person’s identity within seconds and that it synergizes both human and artificial intelligence.

Shufti Pro seems to be an all-rounder firm as it provides multiple identity verification solutions to fulfill different KYC demands. It launched on-premise software and video interview KYC solution for the finance industry and a touchless verification kiosk for airports.

However, one downside to this firm is that the software is only 98% accurate, rather than 100%, and only verifies major ID documents (such as ID card, Driving licenses, and passport) of each country. The company says that it relies solely on government-issued identity documents to enhance authenticity and reliability of its results. But some businesses said that they got their customized solution as well, for unique ID document types and the company is now allowing verification of paper-based identity documents.

3. HooYu

HooYu is a customer onboarding service that works digitally with Know Your Customer (KYC) services. Recently, the firm has launched a new user interface that involves a more modermodernizedtity verification tool. Using UI and UX as part of the firm’s services has helped make customer onboarding easier to navigate and helps prevent fraud, the firm says.

Now, the onboarding process gives users more choices for customers. They also give further guidance on what people need to do to pass the KYC check. And, as well as this, the company mixes traditional data checking methods with modern digital methods. Such as biometrics and geolocation, to ensure secure, yet effortless, onboarding, and data access.

However, the verification techniques that HooYu uses can include taking information from social media. Which, unfortunately, isn’t always true information. So, although it’s good that it uses a blend of verification, unfortunately, this data may not be based on 100% true information.

4.Jumio

Working on a KYC (Know Your Customer/Driver/Student, etc.) basis, Jumio provides an end-to-end verification service. Its aim is to fight off money launderers and fraudsters in today’s digital economy. Therefore, it uses AI, biometrics, and machine learning as part of its identity proofing services.

The company boasts to have verified over 250 million identities all over the world. It works by person X taking a selfie whilst the software takes hundreds of still images. Programmed AI then performs facial scanning and biometrics are used to compare the face to the ID.

Jumio allows clients access based on a score. The score is based on selfie information and if the score is too low, clients are denied access. This can become frustrating, especially if a person’s face has changed for any reason.

5. iProov

iProov uses Genuine Presence Assurance technology to authenticate remote users. This is all part of their ID verification onboarding process the firm uses with banks, governments, and other enterprises. The idea is for a customer to use the new tech to be able to open bank accounts. As well as provide authentication and access to other secure data from any remote location.

These companies prove ID verification is becoming an essential part of all of our daily lives. Whether it’s part of KYC or against deep-fakes, ID verification technology is vital to prevent fraud. The pandemic forced many businesses to go online, and it rendered surprising benefits as well. Many industries are expected to grow in the coming years, but this growth is also exposed to fraud and financial crime. Online customer verification and authentication could help businesses secure themselves and their customers from fraud. 

Image Credit: Identity Verification

Source: https://datafloq.com/read/the-top-5-identity-verification-companies-to-look-2021/11738

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