AuthenticID Offers Comprehensive, Two-Second Identity Verification Platform Supporting KYB and OFAC Screening

AuthenticID has launched AuthenticID360, a new identity verification platform that integrates document verification, biometric authentication, KYC (Know Your Customer) and KYB (Know Your Business) checks, as well as OFAC (Office of Foreign Assets Control) screening. The solution provides verification responses within two seconds, aiming to assist mid-market businesses and partners with a unified identity verification and fraud detection solution.

“We know that businesses need speed, efficiency, and robust integrations in their identity platform,” said Alex Wong, AuthenticID VP Product Management. “Speed isn’t just about how quickly a solution can verify a user, but also how quickly fraud analysts can deploy and implement new rules to stay ahead of continuous emerging threats.”

The platform allows for automated verification across user touchpoints, supporting tasks from digital onboarding to transaction monitoring. AuthenticID360 uses AI and machine learning to automate fraud detection, including liveness detection, face matching, and deepfake detection. The platform also incorporates configurable workflows and fraud management tools, allowing businesses to set customized verification thresholds and manage potential fraud risks in real time.

“AuthenticID is consistently pushing our technology forward to deliver a platform that meets our customers’ challenges with strong focus on both user experience and compliance,” said Reid Taussig, AuthenticID CEO. “We know that speed matters, and we’re delivering with the industry’s only, complete two-second identity verification service while offering the highest level of user experience consumers demand from their digital transactions.”

Future enhancements for the platform will include tools for age estimation, compatibility with mobile driver’s licenses, and support for digital wallets.

AuthenticID’s Chief Digital Officer and Chief Information Security Officer, Chris Borkenhagen, recently joined the ID Talk podcast to discuss issues like centralized versus decentralized data storage, the risks of account takeover attacks, and the complexities of comprehensive data privacy legislation.

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October 28, 2024 – by Tony Bitzionis