Veriff Releases Metaverse-Focused Identity Verification Solution

Company becomes first IDV solution provider to build trust and provide safety in new online environment

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Dec 21, 2021, 06:00 ET

NEW YORK, Dec. 21, 2021 /PRNewswire/ -- Veriff, a global identity verification provider has released a new suite of identity verification solutions built specifically for the m etaverse. As the digital world quickly moves toward this new virtual reality, Veriff will be the only identity verification (IDV) solution provider with tools readily available to prioritize the safety of users in this new digital realm.

The metaverse market may reach $783.3 billion in 2024, and the entire metaverse market cap may reach 2.7 times that of just gaming software, services and advertising revenues. This makes the establishment of digital trust and transparency critical for business leaders as well as everyday users.

Through its AI-powered, video-first approach, Veriff is able to prevent more fraud than any other industry player. Secure IDV enables businesses to unlock the full potential of the virtual world and to build trust with their users. Veriff's solution can discard bots and block sold accounts so that metaverse users can be certain that they are interacting with real people within the digital environment. IDV also sets higher user accountability and helps to prevent online bullying.

Following the age appropriate design code, Veriff's technology helps to verify the identities of metaverse users while also protecting underage users, especially young children, from inappropriate or age restricted content or from people pretending to be someone else online.

"We see more people enjoying the metaverse, especially youngsters, and therefore establishing stronger digital trust at the very beginning of the journey will be paramount to its overall success," said Janer Gorohhov, Veriff co-founder and CPO. "As more metaverse-based companies work to self-regulate this new digital space, Veriff has already kicked off first use cases with top metaverse companies to ensure safety on their platforms. It is crucial to invest in additional measures like identity verification including age verification but also parent and guardian verification to make the space more transparent and secure for all users."

Use cases and benefits of Veriff's metaverse identity verification solution include:

- Heightened age-gating protection - As developers struggle with implementing proper age-gating solutions in the virtual world, Veriff's technology will protect users of all ages - especially children - by enabling automated, age-appropriate virtual experiences and preventing bad actors from infiltrating the user's digital space

- Multi-account prevention - Whether it's a repeat offender, or a campaign abuser, Veriff can stop account duplicates and only allow honest users within the metaverse to use services

- Safe global user scaling - Metaverse creators can onboard millions of users in seconds from all over the world on the first try with Veriff's best-in-class user flow combined with its document support of over 10,000 government IDs in 39 languages

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. Founded in 2015, Veriff serves a global portfolio of organizations across fintech, crypto, and mobility sectors. Veriff has raised $92.8M to date from investors including Y Combinator, Mosaic Ventures, Nordic Ninja, Accel, IVP and others. With teams in the U.S., UK, Estonia and Spain, Veriff employs more than 360 people from 42 different nationalities. For more, visit www.veriff.com

SOURCE Veriff