Liveness Test & Flash Package
Applicant name: Onfido
Innovation Name: Onfido
Innovation Type: Product
Website: http://www.onfido.com
Mission: Onfido’s Liveness Test & Flash Package
Innovation Description: Onfido offers enterprises (financial institutions, healthcare, gaming, online marketplaces) 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. 2018 saw Onfido build out its product offering, with the introduction of new proprietary technologies such as facial liveness testing, which provides the market’s most robust protection against spoofing attempts, and a new Flash package, which validates a user’s ID in under 15 seconds.
Status of Innovation: In-market
Innovation Active Since: 05/24/2018
Applicant Type: Private Company
Headquarter City: London
Headquarter Country: UK
Year Founded: 2017
Main Category
Main Category Choice: Technology Innovation
Why do you think you should win this category?:
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).
Secondary Category
Secondary Category Choice: Compliance Solution
Why do you think you should win this category?
Identity theft is the fastest growing crime in the US and accounts for half of all reported fraud in the UK, with 1 in 60 online transactions attempted globally being fraudulent.In order to address this, KYC and AML regulations facing financial institutions has increased dramatically – and the fines for non-compliance can be crippling. To meet the pressure and pace of changing regulation, many have substantially built out their internal compliance teams. But it’s not a scalable solution – manual teams are expensive, slow and prone to human failure. All these factors make it harder for traditional financial institutions to keep pace with more innovative, nimble and customer-centric challenger banks. Onfido’s Identity Verification platform, which automates KYC & AML processes, is proven to reduce the costs of compliance and manual review, increase conversion rates and reduce the risk of fraud.
Team Members
Full Name: Paul Jarratt
Role: Head of Communications
Linkedin: https://www.linkedin.com/in/pauljarratt/
Full Name: Husayn Kassai
Role: CEO and Cofounder
Link: https://www.linkedin.com/in/husaynkassai/
Full Name: Kevin Trilli
Role: Chief Product Officer
Link: https://www.linkedin.com/in/trilli/
Full Name: Eamon Jubbawy
Role: COO and Cofounder
Link: https://www.linkedin.com/in/eamonjubbawy/
Supporting Links
Demo video of Onfido at Dreamforce: https://www.youtube.com/watch?v=Exf221ZioUE&t=8s
Client Current.com Onfido Integration: https://www.youtube.com/watch?v=OCnipoWmrRM
Live product demo: https://hub.onfido.com/youtube-all-videos/onfido-product-demo-identity-verification-in-action
Entry Representative
Full Name: Paul Jarratt
Role: Head of Communications
