Onfido Identity Verification Business Model

Onfido AI Enable Human Verification Business Model 

Ruhul Amin, Husayn Kassi, and Eamon Jubbawy came together to give the solution of a global problem. This era of technology functions on verification and authorization of documentation and identities. Not an easy task to fulfill, and hence they brought along Onfido AI enables human verification business model.

Onfido is an AI-based security model that covers aspects such as biometric identification, document verification and fraud identification for its clients all around the world.

Insight Onfido Service Model

Services offered by Onfido are all branched into subcategories which root from the same problem — fraud. To avoid it in any possible scenario, they came up with working solutions in every sector of business.

  • Biometric verification

Biometric verification system has added a second layer of security against phishing, to the system. This procedure requires you to send a selfie or short video. That is used and scanned by an advanced facial recognition system and compared against the picture in the submitted ID. This reduces the number of impersonators.

Testimonial: There has been an active reduction of theft after implementation of biometric verification, by the client Drivy, who marks the decrease at 22%

  • Documentation verification

Document scanning is done by scanning the documents by any employee of the client company on the Onfido database and Onfido then saves it on the cloud for compartmentalized documents after formal authorization.

  • Authentication

Onfido does authentication for multiple services offered but most importantly for documents. It only saves the documents scanned as mentioned earlier, after authorization via scanning of the employee I.D. upon upload, which is mostly any government identification proof. In addition to this, employee authentication using the I.D. is done upon scanning the faces for biometric verification.

  • Fraud detection

Last but not the least, it’s the universal problem every company deals with — fraud. Any fraud detected in the company, be it any unwanted entry or authentication they send the error to the company. Onfido does not carry out any legal steps, but they send the notification as fast as possible.

How Onfido Business Model helps Companies?

Onfido has catered to the needs of more than 1500 companies all over the world and will continue to do so, after its successful funding and growing user base. With offices in the major tech supporting cities across the globe, they bring a lot of insights to safety.

Onfido Working Model enhance-

  • Companies’ brand value

Any company with a faster and easier methodology for authentication of employees seen as a better working environment. In addition, lesser fraud cases against any company can lead to its brand value increases, which is exactly what Onfido AI enable human verification working model to help companies with.

Onfido Business Model helps in-

  • Speeding up of authentication process

The manual checking of IDs would take a considerable amount of time as opposed to scanning it once and using a biometric system.

Onfido Working Model Provides-

  • On-site service

On-site usage of the services via biometric scanners or documentation upload on the Onfido database can be done from the client companies’ offices and not have to worry about getting any paper-work shipped to any location.

Onfido Services includes-

  • Easy fraud detection

With all of these precautionary measures, it is barely possible for any fraudulent activity to take place as a breach of privacy in the office space.

Onfido working model

Challenges for Onfido Business Model:

Any growing company would face challenges, not only in the tech aspect but also to create a big enough footprint in the market. Even though Onfido has been around since 2012, its business model is still a relatively new company and has a lot of futuristic possibilities.

  • Competitors

Any company, targeting any market possible, would face some amount of competition. Onfido has some known competitors namely Goodlive and Trulioo.

  • Data Privacy

The solutions provided by Onfido are data privacy-centric, and hence it is the main objective to maintain integrity.

  • Rigid Protocol

Some companies, small scale mostly, do not seem to waver from their initially fixed protocol of manual entry of employees or document storage. This can not only cause a breach of privacy rather easily but also cause harm to the client business-wise.

  • Cyberattack

Where there is an online service, there is a fear of cyber attacks. It safeguards the storage and authentication data of employees from all possible potential threats.

With them being at their final stage of VC funding at series C, Onfido has raised a total of £60.7M with the lead investors being Salesforce Ventures and Augmentum Fintech. With almost a definite future laid out ahead for them, you know which company to go to if you want to secure yours’.

Is Onfido a safe asset?

Onfido provides data privacy with the same efficiency as it provides data validation. The company gives very limited access to the user information which includes the client company, the user and the institutions and government that are a co-working body that help in the validation of official documents submitted. The access, when given to anybody comes with administrative, technical and organizational protective measures so as to maintain data integrity. Physical and administrative protection is, again, present in the data provider. The government agencies are used to verify the documentation only when necessary.

Disclaimer: Onlineseoblog does not guarantee the authenticity of the information, we request our readers to cross-verify the information before use. 

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Summary
Onfido AI Enable Human ID Verification
Article Name
Onfido AI Enable Human ID Verification
Description
Onfido business model highly depends on AI to verify the ID of onboarding professionals to create safe working environment
Author
Publisher Name
Jatin Sri
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Jatin

I am a blogger in Digital Marketing where my focus area is Search Engine Optimization and Yoast Readability analysis.

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