Onfido, the global identity verification provider, and voted 1st out of 2,000 companies in this year’s FinTech50, today announced new product innovations, business wins and panel discussions planned for next week at 2019 Money20/20 USA, October 27-30 in Las Vegas. Additionally, with fraud insights gained from millions of identity documents it analyzes every year, Onfido has today published the company’s inaugural Global Fraud Index.
“Biometrics have played an important role in digital commerce, online banking, and other parts of the FinTech market, with AI and machine learning being a key driver in its growth,” said Husayn Kassai, CEO and co-founder of Onfido. “As we’ve highlighted in our Fraud Index, identity issues are critical and core to the financial services industry; as offerings continue to evolve, the ability to reduce friction and enable greater access while increasing trust is our key focus.”
New AI Innovations will Capture More Fraud, Faster
Onfido will demo new machine learning capabilities at its booth (#4311) showcasing how AI is used to improve its fraud accuracy and speed of detection, while increasing applicant completion rates and providing its customers with a degree of auditability.
- Data-monitor – helps Onfido’s machine learning system decide whether an applicant is clearly fraudulent or may instead need their captured identity document enhancing because the image was blurry or captured in bad light.
- Input enhancement – corrects images that are out of focus or too dark, increasing the systems confidence in decision making, maximizing completion rates and minimizing the number of cases requiring human intervention or applicant re-submission.
- Confidence checkup – algorithmic model that enables system to recheck its own work and flag if it’s not confident in its decision.
- Decision logs – reveals why a decision has been made. Shows a heat map over the captured document image, highlighting problem areas like paper folds or images placed on images, ensuring quality control and auditability.
These components are expected to be included in Onfido’s identity verification system in Q1 2020.
- Monzo – the UK’s fastest-growing bank, now has 3 million customers and adds roughly 200,000 new users each week. Onfido first started working with Monzo in 2015 and has signed a new multi-year agreement for onboarding users through the bank’s exciting next phase of growth.
- Ditto Services –”Offering the most frictionless customer experience is mandatory in the digital banking world,” said Mung Ki Woo, Chief Executive Officer at Ditto Services. “Thanks to Onfido’s solution, we have been able to secure the ID document validation step in the most innovative and user-friendly way. We are confident that this partnership will satisfy Ditto Bank customers as well as simplify KYC internal processes. We selected Onfido because of their strong DNA in innovation and ethics which is really important to us when selecting a partner.”
- Dwolla – “Verifying identities is a huge piece of any payment platform, which is why we’re so excited to bring Onfido into the Dwolla Partner Ecosystem,” said Stephanie Atkin, VP of Marketing at Dwolla. “Our customers expect the very best and being able to recommend Onfido—and their innovative technology—will help our customers solve their KYC/AML pain points. We couldn’t be more excited to partner with Onfido.”
- Uniken – “Secure customer onboarding is a critical component of the security profile of an organization,” said Bimal Gandhi, CEO at Uniken. “Integrating Onfido’s industry leading Identity Proofing capability to our REL-ID omni-channel security solution provides a simple yet frictionless solution, from initial customer onboarding to the continual ability to secure, authenticate, and transact, regardless of channel.”
Experts on Stage:
The old shared identity ecosystem of centralized models simply no longer works because it’s vulnerable to being hacked. Onfido believes that identity is the key to access and this key should be held only by the customer, but used across multiple businesses to aid access and convenience for faster onboarding without compromising security.
Husayn will participate in a Money20/20 panel on Tuesday, Oct. 29 at 10:45 a.m. Invisible Authentication: How UIX-Focused Biometrics Can Make Passwords Disappear. The panel will discuss the challenges in authentication and how a user-centered identity paradigm can solve the complex identity crisis in the era of the data breach.
In addition to Husayn’s expertise, Kevin Trilli, Chief Product Officer, will join a BrightTALK webinar panel on Wednesday, Oct. 30 at 10:30 a.m.: CIAM, RaaS and the Future of Identity Management. Conversation will include how to maintain a secure customer identity lifecycle; how to mitigate KYC-induced friction at registration; benefits of CIAM for companies and customers; and what the future holds for identity lifecycle management.
With just a photo of an identity document and a selfie video, anyone can access a host of online services in a matter of seconds from some of the biggest names in financial services, transportation, online marketplaces and communities, gaming and other industries—all fueled by Onfido’s artificial intelligence-powered identity verification.
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 BBVA, Zipcar and Remitly 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 270 technologists spread across 6 countries, we’ve raised $100m in funding and power verification for 1,500 customers.