Top 10: Fraud & ID Verification Platforms

The issue of fraud and identity in the financial services and fintech space has, arguably, never been a more important issue. 

A recent report from Sumsub found identity fraud rates in fintech rose 73% between 2021 and 2023. Now the spotlight is on the fintech space to do more to quell the rampant spread of fraud. 

These leading fraud and ID verification platforms are supporting the industry in efforts to protect consumers.  

Token of Trust

Token of Trust offers identity verification and compliance solutions for e-commerce businesses. Founded in 2015, its platform offers a suite of tools, including age verification, KYC/AML checks and fraud prevention, supporting over 5,000 ID types from 240+ countries. Token of Trust's technology integrates with popular platforms like Shopify and WordPress, offering features such as database-first checks and 90-day verification retention for returning customers. The company prioritises privacy compliance, adhering to regulations like GDPR and CCPA. With a focus on user experience, Token of Trust boasts a 98% customer satisfaction rate.

Founded in 2016, Ondato is a Lithuania-based company specialising in KYC and AML compliance solutions. Its flagship product, Ondato OS, offers a suite of identity verification tools, including automated, assisted and manual verification options. The platform supports over 10,000 document templates from 192 countries and integrates with 15,000+ global AML sources. Ondato's services boast a 99.8% accuracy rate and a 97% average pass rate, with customer onboarding typically completed in 60 seconds. The company's flexible approach allows clients to customise verification processes, adapt to different jurisdictions and integrate with existing customer data platforms.

Veriff

Founded in 2015 by Kaarel Kotkas in Tallinn, Estonia, in 2015, Veriff has rapidly become a leader in online identity verification. The company's AI-powered platform supports over 11,500 document types from 230+ countries and territories, offering services in 48 languages. Veriff's technology combines document verification, facial recognition and fraud detection, achieving a 98% check automation rate. Notable clients include Wise and Berlin's public transportation company. In 2019, Veriff acquired BrowserID to enhance its device-based fraud prevention capabilities. 

Jumio

Jumio has established itself as a pioneer in the digital identity verification and fraud prevention space with its innovative KYX platform. This comprehensive solution empowers businesses to build and maintain trust with their customers throughout the entire relationship lifecycle, from initial account opening to ongoing monitoring. At the heart of Jumio's offering is a sophisticated suite of tools that combine advanced risk signals, robust identity proofing and compliance solutions. Its approach allows companies to not only meet regulatory requirements but also to streamline their onboarding processes for legitimate customers.

iDenfy

iDenfy is a Lithuania-based identity verification company that has developed a comprehensive platform to combat fraud and streamline customer onboarding. Founded in 2017, iDenfy's solution can verify over 3,500 document types from more than 200 countries and territories, extracting data in as little as 0.02 seconds. The company employs a three-layer verification process, combining AI-powered automation with 24/7 human supervision. iDenfy's platform includes features like 3D liveness detection, AML screening and business verification. With a focus on cost-effectiveness, iDenfy offers a unique pricing model where clients only pay for approved verifications.

IDnow

IDnow has established itself as a leading provider of identity verification solutions, offering a versatile platform that caters to different  business needs. The company's suite of services encompasses both automated and human-assisted identity proofing methods, designed to accommodate various scenarios from online transactions to in-person verifications at points of sale. At the core of IDnow's offering is its ability to ensure a balance between stringent security standards and seamless user experience. This approach has enabled IDnow to optimise its verification processes, resulting in high conversion rates while maintaining robust security measures.

Id.me

Leading identity verification platform ID.me enables individuals to securely prove and share their identity online. With a network of over 113 million members and daily growth, ID.me has established itself as a trusted partner for government agencies, retailers and organisations across various sectors. The company's suite of services includes identity proofing, authentication and group affiliation verification. ID.me's commitment to inclusivity is reflected in its "No Identity Left Behind" approach, offering video chat support to ensure all users can confidently establish their digital identity.

Sift

Sift has established itself as a frontrunner in the digital trust and safety arena, offering leading fraud prevention and anti-abuse solutions. The company's platform processes an astounding one trillion events annually, leveraging this vast dataset to provide unparalleled insights and protection. Sift's client roster boasts industry giants like DoorDash and X (formerly Twitter), who rely on the platform to maintain their competitive edge in an increasingly complex digital landscape. At the heart of Sift's offering is a unified, intuitive console that serves as a comprehensive solution for risk operations. This integrated approach eliminates the need for disparate tools and single-purpose software, streamlining operations and maximizing resource efficiency. 

Sumsub

Founded in 2015, Sumsub is a London-based identity verification platform serving over 2,000 clients globally. Its all-in-one solution covers KYC, KYB and AML needs, processing more than 140,000 proof of address documents daily. Sumsub's AI-powered technology supports verification in 220+ countries and territories, with a 96.39% pass rate in France. The company's recent expansion includes establishing an APAC headquarters in Singapore and securing US$30m in Series B funding in 2022. Sumsub's platform integrates features like liveness detection, transaction monitoring and customisable verification workflows to combat digital fraud across various industries.

Onfido

Founded in 2012, Onfido is digital identity verification company providing solutions for businesses to onboard new customers. It has developed the Real Identity Platform, an AI-powered solution that combines document and biometric verification with data sources and fraud detection signals. The platform's centerpiece is Onfido Studio, a no-code orchestration tool that allows businesses to create tailored verification workflows. At the heart of Onfido's technology is Atlas™ AI, an advanced AI system developed in-house over a decade, designed to deliver fast and accurate identity verification results. Onfido's solutions are used by hundreds of businesses globally to streamline customer onboarding, meet compliance requirements and prevent fraud.

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