Whenever you are doing something online that necessitates you to provide an official ID like a passport or driver’s license to complete the transaction, it posses danger to both parties. Consumers want to know they are safe and brands want to know the person is utilizing valid credentials. That is where Veriff comes into picture.
CEO and founder of the company, Kaarel Kotkas, states that the aim is to be “the Stripe of identity .” What he means is he wants to supply developers with the capability to incorporate identity verification into any application or website, as simply as you can use Stripe to add payments.
The company, which was originally launched in Estonia in 2015, is a latest graduate of the Y Combinator winter class. When you accept any activity on the web or a mobile app that demands a valid ID, if Veriff is running under the hood, you can provide an ID like driver’s license. It utilizes a secret sauce to find out that the ID being presented is an officially issued one and that it belongs to the person in question.
When you consider that there were over 15 million identity robbery in the US in 2016 alone, you know it is not a easy matter to find a forgery. Fake IDs can be quite good and it is often tough to find fraudulent ones with the naked eye.
It is difficult to tell the difference between the real and fake IDs in this shot. Photo: Veriff
If you want to open a bank account online for example, you have to give proof of identity for the bank. With Veriff, you take a picture of yourself, then submit a picture of your official ID and Veriff inspect it to make sure it is real.
The plan is to make the ID process simple and fast for the consumer, while providing an perfect way for the brand to check IDs online. Consumers also benefit because someone cannot use their identity online to receive credit or other services.
If there is a problem with the ID, the person can be directed to a human for a video chat where they can examine it if need be.
The company currently has 20 customers and is on track to do $100,000 in revenue this month, as per the data they provided at their Y Combinator Demo Day presentation. They intent to make money by charging $1 per verification.
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