Onfido is a company that facilitates regulatory compliance through the use of technology by allowing companies to verify people’s identities using an ID document with a photo and a selfie. This procedure has become quite commonplace as mobile applications in the finance industry are looking for ways to verify their users identities remotely. That is exactly the issue Onfido tackles with its solution. The solutions offered by the company reduce overheads for the customers as less is spent on the salaries of employees who would otherwise have to verify the user identities manually. The company also reports that its products increase conversion rates by up to 40%, which means more customers are signing up for the services that use Onfido solutions.
Onfido uses ID Record Check, Document Check and Facial Check to reduce fraud
Onfido is able to verify the users identities through several steps. ID Record Check ensures that the information received by the company about a specific user matches those stored in other databases and credit reference agencies. Once the user’s name, address and date of birth are gathered from the ID document, Onfido cross-references them with verified databases. This way the company can make sure that the data is valid.
Onfido also implements solutions to recognize forged documents. This is done through Document Check. “Our Document Check ensures that your users’ identity documents haven’t been forged, digitally tampered with, lost or stolen,” – says the company. Onfido is able to achieve this through the use of machine learning technology.
Finally, the company also takes care of the risks associated with impersonation fraud. Up until now, we haven’t listed anything that would prohibit a user from using someone else’s ID. The Facial Check is the step that solves this problem. As Onfido receives the photos of both the user’s ID and a selfie, it can compare these two to make sure that the person registering for services is the one whose ID has been submitted during registration. This way fraud risks are minimized significantly.
With the recent surge in mobile applications, Onfido has seen a surge in demand. The company currenlty serves more than 1,500 businesses and employs over 100 people in multiple countries around the world. It was able to raise over $60 million during its years of operation since 2012, which demonstrates the opportunities the technology is able to offer.