iDenfy gets patent for new two-layered address verification tool

Identity document verification provider iDenfy has filed for a patent for a new advanced Address Verification platform that combines manual and automated verification approaches to get the best results on accuracy and authenticity.

In an announcement, the company says it successfully submitted an application for the patent for a system that provides a reliable alternative to how address information can be easily verified.

The company says the new approach which is already greenlighted for use in 158 countries by the World Intellectual Property Organization (WIPO) is a two-layered system designed as a response to the increasing wave of document fraud aided by AI technologies.

It is based on digital identity and traditional document verification methods where the user is first required to send a physical copy of their information and a remote ID verification process is completed.

“Fraudsters have developed sophisticated techniques to counterfeit or change these documents, especially for businesses that face serious risks due to the inherent vulnerabilities. By sending a physical letter with secure credentials to the address provided, we validate access through an identity verification process initiated upon receipt of the letter,” iDenfy CEO, Domantas Ciulde, said.

iDenfy says the new system also comes as a solution to curb instances of inaccurate address verification which exposes businesses not only to fraud but to sanctions that come with non-adherence to strict regulatory requirements, adding that many of their customers come from high-risk regulated industries with rigorous compliance rules for Know Your Customer (KYC) and Anti-Money Laundering (AML).

“Our software ensures that fake or altered documents are detected in real-time and that the person who’s sending the letter with their credentials is the same person who then completes the verification on their smartphone device,” the CEO adds.

To conduct verification using the system, data is uploaded unto the platform and checked against trusted databases with the supervision of a human being in order to ensure the highest levels of accuracy. Thereafter, the user confirms their address by logging into their utility provider account using a selfie biometric confirmation.

The company says it also offers customizable possibilities for enhanced security of the Proof of Address process.

iDenfy notes that it offers address verification services for more than 9,000 utility providers across sectors including electricity, telecom, and water, to cite a few.

iDenfy’s data security best practices recognized

Meanwhile, in December, iDenfy announced that it had achieved SOC II certification, meaning that its data handling practices meet the rigorous standards of security, availability, processing integrity, confidentiality, and privacy.

SOC II (System and Organization Controls) is a compliance framework developed by the American Institute of Certified Public Accountants (AICPA).

The certification for iDenfy, among other things, places it in a stronger position to effectively address cybersecurity challenges for customers in its US market.

“Data security is the cornerstone of our business as we handle sensitive information on behalf of our clients, ranging from government-issued IDs to biometric data. SOC II certification, along with our ISO 27001 certification and ETSI TS 119 461 compliance for electronic identification and trust services, reinforces our commitment to safeguarding data with the highest standards,” Ciulde commented.

“Our next phase will focus on industries requiring not only SOC II but also specialized certifications. Healthcare and insurance providers face complex regulatory requirements, and iDenfy is well-equipped to help them navigate these challenges while ensuring robust data security.”

iDenfy recently opened an office in Delaware as part of its expansion in the United States.

Article Topics

address verification  |  digital identity  |  iDenfy  |  patents  |  research and development