User authentication and onboarding with selfie biometrics continues to gain rapid adoption, but the twist offered by Colombian startup Truora performs most of these processes through WhatsApp, which has received a major funding boost. Industry regulations in the UK are driving more identity verification checks, and 1account sees this trend continuing, while Privy in Indonesia is seeing dramatic growth, Socure and iDenfy are reporting customer wins, and Veriff is improving its portfolio, including included with an industry-specific solution.
Truora raises $15 million
The investment was made at a valuation of $75 million, according to the report.
Truora’s founding team includes two former engineers from the Twilio digital communications platform, and its technology is offered on a software-as-a-service model. The software includes automated chatbots, facial biometrics, document verification, and database verification.
With the promise of more integration completions, Truora has reached 400 customers in nine Latin American countries.
The company was named among the Technology Pioneers of the WEF 2021 as a representative for Latin America.
The overall global digital identity verification market will grow from $10 billion this year to $40 billion by 2032, according to forecasts from Future Market Insights.
The IMF pegs the market at $8.6 billion in 2021 and attributes the projected CAGR of 14.8% over the forecast period largely to the growing acceptance of virtual identity verification (or remote ) as an alternative to in-person or physical verification. The analysis indicates that demand is actually down slightly from pre-pandemic years, due to the general slowdown in business.
UK regulations continue to roll out slowly
New UK ‘Right to Tenant’ regulations introduced by the Home Office Code of Practice have come into force, The negotiator reports, with a grace period of six months. The change means that hard copies of biometric IDs and other documents are no longer accepted for mandatory checks by rental agents.
Certified Digital Identity Service Providers (IDSPs), however, like Yoti and the Post, can perform the checks.
1account indicates that all comments submitted by participants in a consultation it conducted on the UK government’s proposal for a single customer view for players were in favor of meeting the digital ID requirement, the company said Game News.
The company has interviewed various stakeholders, including the Department for Digital, Culture, Media and Sport (DCMS), and sees a similar path forward for the gaming industry to other sectors in the country.
Private claims of over 23 million users
Indonesia-based e-signature provider Privy is taking an alternative approach to zero-knowledge proofs to authenticate transactions, instead striving to “verify everything about anyone” while maintaining user control based on of a paid placement in BusinessStreetAsia.
The digital identity startup offers users a single registration and identity verification process, with Privy then issuing credentials for use by the various organizations the user interacts with. This initial process includes checks based on national identity and facial biometrics. Multi-factor authentication secures every use of personally identifiable information.
Personal data breaches in Indonesia increased by more than 800% between 2016 and 2020, according to Privy CEO Marshall Pribadi. The company has grown to reach 23.5 million users and recognition from 1,500 companies. It also raised $17.5 million in a Series B funding round last year.
Winning client for Socure, iDenfy
Blockchain-enabled collectors market Dibbs has rolled out identity verification with Socure’s selfie biometrics to improve the onboarding experience for its customers.
Dibbs says he expects first deposits to grow 20% due to improved integration process with Socure’s ID+ platform, with customers verified within milliseconds, according to the announcement. .
iDenfy provides identity verification and digital signatures for legal documents to general notaries. The rollout provides full identity verification with iDenfy’s comprehensive solution in less than a minute, according to the announcement.
Notaries At Large says iDenfy’s biometric security and online identity validation enable it to move notarization services online.
E-commerce payment solutions provider Nikulipe has also selected iDenfy’s automated identity verification to facilitate customer onboarding.
“Our partnership with iDenfy will ensure our customers have a secure and hassle-free verification solution,” said Nikulipes CEO Frank Breuss. “At Nikulipe, we strive to provide the highest levels of anti-money laundering and anti-terrorist financing compliance measures to our customers and partners.”
Veriff has upgraded its Face Match identity verification solution for rapid user authentication against the company’s existing session data as it addresses market demand for strong customer authentication and continuous KYC .
The Face Match solution offers strong protection against account takeovers, Veriff says, and a secure tool for resetting credentials.
“Over the past six years, we have strived to create the most accurate verification service on the market,” comments Kaarel Kotkas, Founder and CEO of Veriff. “We are now ready to launch a continuous authentication product Face Match which represents another step in the identity workflow. It enables biometrics to secure accounts throughout their lifetime, making history from fraud to account takeover.
The company has also launched digital identity verification solutions specifically designed for human resources and recruiting firms. The new HR solution includes biometric selfie matching, automated data extraction and global reach to reduce friction in hiring processes.
authentication | biometrics | digital identity | verification of documents | facial biometrics | financing | iDenfy | identity verification | KYC | integration | Private ID | sosure | Truora | To verify