Onfido, Au10tix tout many millions saved with biometrics and fraud prevention tools
Both Onfido and Au10tix have revealed the estimated economic impact of their biometric and digital ID solutions on customers, in terms of return on investment (ROI) and fraud prevention losses.
Onfido recently released a commissioned study by Forrester Consulting focusing on the total economic impact of Onfido on its clients’ businesses.
The document claims several consistent benefits that clients experience consistently when using Onfido’s selfie biometrics. These include a 30 percent decrease in time spent onboarding, a 20 percent increase in fraud detection, and a 5 percent increase in customer onboarding.
To calculate these figures, Forrester Consulting interviewed five of Onfido’s biggest clients, then applied the benefits the firms mentioned to a composite organization to illustrate the ROI of specific benefits.
The report also suggests an estimated ROI of up to 261 percent and a net present value (NPV) of $9.86 million in less than six months from the moment firms started using Onfido.
Au10tix claims $700M in fraud-related losses blocked
According to new data from the company, Au10tix has helped its customers save up to $700 million in fraud-related losses since the start of 2021.
The digital ID-focussed firm also reported an increase of identities verified by approximately 144-percent in the first six months of 2021 compared to the same period in 2020.
According to the company’s announcement, these figures are the result of several new biometrics partnerships Au10tix entered into in the last few months.
In addition, the release of Au10tix’s new flagship solutions, Instinct, last year and Secure.Me in March 2021 have also contributed to improving the firm’s fraud prevention offering with a knock-on improvement for its clients.
Au10tix has also been recently featured in the 2021 FinTech Global’s annual list, AIFinTech100.