Veriff Releases Enhanced Biometric Authentication Solution to Meet Growing Security Demands

News provided by

Jun 07, 2022, 06:00 ET

Biometric Authentication offering authenticates a user's identity in one second

NEW YORK, June 7, 2022 /PRNewswire/ -- Veriff, a global identity verification provider, today released a Biometric Authentication solution. The solution is 100% powered by automation and can authenticate any user's identity in one second using just a selfie.

Veriff's 2021 Fraud Report found a 61% increase in fraudulent activity compared to the year prior, spurred by a boom in online activity paired with increasingly sophisticated fraudsters. Veriff's Biometric Authentication solution enables businesses to proactively combat this rise in fraud. The solution provides an additional layer of security for user accounts through the use of biometrics. The product also includes user experience upgrades, making passwordless login seamless and secure.

Current authentication approaches, such as multi and two factor authentication (2FA), need to become identity-focused rather than device-focused. This can be achieved by using biometrics which confirms that a returning user is who they claim to be by asking the user for a quick selfie. The selfie is then compared to a previously verified face and identity and checked for liveness and realness. This approach, combined with MFA, provides organizations with a more robust level of security that helps Veriff users securely avoid account takeovers, reset login credentials, and conduct high-value transfers.

"The global pandemic and move towards remote and hybrid work fueled significant paradigm shifts, creating an increased demand for online identity verification and a higher expectation for security and transparency for those using digital services," said Janer Gorohhov, Veriff co-founder and CPO. "As a pioneer in identity verification, Veriff understands that the future of internet safety is driven by biometric authentication due to its convenience and security. Veriff's solution is quick and effective to confirm that a returning user is who they claim to be. It also helps to protect against account takeovers, reset credentials, and avoid inconvenient re-authentication processes in just one second."

Veriff's Biometric Authentication solution is available now. For more information, visit: www.veriff.com/product/biometric-authentication

About Veriff

Veriff is a global online identity verification company that enables organizations to build trust with their customers through intelligent, accurate, and automated online IDV. The largest database on the market, Veriff's intelligent decision engine can analyze thousands of technological and behavioral variables in seconds, matching people to more than 10,200 government-issued IDs from over 190 countries. Founded in 2015, Veriff serves a global portfolio of organizations across financial services, crypto, gaming and mobility sectors. Veriff's clients include Blockchain, Bolt, Deel, Starship, Uphold, Wise and others. Veriff's latest $100 million investment round brings its total funding to $200M and its valuation to $1.5B. Veriff's investors include Tiger Capital, Alkeon, IVP, Accel, Mosaic Ventures, Y Combinator, Nordic Ninja and others. With teams in the U.S., UK, Spain and Estonia, Veriff employs over 500 people from 56 different nationalities.

To learn more, visit www.veriff.com.

SOURCE Veriff