Combination of SSN validation and identity verification provides the most robust protection against the fastest-growing financial crime in the USA
26th March 2019, SAN FRANCISCO: Global identity verification provider Onfido today announces that it has partnered with IDValidation. Using Onfido and IDValidation together provides the greatest assurance that a user really is who they claim to be, and reduces the risk to business of synthetic identity fraud.
Synthetic identity fraud is estimated to be the fastest-growing financial crime in the USA, and costs businesses billions of dollars every year. Rather than stealing a complete identity, synthetic identity fraud involves fraudsters fabricating one element of an identity – typically a Social Security Number (SSN) – and using it to access goods and services, or open bank accounts and other lines of credit. It’s been estimated by the Federal Trade Commission that there are over 10 million more profiles in the system than there are consumers in the USA.
IDValidation’s unique consent-based SSN verification (CBSV) product reduces the risk of synthetic identity fraud by scanning official government source records to ensure that an SSN is valid. It provides instant, online validation of personal identifying information including name, date of birth and SSN to give businesses assurance that a user’s details are valid.
Onfido’s AI-based identity verification technology is then able to connect this validated identity to a real, living human. By asking users to provide an image of an identity document and a short selfie video, Onfido ensures that the person presenting the identity is its legitimate owner, and is physically present – preventing spoofing attempts, like users submitting photos of photos.
Husayn Kassai, CEO and co-founder at Onfido said: “for the first time using IDValidation means you can confirm that an identity is valid, and along with Onfido, prove that the person presenting the identity is who they claim to be, all in less than a minute. We’re delighted to be partnering with IDValidation to help businesses onboard users quickly and tackle the problem of synthetic identity fraud”.
Paul Campione CEO and Founder at IDValidation, said: “In today’s ERA of Cyber Crime, Synthetic ID Theft has risen by 8-fold over the last 6 years and now accounts for nearly 30% of all credit fraud losses. Lenders can no longer rely on flawed data sources to prevent fraud. Direct Social Security Administration access is required to stop 100% of SIDT. This is why we are delighted to partner with Onfido to create a "bullet-proof" 3-Part ID Verification solution unmatched in the industry today. We believe this new revolutionary verification methodology will transform the vetting process into the future.”
Onfido is building the new identity standard for the internet.
Our AI-based technology assesses whether a user’s government-issued ID is genuine or fraudulent, and then compares it against their facial biometrics. That’s how we give companies like Revolut, Zipcar and Bitstamp the assurance they need to onboard customers remotely and securely. Our mission is to create a more open world, where identity is the key to access.
For further press information or enquiries, please contact Paul Jarratt at firstname.lastname@example.org
IDValidation is the only provider of Full-Governmental based verification services. Our company was built on the foundation of fraud remediation, enforcement, location acquisition and recovery services internationally. We work with government and the private sector to verify identity, battle fraud, ID Theft and their associated losses. Company principals have been in the credit and collection industry many years. Our staff has industry competencies in the delivery of service to our clients. Founded in 2001, we take pride in placing the needs of our clients first.