The digital era is providing convenience to all the organizations and individuals across the globe. With advanced technology, everyone is saving time and increasing efficiency. Nevertheless, fraudsters are also developing more sophisticated methods of fulfilling their malicious intent. Modern technology is not only helping companies to perform better, but fraudsters are also significantly benefitting from it. Banks, insurance companies, and other firms operating in the virtual environment are at greater risk than others. However, there is always a way to counter criminal activities.
Thanks to better artificial intelligence algorithms, verification service providers have stepped in the industry to ensure business security. Companies are working day and night to provide advanced biometric and identity verification services to the clients. The clients are usually companies in the finance sector, e-commerce industry, etc. Verification allows these firms to design a stringent verification process for customer onboarding.
Why do businesses need robust customer verification anyway? Well, the number of frauds are increasing over time and verifying customers can help businesses filter fraudsters before they cause any trouble. The market is full of biometric and identity verification providing companies, but finding the best one for your firm is a challenging job. According to Cision, here are the top five biometric and identity verification service providers that you can choose for your organization.
Onfido
Onfido was founded by Husayn Kassai, Eamon Jubbawy and Ruhul Amin in 2012. The team of Onfido includes a total number of 400 team members across the world with offices in London, San Francisco, New York, Lisbon, Paris, New Delhi and Singapore. Onfido provides artificial intelligence-based identity and biometric authentication service providers. The company laid its foundation in 2012 and today, it has a client base of more than 1500 companies. Onfido’s mission is to eradicate identity theft and increase privacy for its clients. It has been serving in different industries including healthcare, telecommunication, finance, gaming, and transport industry.
Jumio
Jumio has been ranked by different analysts in the top five verification service providers in the last two years. The company is serving in more than 200 countries with more than 250 million identities verified. It is assisting companies in the finance, retail, travel, and healthcare sector with its AI-based ID verification services. The accurate results from the company have been winning the hearts of clients since its establishment.
Thales Group
Thales Group is a SaaS (Software as a service) company that has offices around the world and they provide ID Verification solutions that can be used by sales staff in stores, for remote client self-enrollment, and via kiosks in markets. It has the ability to manage ID templates from more than 180 countries. Its interface is intuitive and user-friendly. Thales provides versatile options for companies to apply which include ID Verification in SaaS mode, for quick & easy implementation or it has a Platform mode, for higher flexibility and greater control.
Shufti Pro
Shufti Pro is based in the United Kingdom and started serving different industries in 2017. Within three years, it has penetrated more than 230 countries and served a diverse client base than any of its competitors. Amidst the finance sector, it is also serving organizations in telecommunications, healthcare, gaming, travel, peer to peer economy, and crowdfunding sector. The company is helping businesses to comply with KYC and AML regulations, verifying customers during the onboarding process, and ensuring the security of the data acquired. The AI-based identity and biometric verification enable Shufti Pro to verify more than 3000 document types in more than 150 languages. Furthermore, it deploys 900 algorithms for all its services. It has been giving all its competitors a tough time too within three years.
WebID
WebID is the identity verification solution, which was founded in 2012 and its headquarters are in Berlin and other locations of its offices are present in Germany being Hamburg and Solingen. Moreover, their subsidiaries are present in numerous other countries. WebID claims that to this day they have securely checked over 150 million data fields from users for authenticity. The company’s team consists of almost 800 people, with over 700 of them verifying over 15,000 users daily and 365 days a year. The company has also launched WebID AI, an API that utilizes cognitive intelligence to automatically complete biometric verification of customers with KYC standards. WebID was built to reduce the risk of fraud and protect companies from online scams. It can authenticate identity documents from 194 countries and allows customers to store digital identification tags for future authentications.
Summing It Up
Fraudsters nowadays are using advanced artificial intelligence and machine learning applications for identity theft, financial crimes, and money laundering. Banks, insurance companies, fintech, and e-commerce platforms require robust verification checks to filter fraudsters before they can become a problem for the firm. Considering the rising need for verifying identities, different identity and biometric authentication service providers are operating in the market that are thriving to combat cybercrimes. Different reports have ranked Jumio, Thales, Shufti Pro, and Onfido among the top five service providers in the verification industry.
