How Identity Verification Infrastructure as a Service Prevents Identity Theft

Verifying the identity of employees is no easy task. Today, identity theft is so common that according to: Spear Strategy & Research, in 2021, the loss of traditional identity fraud, in which fraudsters used a consumer’s personal information to gain illicit financial gain, cost $24 billion and affected 15 million consumers in the U.S.

Still, more suppliers are trying to tackle the challenge of fraud from an enterprise perspective.

One of these providers is an online verification company Authenticatewhich today announced the launch of a new infrastructure-as-a-service (IaaS) identity verification solution that enables organizations to integrate photo ID and passport verification into any application or platform.

The solution highlights the ways in which photo and passport identity verification methods can provide the answer to identity-based attacks and fraud that have been rampant in recent years.

Ensuring identity in a distant world

With global lockdowns and the COVID-19 pandemic giving fraudsters ample time to learn new techniques and innovate new scams, enterprises are finding it more difficult to verify the identities of customers and employees at scale, especially in remote work environments.

“Identity fraud is the leading source of cybercrime and growing rapidly,” said Steve Ward, founder and CEO of Authenticate. “Through its Meta Verify UI, Authenticate will collect, process, analyze, store and secure personally identifiable information at the request of its customers and with consumer consent in connection with their use of the product or service they are signing up for. .”

The platform enables enterprises to verify users’ identities in seconds, through a mix of solutions, including facial recognition, similarity detection, knowledge quizzes and background checks.

“Voluntarily audited and independently certified for SOC 2 Type II compliance, Authenticate can assure its customers that they meet the highest standards of trust, privacy, confidentiality, security, reliability and processing integrity,” said Ward.

Global Identity Verification Market

Authenticate competes within the global identity verification market, which: researchers worth $8.43 billion in 2021 and forecast to be worth $32.94 billion by 2030.

Two of the organization’s main competitors in the space are: checkr and Sterling. Checkr provides a solution for performing background checks on employees that uses artificial intelligence (AI) to eliminate manual assessments. Last year, Checkr raised $250 million financing to hit a valuation of $4.6 billion.

Sterling also offers background checks and screening, from criminal background checks to drug and health screening, credit reports, civil courts and COVID-19 health testing.

According to Ward, what sets Authenticate’s solution apart from competitors is its focus on risk management and fraud prevention, rather than background checks.

“Authenticate serves an area in dire need of tailor-made solutions for risk management, fraud prevention, theft deterrence, asset protection, trust and security,” he said.