Europe Fintech

Rise in Identity Verification Climbs by More Than 350% due to COVID-19

The identity verification provider IDnow has reported a substantial growth across its global operations as COVID-19 accelerates the need for digital processed. It announced significantly higher demand as constantly moving restrictions around COVID-19 have pushed digitisation through various industries quicker than expected. Initial figures show that order intakes have risen by 358 per cent for IDnow, compared to the same time as last year. Also, transactions via IDnow AutoIdent have grown tenfold, with an increase of over 1000% in the number of transactions recorded between January and June 2020. 

Headquartered in Munich, Germany, IDnow recently launched into the UK and has since secured big brands including Allied Irish Bank, UBS and BP. The firm provides AI-based technology that can check all security features on ID documents. Its hybrid approach combines humans and technology to ensure a safe and efficient process for clients and their customers.

Armin Bauer, CTO and co-founder at IDnow, said: “COVID-19 has really brought into focus the need for enhanced safety measures when it comes to identity. Cyber crime is on the rise in line with the increased use of online transactions, so firms must be confident they have an effective and robust safety system in place to reduce the risk of identity fraud for their business and their customers.

“Our latest figures show businesses across the world are taking this risk seriously as they seek ways to embed stringent security without impacting on the customer journey or onboarding process.”

As a German company, IDnow must adhere to the highest standards in the industry – BaFin, which is proving to be a key motivator as companies in highly regulated sectors around the world seek the most reliable technology.

The latest predictions from Cybersecurity Ventures suggest the damage from internet fraud will amount to $6 trillion worldwide in 2021, making it one of the fastest-growing crimes globally. IDnow provides AI-based technology enabling the identities of more than seven billion customers from 193 different countries to be verified.

IDnow has offices around the world, including Canary Wharf in London and most recently, it has established a presence in Manchester.

With its Identity Verification-as-a-Service (IVaaS) platform, IDnow has set out to make the connected world a safer place, using artificial intelligence to check all security features on ID documents to therefore reliably identify forged documents. Potentially, the identities of more than 7 billion customers from 193 different countries can be verified.

IDnow covers a wide range of use cases both in regulated sectors in Europe and for completely new digital business models worldwide. The platform allows the identity flow to be adapted to different regional, legal and business requirements on a per-use case basis.

IDnow is supported by venture capital investors Corsair Capital, BayBG, Seventure Partner, G+D Ventures and Jet A as well as a consortium of renowned business angels. Its portfolio of over 250 customers includes leading international companies from various industries such as Bank of Scotland, BNP Paribas, Commerzbank, eventim, Raisin (Weltsparen), Sixt, solarisBank, Telefonica Deutschland, UBS, Western Union and wirecard as well as fintechs such as Fidor, N26, smava, and wefox.

Author

  • Gina is a FinTech journalist (BA, MA) who works across broadcast and print. She has written for most national newspapers and started her career in BBC local radio.

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