Verif-y: Changing the Face of Security and Compliance
In recent years, security and compliance through identity management experienced a sea of changes, from creating multiple failover offsite backup solutions to building new-age white boxes and other hearsay maneuvers. Dabbling in these games of innovation, organizations were compromising some quintessential security elements that strengthen the foundation of any business. In the whole authentication process, and especially if it's done by third-party, companies were losing control of their own data. Next, they involved human aspects considerably less, which in some cases made way for vulnerability or opened backdoors. "Verif-y is the only platform that materially improves global privacy compliance while helping organizations transition data ownership to their users. Our offerings combine technology and efficient human verification processes and integrate both to create a unique identity/access key," starts Ed Zabar, Founder & CEO. Verif-y enables its clients to authenticate end-user identities instantly, securely, and confidently. "Leveraging our ID scanning, extraction, and fraud detection capabilities assures clients that they are addressing their regulatory compliance in an innovative and frictionless manner."
"Verif-y believes that the proper authentication and encryption technologies deployed at the login front-end alleviate far more expensive downstream intrusion or identity theft expenses," details Ed. Verif-y assumes greater responsibilities when it comes to data privileges and accuracy. Verif-y pairs encrypted storage solutions on the backend with state-of-the-art multi-lingual ID and credit card scanning, resulting in a hybrid software-human authentication process. And all this validating while not storing any user data in their systems, promising their customers "trust through transparency."
Ed likes to describe it, “At the heart of Verif-y’s platform is a guarantee of total data privacy, regulatory compliance, and security through a multitude of capabilities. We store data in a decentralized infrastructure, which improves our systems’ response besides bolstering our customer’s trust.”
Verif-y offers “Identity Verification & ID Scanning” – an easy-to-integrate system that authenticates by utilizing Optical Character Recognition (OCR), AI/ML, and fraud detection technologies to identify attempts in real-time and counter them.
For financials and operations, the firm brings a new level of ease to the merchants with their Credit card scanning features. It allows detection and extraction of the card number, expiration date, and the cardholder’s name while cross-referencing it with their details. “Our payment card extraction technology can extract the CVV and is on/off configurable. It saves time and effort for merchants who still rely on manual entries,” adds Ed.
But all this is half of the excellence they bring to their clients’ tables. The real Verif-y magic is how they utilize facial recognition technology to match the user’s ID document image against a selfie image taken with the user’s mobile phone. The face-matching AI technology leads the market and helps organizations trust that users are who they say they are. In addition to Selfie Comparison, the team also offer liveness tests and recognition, allowing the user to instantly and extremely accurately scan their faces to ensure it is a live person.
Ed attributes their monumental success to the inherent company culture of evolution driven by their constant urge to challenge the ongoing. He says, "if you stand still, you simply lose." Verif-y’s R&D department, Verif-y Labs, a recently launched unit, has dedicated members to increase the focus on cutting-edge development. Looking ahead, "our R&D team is developing privacy-preserving AI, that will allow us to provide our customers with more visibility into their customers’ behavior and needs while maintaining the highest levels of privacy compliance. We recently launched a privacy-focused digital data repository for a US state, and we are working with other states to offer similar solutions." Their journey of innovation continues to add new milestones while empowering their customers to become more competitive and adding more trust to customer-data through transparency.