Veratad Technologies Unveils VeratadAI℠: Advancing Identity Verification with AI-Powered Data Extraction and Fraud Detection
TEANECK, N.J., Nov. 26, 2024 /PRNewswire/ -- Veratad Technologies, LLC, a global leader in identity verification solutions, announces the launch of VeratadAI℠, featuring its first two innovative services: VeratadAI+Extract℠ and VeratadAI+Protect℠. These AI-powered services will enhance identity verification by integrating seamlessly with industry-leading document verification vendors through Veratad's VX orchestration platform.
VeratadAI+Extract utilizes advanced Large Language Models (LLMs) instead of traditional OCR technology. By understanding context, language, and visuals like a human, VeratadAI+Extract interprets and extracts data from identification documents with exceptional accuracy. It collaborates with leading verification vendors to compare results and employs self-reflection methodologies to select the most accurate information. This ensures unparalleled precision while retaining valuable data for compliance and analytics.
"VeratadAI+Extract is a transformative leap in data extraction," said John E. Ahrens, CEO of Veratad Technologies. "By combining human-like AI understanding with top-tier verification vendors, we deliver unmatched accuracy without requiring clients to change their existing systems."
Additionally, VeratadAI+Protect serves as a vital fraud prevention tool that safeguards verification workflows by detecting multiple account creation attempts from the same individual. The service employs sophisticated AI techniques to analyze both identity documents and facial features, effectively preventing fraudsters from exploiting promotional offers through duplicate accounts.
"With the rise of account creation fraud and promotion abuse, VeratadAI+Protect is essential," said Thomas Canfarotta, Vice President of Product. "By leveraging the latest AI tools, VeratadAI+Protect empowers our clients to effectively detect and block multiple account creation attempts. This not only safeguards their platforms but also reduces costs by preventing unnecessary verification processes, all while ensuring a seamless experience for genuine users."
VeratadAI℠ demonstrates Veratad's commitment to innovation in identity verification. By merging advanced AI with leading verification vendors, Veratad equips businesses to navigate complex verification challenges confidently and precisely.
For more information about VeratadAI, VeratadAI+Extract, and VeratadAI+Protect, visit www.Veratad.com.
About Veratad Technologies
Veratad Technologies, LLC provides trusted online identity verification, age verification, compliance, and fraud prevention solutions. Through its Veratad VX orchestration platform, Veratad integrates with leading verification vendors to offer innovative, seamless, and secure services, helping businesses protect customers and ensure regulatory compliance.
Media Contact:
John M. Ahrens
Vice President, Global Business Development
Veratad Technologies, LLC
Phone: 201-510-6000
Email: [email protected]
SOURCE Veratad Technologies, LLC
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