While the ability for businesses to perform internet transactions is an advantage, there will always be people with ulterior motives. Identity verification software is essential for enterprises to ensure user identities and promote online and offline trust.
According to The Federal Trade Commission’s Consumer Sentinel Network, 49 percent of the reports it received in 2021 were for fraud and 25 percent for identity theft. An ID check verifies that the person executing a procedure is the person they claim to be. This stops someone from creating a fraudulent identity, engaging in fraud, or acting without authorization on someone else’s behalf. Additionally, ID verification helps comply with KYC and AML anti-fraud standards.
This list explores the six best identification verification software in 2022.
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Ondato
Ondato provides compliance management tools and identity verification and authentication solutions for financial institutions like banks and lenders. Its seamless compliance solution makes it simple and affordable to follow strict KYC and AML guidelines. The ID software uses modern technology to provide various services, such as digital identity verification, data monitoring, screening, and due diligence.
By utilizing this ID verification software, businesses can cut the cost of the KYC procedure by up to 90% without compromising the customer experience. Ondato provides a broad range of cutting-edge anti-money laundering, counter-terrorist funding, and anti-fraud compliance solutions to suit any demand.
Features
- Alerts/Notifications
- Compliance Management
- Behavioral Analytics
- Case Management
- Compliance Tracking
- Fraud Detection
- Identity Verification
- Investigation Management
- PEP Screening
- Reporting/Analytics
- Transaction Monitoring
- Deploy via Cloud, SaaS, Web, and mobile
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Sonrai Security
Sonrai provides Kubernetes, AWS, Azure, and Google Cloud Identity and Data Protection. Its comprehensive risk model analyzes activity and migration across cloud accounts and providers. Find all data and identify connections between administrators, roles, and compute instances.
Sonrai’s public cloud security platform provides a comprehensive risk model for all identity and data linkages, including activity and migration between cloud accounts, providers, and third-party data repositories. The platform’s critical resource continuously monitors your necessary data in object stores (such as AWS S3 and Azure Blob) and database services (e.g. CosmosDB, Dynamo DB, RDS).
Features:
- Cloud management
- Login management
- Privileged access management
- DevOps
- Risk management
- Identity management
- IT security software
- Audit software
- Operations management
- Asset tracking
3. SEON
SEON’s advanced AI technology helps businesses stop fraud before it happens. You can assess data from a phone, email, IP, and social media and device lookup is integrated in real-time. Machine learning can adjust to the way different firms evaluate risk.
SEON aims to make fraud detection accessible to all internet businesses. It uses AI and machine learning to your advantage to make fraud protection accessible to all businesses and challenging for criminals to use against them. SEON improves the transparency, precision, and control of AI decision-making.
Features:
- Financial Transaction Approval
- Risk Reporting
- Instant Check
- Credit Risk Management
- Background Screening
- Behavior Tracking
- Behavioral Analytics
- Fraud Detection
- Transparent fraud score in seconds
- Intuitive admin and team management panel
4. LastPass
Businesses use LastPass for secure and convenient password management. This software assists enterprises in resolving password security issues without hindering personnel through its extensive offering of cutting-edge and secure capabilities. With LastPass, you can ensure secure password storage, centralize admin control, manage shared access, automate user administration, and receive specialized service, among other things.
LastPass offers impressive free features and a solid user interface. It automatically syncs between devices and has a robust security and encryption framework. However, users who need access to advanced features have to subscribe to LastPass Premium.
Features
- Dark Web Surveillance
- Dashboard & Security Score
- Data breaches notification
- Autofill
- Password Vault
- Digital Wallet
- Password Manager
- Password Generator
- Dark Web Monitoring
- Access your passwords across unlimited device types (Desktop, laptop, phone, tablet, smartwatch)
5. Trulioo
One of the primary characteristics of the Trulioo identity verification software is its customized KYC methodology. It allows for creating an identity verification process that fits an organization’s business risk criteria, regardless of the industry, use case, or stage of the client journey. Businesses can choose the verification standards to increase customer onboarding, achieve compliance, and minimize human verification.
Features
- Identity Verification
- Business Verification
- ID Document Verification
- AML Watchlist
- IP analysis
- Device fingerprinting
- User authentication
- Manual query
- Reporting
- Team Management
6. Berbix
With Berbix, you can completely automate your business transactions while maintaining customer authenticity. This provides more time for development and less time for analysis. Unlike other providers, you have the choice of accepting, rejecting, or scrutinizing certain transactions depending on details like duplicate IDs and expiration dates.
End users are assisted in completing the process while maintaining high-quality photographs and ensuring sure all required data is submitted through real-time coaching. It also uses data from the user’s ID elements that are both machines- and human-readable to assess an ID’s validity. It then gathers a selfie with liveness checks, compares the picture to the ID, and offers extra protection and confidence.
Features:
- Fake ID detection
- Driver verification
- Selfie scans and a secure database for future comparisons
- Tools for several certified papers
- Assessment of fake identification across the world
- Custom configurations
- Rapid response for consumers’ identity verification
- Real-time assistance for clients during the verification process
- Selfie scans and a protected database for comparisons in the future
In Conclusion
Many companies utilize identity verification to ensure a successful business transaction, better client understanding, and legal compliance. Beyond identifying fraudulent individuals, this list of the best 7 identity verification tools also equips your business to serve legitimate clients while gathering insightful data and actionable information.