Digital ID technologies to extend KYC launched, funded, reach new use cases and grow revenue

Digital ID and know your customer (KYC) solution providers are bringing new technologies to market, in the case of Socure and Qoobiss, and fundraising in the case of IDmission to meet the recent surge in demand. That demand is seen in Yoti’s consideration of a still largely-nascent area we might call know your date (KYD), and impressive financial results from Fourthline. OIX, meanwhile, wants to help customers of digital ID and KYC solutions learn how to navigate the increasingly complex market.

Socure launches new KYC capabilities

Socure is introducing a series of technologies to improve the coverage and accuracy of KYC checks for hard-to-identify groups, such as younger people and those new to the country they are in.

The new digital identity tools include address normalization, date of birth matching, and a set of string similarity algorithms to match different versions of the same name. The new suite of capabilities also features a Social Security Number pre-fill solution and calls to the Social Security Administration’s (SSA’s) Electronic Consent Based Social Security Number Verification (eCBSV) service for database checks.

The combined result, Socure says, is auto-approval rates of up to 98 percent for easier-to-identify populations, and 94 percent for more challenging groups, including credit invisible and gender neutral individuals.

The updated KYC solution from Socure is available now.

IDmission raises $1.8M

IDmission has secured $1.8 million in an equity and debt offering to fuel the growth of its biometric KYC platform, according to a filing with the U.S. Securities and Exchange Commission (SEC).

The company struck a deal to supply its passive biometric liveness detection technology to IDVerifact earlier this month.

Qoobiss launches KYC service

Romanian digital identity verification startup Qoobiss has launched a fully-automated biometric KYC solution intended to save businesses time and money in customer onboarding, anti money-laundering (AML) and compliance checks, reports Romania Journal.

The software scans and validates ID documents, checks the applicant’s identity against AML and politically exposed person (PEP) databases, and matches selfie biometrics against the document image.

“Our product can be used in various industries, such as fintech, blockchain, e-commerce, or even medical, due to our team’s excellent understanding of specific issues and the fine balance between different regulatory obligations and the need for improved customer experience, as we ensure a scalable solution and secure protocols,” states Alexandru Rizea, CTO at Qoobiss.

Yoti warns of romantic fraud increase

‘Lockdown loneliness’ appears to be behind an increase in romantic fraud during 2020, according to a Yoti blog post. Losses to romantic fraud in the UK totaled £18.5 million (US$25.8 million) last year, according to UK Finance stats.

Romantic fraud is similar to catfishing, the company says, but becomes a crime the moment a fake dater asks for money.

One way to avoid being scammed in this way, Yoti suggests, is to use its digital identity app for a peer-to-peer confirmation of personal details, like name, age and gender.

Fourthline reports 185 percent growth

Fourthline booked 185 percent growth in revenue on a year-over-year basis in Q2 and signed up a pair of major new clients for its KYC and AML technologies, according to a company announcement.

The company highlights the likelihood of France adjusting its KYC rules to combat rising document fraud, which it has published a white paper on, and the use of fake driver’s licenses in over half of digital wallet opening attempts in the UK. Several Fourthline clients announced fundraising and expansion over the past quarter, in another sign of favorable market conditions.

Highlights for Fourthline during the past quarter include the launch of a Qualified Electronic Signature (QES) service in the European market, a Single Sign-On (SSO) functionality for its enterprise SaaS clients, and upgraded SDKs for web and mobile developers.

OIX Identity Trust Conference announced

The Open Identity Exchange (OIX) has announced its OIX Identity Trust Conference will be held on October 14, 2021 at Congress Hall in London to help educate people who rely on digital ID about its meaning and benefits.

Article Topics

biometrics  |  digital identity  |  Fourthline  |  fraud prevention  |  funding  |  identity verification  |  IDmission  |  KYC  |  onboarding  |  Open Identity Exchange (OIX)  |  Qoobiss  |  Socure  |  Yoti