Demand for IDnow, a German ID verification startup has more than doubled in the UK since the start of the year as scams linked to COVID-19 continue to rise.
For example, Action Fraud said that as of 7 June over £6.2m has reportedly been lost by Brits to coronavirus-related scams. With a significant increase in consumer online activity, from opening food delivery accounts to streaming services, new account fraud is becoming a major challenge for firms to overcome.
Munich headquartered IDnow provides AI-based technology that can check all security features on ID documents. This enables the identities of more than seven billion customers from 193 different countries to be verified.
ID verification tech innovation
Charlie Roberts, Head of Business Development, UK, Ireland & EU, IDnow, comments: “The figures released by Action Fraud prove how vital highly secure and reliable identity verification is, especially as the coronavirus crisis continues to drive increased online purchases.
“The UK’s financial services sector is in need of technological innovation when it comes to ID verification, something that plays to our strengths. With the right level of digital identity verification, such as video-based identity products, the sector will be in a stronger position to support businesses who have a duty of care to protect their customers from risk of fraud while ensuring they remain resilient during this pandemic.”
AutoIdent: AI-based identity verification
IDnow launched its UK operations last November. It sees demand from organisations for its AI-based product AutoIdent which can check all security features on ID documents. In particular, it has seen increased demand from regulated sectors such as financial services.
IDnow says that its hybrid solution works by combining a unique process of automation and human intervention including manual reviews with video based on-boarding– leveraging state-of-the-art machine learning technology and a network of identity and fraud specialists.
Roberts adds: “Some of the biggest names in the UK’s financial services sector are turning to us as they seek the reliability of our German technology and our adherence to the BaFin regulations, the highest standards in the industry.”
Paul Kenny, Head of Lifecycle Optimisation at Allied Irish Banks (AIB), comments: “As a bank, we have to meet a lot of regulatory requirements. IDnow is a trusted partner in the fields of security and compliance and helps us deliver fast and efficient video onboarding for our customers.”