AuthenticID - Developing Airtight Identity Verification
Today, many organizations are faced with the challenge of providing their employees with the right level of access to the right resources at the right time. Moreover, with advances in modern technology, stealing passwords and hacking into networks is easier than ever. If data is not on a completely private server, a breach anywhere on the server could compromise everyone’s data. An innovative solution provider that deals with such issues are AuthenticID—a company that provides identity proofing solutions to leading enterprises, including some of the country’s largest telecom carriers and financial institutions.
AuthenticID’s disruptive and cutting-edge, AI-driven solution quickly, accurately, and securely reproduces real-world identity verification so that companies can be assured of who they are conducting business with, strengthen underwriting, reduce the losses associated with fraud, and streamline onerous customer onboarding procedures, leading to higher conversion rates. This system uses cutting edge fused machine learning algorithms and AI leveraging neural networks and state-of-the-art computer vision to identify a person. If a photo and face don’t match, if an ID is a fake, or if a name OR a face has been associated with suspicious activity, the solution tracks it in an instance.
The company’s solutions are carefully crafted to help clients attain nearly 100% accurate decisions. It can verify that submitted identification is accurate, has not been tampered with, and is checked for liveness via selfie. Moreover, it plays a key role in building trust, reduce abandonment rates and increase sales. Unlike other solutions that rely upon time-intensive, inaccurate manual processes, AuthenticID delivers verification in mere seconds without the risk of human error. This kind of a unique solution enables to tailor any verification process to enterprise-grade specified risk tolerances with a patented suite of technologies.
While the world is going mobile, AuthenticID has also adopted the new trend. To authenticate, all that is needed is a mobile device, a government-issued ID, and a selfie. The advanced machine-learning SaaS platform immediately determines if people are who they say they are. This enables businesses to sipategn on new customers, partners, and employees instantly while avoiding bad actors. Moreover, AuthenticID is very selective in who they work with. Due to the highly sensitive nature of the company’s work — and the extreme toll that they take upon organized-crime-sponsored fraud—the company operates under the radar with the utmost discretion. AuthenticID clients enjoy an average ROI of 1,000-to-1 and hundreds of millions of dollars in fraud loss savings per company. “Our differentiator is the significant ROI we deliver to customers, from stopping more fraud to converting more sales than our digital identity competitors. Our mission is to improve the security for all of our collective identities,” says Jeff S. Jani, CEO, AuthenticID.
AuthenticID provides security solutions across a wide variety of businesses including e-commerce & retail, education, financial services, gaming, government, healthcare and travel. When a client partner with AuthenticID, they’ll be joining a who’s-who of customers and partners with substantial influence. This includes a majority of the world’s leading identity verification, monitoring and protection companies,a majority of the top U.S. telecommunications companies, global banks and some of the leading credit bereaus.
Under the leadership of Blair Cohen, Founder, and Jani, AuthenticID is creating an impact in the identity management space today. Partnering with AuthenticID allows businesses to bolster their team with experts who have formerly worked for eight of the world’s top security agencies and criminal acquisition systems. As crime syndicates rely upon stealth, ingenuity, and new tactics applied at extreme velocities. AuthenticID continually stays ahead of these forces using the same strategies. The result does more than infuriate organized crime, it convinces criminals to move on to softer targets and often results in arrests.
As part of the company’s evolution plan, they recently closed a $100 million minority investment from Long Ridge Equity Partners, a technology-focused growth equity firm. The investment will support AuthenticID’s continued expansion within telecommunications, financial services, government, and other consumer segments looking to establish trust and mitigate fraud, as well as enable AuthenticID to support the next generation of digital identity platforms. “This investment marks a significant milestone in AuthenticID’s growth and will drive research and development activities that will take the Company to the next level,” concludes Cohen.