How is Identity-verification-as-a-Service transforming cybersecurity?

Digital transformation is heightening the risk of identity fraud and theft contaminating enterprises. However, Identity-verification-as-a-Service could be the answer to the problem

Yes, yes, it’s yet another as-a-Service, but this one promises to be a total game-changer for the cybersecurity field. It’s a long-awaited solution that is answering the problems of tomorrow, today. As digital transformation continues to sweep through enterprises and businesses move operations online, the risk of fraud increases. In light of this, Identity-verification-as-a-Service (IvaaS) is the future of cybersecurity, helping us tackle modern problems in a modern way.

What is IvaaS?

Dirty money is a nightmare for all businesses. Nobody wants transactions infiltrating from identity fraud. Businesses also do not want their brand contaminated by money associated with laundering or terrorism. Otherwise, businesses face hefty fines, or worse, damage to their reputation. Thus, as remote transactions become increasingly commonplace, identity verification becomes more of a necessity.

There are a number of IvaaS solutions available that utilise technologies such as artificial intelligence (AI) to reduce risk of fraud and keep businesses compliant. The best of these are designed with not only the business’s interests at heart, but customers too.

IDNow

IDnow is a great example of a company that uses AI for highly reliable customer ID verification. However, the company prides itself on combining the “best of humans and machines” to deliver effective authentication and keep you Know Your Customer (KYC)-compliant. Speed is a great selling point of the platform. Until recently, customer verification was a slow process in such a modern landscape. However, this platform delivers instant verification of identity documents. What’s more, it’s speedy even for your customers. This is especially important as customers will often abandon processes if they take too long or present too much hassle. With a team of identity and fraud experts at hand to support you, IDnow provides all the tools to increase your onboarding rates.

Onfido

Earlier this year, Onfido celebrated raising a staggering $50 million to create the identity verification standard for businesses globally. Their platform boasts simplicity in that it requires no more than an ID and a selfie. What’s more, it is cloud-based and scalable, which you’ll surely need given how it will drive customer onboarding. Onfido combines document verification with biometric verification to protect your platform against fraud. The platform cleverly assesses data consistency across the ID, analyses images, and detects font anomalies to deter fraudsters. If their impressive clientele portfolio is anything to go by, Onfido are a trusted IvaaS provider for enterprises worldwide.

Jumio and TruNarrative

A good example of IvaaS in action is in the partnership of Jumio and TruNarrative. The two have joined forces to deliver high-quality identity verification for TruNarrative’s single financial crime platform for fraud detection, customer onboarding, and regulatory compliance. This partnership has paved the way for TruNarrative’s client base to enjoy more streamlined account setups, heightened but simplified KYC compliance, and the detection of financial crime in a single, unified platform. Jumio’s solution combines AI, optical character recognition, and biometrics. Together, these keep the plates spinning of fighting frauding, quickly onboarding customers, and remaining compliant.