authID and Verified Inc. Partner to Launch 1-Click Identity Verification
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Insights
With the increasing prevalence of cyber threats, such as AI-driven phishing attacks and account takeovers, the partnership between authID Inc. and Verified Inc. represents a significant step forward in securing digital identities. The integration of biometric identity verification into customer onboarding processes addresses a critical vulnerability in digital transactions. Biometric authentication, including document-based verification, PAD Level 2 liveness confirmation and anti-spoofing checks, offers a robust alternative to traditional password-based security measures, which have proven to be susceptible to breaches.
The deployment of a 700ms identity verification processing time is noteworthy, as it sets a new industry standard for speed without sacrificing accuracy. This rapid verification process can enhance user experience, reducing abandonment rates during sign-up procedures and can provide a competitive edge in sectors where customer onboarding speed is crucial, such as financial services and e-commerce.
The partnership's implications for the financial services sector are particularly significant. Financial institutions are under constant pressure to prevent fraud while also providing a seamless customer experience. The combination of authID's biometric technology with Verified Inc.'s identity wallet has the potential to streamline the onboarding process, leading to increased customer satisfaction and loyalty. By reducing the risk of fraudulent account openings, the partnership could also lead to decreased operational costs related to fraud mitigation and improved regulatory compliance.
Furthermore, the adoption of such advanced identity verification solutions could potentially influence the stock performance of companies like authID, as investors often look favorably upon businesses that contribute to reducing industry-wide challenges such as fraud and cybercrime.
The user experience (UX) aspect of this partnership cannot be overstated. In today's digital economy, consumers demand both security and convenience. The ability to use a 'quick selfie' for identity verification aligns with the growing preference for frictionless interactions. This user-centric approach can lead to higher conversion rates and customer retention, as a positive onboarding experience is a critical factor in the user's decision to continue using a service. By addressing the common pain points associated with traditional security measures, such as one-time PINs and passwords, authID and Verified Inc. are setting a new standard for UX in secure digital transactions.
Combining best-in-class identity fraud and account takeover prevention with a secure, frictionless customer onboarding experience
Denver, March 13, 2024 (GLOBE NEWSWIRE) -- authID Inc. (Nasdaq: AUID), a leading provider of secure biometric identity verification and authentication solutions, and Verified Inc., a pioneering digital identity network that powers 1-Click onboarding experiences, today announced a partnership to launch 1-Click identity verification. Through the convergence of authID’s patented biometric identity platform and Verified Inc.’s identity wallet, the companies jointly provide instant, secure, and automated customer onboarding with the highest identity assurance.
The abundance of stolen personal data and the acceleration of AI-driven phishing attacks and account takeovers are driving increasing demand for highly certain identity verification and life-cycle multi-factor authentication. Verified Inc. provides digital businesses, across the financial services, gaming, insurance, shared economy, and e-commerce segments, with seamless customer onboarding capabilities via its 1-Click Signup product, while offering consumers a secure digital identity wallet that allows an identity to be shared across companies. Needing a trusted technology partner to deliver strong identity verification coupled with a seamless user authentication experience, Verified Inc. partnered with authID for its market-leading speed, accuracy and precision.
“authID’s state-of-the art identity platform proved to be an ideal solution to service our enterprise customers and their consumers, preventing fraudulent account openings and phishing-related account takeovers, while delivering the convenience and frictionless experiences today’s digital savvy consumers expect,” said Aidan McCarty, CEO and Co-Founder of Verified Inc. “Together with authID, we’re delivering highly secure and easily accessible identity assurance that stops fraud but does not compromise on convenience.”
Verified Inc. will leverage authID’s biometric and document-based identity verification to help their digital enterprise customers onboard new users with speed and eliminate fraud with highly accurate and quick 700ms identity verification processing—the fastest on the market. authID delivers a strong biometric root of trusted identity through automated authentication of over 12,000 US and international government-issued ID documents, PAD Level 2 liveness confirmation, anti-spoofing checks, and facial biometric matching of a selfie to the credential photo.
Binding the consumer’s proofed identity to their Verified Inc. wallet, authID’s life-cycle identity platform offers consumers the ease of a quick selfie to secure fast and friendly access to their digital resources. With strong biometric authentication that seamlessly confirms the true account owner in any browser, using any desktop or mobile device, authID eliminates the risks and hassles of friction-filled one-time PINS and passwords that cause user abandonment, while keeping the enterprise safe from phishing and fraud.
“authID is committed to protecting the digital ecosystem by ensuring enterprises ‘Know Who Is Behind the Device’ at onboarding and throughout the consumer journey to prevent cybercriminals from performing account takeovers and seizing assets, while delivering the fastest and easiest user experience,” said Rhon Daguro CEO of authID.ai. “We are pleased to partner with Verified Inc. to provide its customers and their consumers the highest levels of identity trust with market leading speed, precision and accuracy, coupled with frictionless identity experiences that deepen consumer loyalty.”
About authID
authID (Nasdaq: AUID) ensures cyber-savvy enterprises “Know Who’s Behind the Device” for every customer or employee login and transaction. Through its easy-to-integrate, patented, biometric identity platform, authID quickly and accurately verifies a user’s identity, eliminating any assumption of ‘who’ is behind a device and preventing cybercriminals from taking over accounts. authID combines digital onboarding, FIDO2 login, and biometric authentication and account recovery, with a fast, accurate, user-friendly experience – delivering identity verification in 700ms. Establishing a biometric root of trust for each user that is bound to their accounts and provisioned devices, authID stops fraud at onboarding, eliminates password risks and costs, and provides the faster, frictionless, and more accurate user identity experience demanded by operators of today’s digital ecosystems. For more information, go to www.authID.ai.
About Verified Inc.
Verified Inc. is the Verified Network. Verify once, be verified everywhere. Our pioneering product, 1-Click Signup, transforms long sign-up forms into frictionless 1-Click experiences. Serving over 253M Americans, 1-Click Signup delivers +
authID Media Contact
Rhon Daguro
CEO
investorrelations@authid.ai
Verified Inc Media Contact
Aidan McCarty
CEO
contact@verified.inc
FAQ
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