LONDON, Aug. 29, 2019 /PRNewswire/ -- Based on its recent analysis of the European identity verification and authentication market, Frost & Sullivan recognises the London- and San Francisco-based Onfido with the 2019 European Technology Innovation Award for its advanced hybrid identity verification solution. This platform, powered by artificial intelligence (AI), machine learning, biometrics, and analysis, has found application across diverse industry verticals such as banking and finance, insurance, retail, gaming, gambling, marketplaces, transportation, and government services.
"Onfido's proprietary identity verification solution employs multiple advanced algorithms in parallel, which helps triangulate and verify users' documents as efficiently as possible, in less than 20 seconds," Doraiswamy Bharath Sunderraj, Industry Analyst. "Onfido's process is able to scale with increased demand as it uses machine learning to intelligently detect anomalies in 2D identity documents. Compared to local know your customer (KYC) document collectors that are vulnerable to hacking and data loss, Onfido's solution is cloud-based and extremely secure."
Customers can choose from a fully automated, fully hybrid, or fully manual checking approach, depending on whether speed of onboarding is more important or fraud exposure rate. Onfido also aims to establish its Software-as-a-Service (SaaS) platform as the identity verification technology of choice across industries. In addition to financial services and retail, Onfido's use cases include fraud deterrence and brand assurance. For example, companies such as Drivy are adopting Onfido's platform to verify and authenticate both the ride provider and ride sharer so that all parties feel secure when traveling together.
The platform follows a simple three-step verification process. Its software visually scans the government-issued identity document submitted by the user, performs a visual fraud analysis, validates the document, and extracts the required data about the user. Next, it captures the user's facial biometrics through a selfie, and the software then analyses and compares the image with the image available in the identity document. Lastly, it confirms liveness and authenticates whether the image submitted is that of an actual person. When the software fails to detect a sophisticated fraudulent document despite all these checks, the Onfido team fully analyses the document manually and then builds an advanced new fraud detection model that allows the platform to detect any such documents in the future.
"With 240 technologists spread across six countries, Onfido has taken proactive measures to grow in-line with industry demands and the threat landscape," noted Doraiswamy Bharath Sunderraj. "Although a number of large technology participants are staking a claim to the identity verification market, Onfido has a strong footprint and intends to grow as a major standalone participant."
Each year, Frost & Sullivan presents this award to the company that has developed a product with innovative features and functionality that is gaining rapid acceptance in the market. The award recognises the quality of the solution and the customer value enhancements it enables.
Frost & Sullivan Best Practices awards recognise companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.
Onfido is building the new identity standard for the internet. Our AI-based technology assesses whether a user's government-issued ID is genuine or fraudulent, and then compares it against their facial biometrics. That's how we give companies like Revolut, Zipcar and Bitstamp the assurance they need to onboard customers remotely and securely. Our mission is to create a more open world, where identity is the key to access.
Recognized as a global leader in artificial intelligence for identity verification, we're backed by Salesforce Ventures, SBI Investment, M12 (Microsoft) Ventures, and others. With 250 technologists spread across 6 countries, we've raised $100m in funding and power verification for 1,500 customers.
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