- Company (that provides the nominated product / solution / service): Onfido
- Website: https://onfido.com/gb/
- Company size (employees): 100 to 499
- Country: United Kingdom
- Type of solution: Hybrid
- Approximate number of users worldwide: Onfido works with over 1500 businesses in 192 countries worldwide
What other awards did this nomination receive in the previous 12 months?
Nominated for Fastest Rising Startup of the year at Europas 2018
In 3 bullets, summarize why this product or service is different from the competition and deserves recognition:
• Onfido’s identity verification engine can spot fraudulent documents 50 times more accurately than a human. This means fewer fraudsters can open a bank account, which results in fewer fraud losses down the line. To give an example, the Bitcoin exchange company Coinfloor had a 72% decrease in fraud rate within 6 months of switching to Onfido’s identity verification solution.
• The key difference in Onfido’s identity verification is the use of a hybrid machine learning and human approach. The majority of documents can be automatically processed by machine learning technology, which becomes more robust as more volumes are passed through it, whilst an expert manual team can review the small number of cases the machine doesn’t recognise. This drives fast turnaround times and fraud detection, without sacrificing completion rates. By comparison, most competitors use entirely human verification methods, which can be slower and less accurate (some types of fraud can’t easily be detected by the human eye).
• Onfido builds its proprietary machine learning technology for its identity verification solution in-house and from the ground up. It’s in-house algorithms perform far better than any other solution in the market, most of which have to use third party vendors for their tech.
Onfido offers enterprises the world’s best identity verification engine, enabling people to access online services easily and protecting them from identity fraud, and allowing businesses to onboard trusted customers quickly and securely. Onfido’s identity verification engine delivers a unique, AI and Machine Learning-based solution which increases conversion, reduces risk and cuts costs for businesses. A vast improvement on slow, manual and paper-based solutions, Onfido’s identity verification engine speeds up the KYC (“know your customer”) process, making identifying a customer as simple as holding a passport up to a smartphone, or filming a short selfie video.
Using machine learning technology, Onfido validates a person’s identity document and compares it with their facial biometrics. The key strength of Onfido’s proprietary technology is that it is built using machine learning, meaning with every document processed, the technology becomes more intelligent and robust. Once a pattern is recognised and learnt by the machine, it will scan every single subsequent document for this pattern. This means that one fraudulent document discovered may lead to many other unrelated documents being detected if they follow the same pattern. The software can therefore verify documents in a matter of seconds with the highest degree of accuracy, wherever in the world they are from.
Onfido’s longer term plans are to continually evolve its machine learning models to keep up with the latest fraud techniques being employed by Tier 1 fraudsters. One such response is Onfido’s liveness product, which prompts a user not just to take a selfie, but to take a short 5 second recording of themselves where Onfido’s tech sets two random challenges, such as reading a set of random digits. Onfido can then use machine learning to verify that it’s a real-life human behind the camera and not a synthetic face image or a pre-recorded video.