A snippet of code lets you verify users globally to reduce fraud, increase trust and safety
Applicant name: Trulioo
Innovation Name: GlobalGateway EmbedID
Innovation Type: Product
Mission: EmbedID: a snippet of code lets you verify users globally to reduce fraud, increase trust and safety
Innovation Description: EmbedID is a low-code developer tool preconfigured to work with GlobalGateway, the world’s largest identity verification marketplace. Leveraging global independent data sources and integrated identity services, it enables businesses to verify users during the account creation process to help meet Anti-Money Laundering and Know Your Customer compliance requirements, increase trust and safety online, and mitigate fraud.
By copying and pasting a snippet of code onto the organization’s website, EmbedID automatically generates a stylized registration form, prewired to GlobalGateway to instantly verify personal ID info entered during the account opening process.
For additional security and assurance, users can capture a photo of their ID document along with a selfie photo, enabling organizations to check the authenticity of ID documents and use facial recognition with liveness detection to ensure the person displayed on the selfie photo matches the ID document – helping businesses protect against sophisticated fraud and financial crime
Innovation Inspiration: SMBs have been targeted by fraudsters due to limited resources, or lack of awareness of ID verification tech and best practices for mitigating fraud. Accenture found that 43% of attacks are aimed at SMBs, and only 14% are prepared to defend against them.
EmbedID lifts these burdens for organizations (regardless of size and budgets). Trulioo’s bank-grade tech provides a multi-layered approach to identity verification, including ID documentation verification and biometric authentication for added layers of security. It makes verification easy and scalable, delivering risk-based workflows and increased assurance and efficacy based on real-time performance results of GlobalGateway identity network partners.
In an age of digital transformation, it’s critical for all organizations to have access to the same ID verification solutions used by enterprises to protect and scale their business while meeting regional AML and KYC compliance requirements – especially as identity continues to evolve and ID verification continues to be a challenge.
Who benefits from the innovation most? Organizations face significant barriers to expanding their business in today’s digital economy – especially organizations in the remittance and crypto space – and strict procedures for identity verification are not only smart but required. Identity verification is an essential building block for success, and all remitters and senders need to take it seriously.
And given that most remitters and senders are international – they need a solution that offers global coverage and the best user experience.
EmbedID offers this in a cost effective way – providing 1 API and 1 contract that allows organizations to verify identities through Trulioo GlobalGateway API without the integration overhead, thus requiring minimal engineering effort upfront, but maximum scalability for any future plans.
EmbedID serves crypto businesses, as well as organizations in financial services, online marketplaces and communities, ecommerce, online gambing and other sectors – helping them meet strict compliance standards and prevent fraud.
What are you most proud of about your innovation? Founded by entrepreneurs with decades of experience in the identity sector and supported by board members with extensive experience in the space, EmbedID advances Trulioo’s mission to verify all 7+ billion identities globally to enable more businesses and people to participate in the digital economy.
Through the development of MobileID, which leverages mobile network operator data, Trulioo overcame barriers to accessing underserved/unbanked populations whose citizens often do not have ID documents for identity proofing.
Trulioo powers instant identity and business verification for 5B people and 330M companies in 195+ countries. Organizations apply the appropriate verification method suited for the level of risk associated with each digital identity – a notable achievement in a marketplace where competitors offer a point solution vs. a holistic approach. Trulioo’s global identity network is accessible through a single, seamless integration – driving operational efficiencies, GTM strategy, and scalability for hundreds of companies.
Status of Innovation: In-market
Innovation Active Since: 02/18/2020
Applicant Type: Private Company
Headquarter City: Vancouver
Headquarter Country: Canada
Year Founded: 2011
Main Category Choice: Compliance Solution
Why do you think you should win this category?:
EmbedID was designed to simplify and reduce the time it takes to expand into new markets by offering real-time ID verification and seamless onboarding while helping meet regional compliance requirements.
One example is Fintech company STACK who has completed more than 750,000 transactions across 105 countries – totaling almost $30M of volume in under a year. STACK onboards customers in 2 minutes, and the app now boasts a 4.3 rating and is accessed an average of 2.7 times daily by users.
There are strict laws for collecting PII due to fraud risks. Lawmakers regularly introduce regulations with consequences for non-compliance. Companies face several barriers to digitally expanding, and understanding evolving global regulations adds to the burden. Trulioo packages decades of identity verification best practices and expertise into EmbedID, which auto-generates registration forms that collect required PII data, preconfigured to call GlobalGateway API during the onboarding process to verify and authenticate users from each country.
Secondary Category Choice: B2B Solution
Why do you think you should win this category?
In an age of digital transformation and heightened fraud, it’s essential for organizations of all sizes to quickly and accurately verify users during the account creation process. This is especially true for SMBs (60 percent go out of business after a fraud attack). By providing the same level of online protection as large enterprises, EmbedID levels the playing field to allow for accelerated innovation, customer acquisition and competition in the marketplace.
For organizations, inauthentic accounts pose financial and reputational risks and can be used to steal services and commit fraud, among other criminal activities. But developing effective solutions that implement the latest capabilities for combatting this requires deep experience and pockets. With EmbedID, organizations can integrate identity verification without becoming experts in all of its nuances, and without spending a lot of time, money and effort to implement, test and operate all the necessary technology. Instead, they can focus on their core business.
Full Name: Kim Hong
Role: SVP of Marketing
Full Name: Steve Munford
Full Name: Zac Cohen
Role: Chief Operating Officer
Full Name: Anne Lawlor
Role: Chief Financial Officer
ID Verification Solutions Provider Trulioo has Developed New Facial Recognition and Document Authentication Software – Crowdfund Insider article: https://www.crowdfundinsider.
Trulioo EmbedID datasheet / brochure: https://www.docdroid.net/
Trulioo launches front-end tool to access its API – GlobalGateway – The Paypers article: https://thepaypers.com/
Trulioo GlobalGateway brochure: https://www.docdroid.net/