The Top Identity Verification Companies in 2024

Published May 3, 2024

Words by Aiste Joksaite

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The need for robust identity verification software has never been more critical. Whether it’s opening a bank account, signing up for a service, or conducting e-commerce transactions, verifying the identity of users is essential to preventing fraud and ensuring security. With an array of online identity verification providers on the market, choosing the right one can be a daunting task. To help you navigate through the options, we’ve looked at G2 data and compiled a list of the five best identity verification software providers:

1. Ondato
2. Jumio
3. Sumsub
4. Onfido
5. Trulioo

The Top 5 Identity Verification Software Providers

Ondato

Ondato is a leading player in the digital identity verification space, offering cutting-edge solutions tailored to meet the diverse needs of businesses across industries. With a focus on compliance, security, and user experience, Ondato provides seamless and reliable identity verification software with multiple verification methods. Ondato’s suite of fraud prevention solutions includes document verification, biometric verification, liveness detection, and anti-money laundering (AML) screening. Ondato’s advanced AI algorithms ensure accuracy and efficiency, enabling businesses to onboard customers swiftly while offering tools for risk assessment.

Key Features of Ondato:

1. Compliance-Driven Approach: Ondato emphasizes regulatory compliance, ensuring that businesses adhere to stringent Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. Their platform simplifies the verification process while maintaining alignment with global and regional compliance standards, including GDPR and various financial regulations.
   
2. Robust Security Measures: Security is a core element of Ondato’s offerings. The platform integrates state-of-the-art encryption, AI-driven fraud detection, and multi-factor authentication to protect against identity theft, fraud, and other cyber threats. Ondato’s liveness detection and biometric checks prevent the use of fake or manipulated identities during verification.
   
3. Flexible Verification Methods:
   Document Verification: Users can upload official identification documents, which are then analyzed by AI to confirm their authenticity.
   Biometric Verification: Ondato offers facial recognition and other biometric tools to ensure that the individual presenting an ID is the rightful owner of the document.
   Liveness Detection: This feature verifies that the user is physically present during the verification process, further safeguarding against identity fraud.
   AML Screening: Ondato’s system screens individuals against global watchlists and sanction databases to ensure businesses are not onboarding high-risk customers involved in illicit activities.
   
4. User-Centric Design: Ondato’s solutions are built with the user experience in mind, offering a seamless and intuitive onboarding process for both businesses and their customers. This helps to reduce drop-off rates during customer sign-up, improving overall engagement and satisfaction.
   
5. AI-Powered Accuracy and Efficiency: Ondato leverages advanced machine learning algorithms to enhance the speed and accuracy of its identity verification processes. This technology allows businesses to scale their operations by automating routine checks and reducing the need for manual intervention. With rapid verification times, businesses can onboard customers quickly, minimising delays.
   
6. Risk Management Tools: In addition to identity verification, Ondato offers comprehensive risk assessment tools that help businesses evaluate the legitimacy of customer profiles. This proactive approach aids in mitigating financial and reputational risks associated with fraudulent accounts or bad actors.

Jumio

Jumio is known for its AI-powered identity verification solutions, trusted worldwide. Their platform offers a range of features, including document verification, facial recognition, and biometric authentication. With real-time identity verification capabilities, Jumio helps businesses streamline customer onboarding processes while maintaining compliance with regulatory standards.

Despite its strengths, however, Jumio has faced some criticism related to the ease of implementation. While the platform offers powerful and sophisticated tools, businesses—particularly smaller organisations or those without dedicated IT resources—have reported that setting up Jumio’s identity verification solutions can be complex and time-consuming. The integration process may require specialised technical knowledge, especially when customising workflows to meet the unique needs of a business.

Additionally, Jumio’s wide range of features, while advantageous, can lead to a steep learning curve for teams new to identity verification software. As a result, some organisations may face challenges during the initial implementation phase, particularly when aligning the software with internal systems or third-party platforms.

Sumsub

Sumsub is a global identity verification platform that offers comprehensive compliance solutions. Their platform offers quick verification processes, including document verification, biometric checks, and AML screening. With a focus on security and regulatory compliance, Sumsub enables businesses to verify identities accurately while preventing fraudulent activities. Altho decent overall, a point of concern for some users is the quality of customer support. G2 ratings suggest that Sumsub’s support team has received lower-than-ideal reviews, with users pointing to slow response times and difficulties in resolving complex issues. This has caused frustration, especially during the critical onboarding phase, when technical assistance is often needed. The complexity of the setup combined with suboptimal support can be a hurdle for businesses, particularly those without extensive technical expertise.

Onfido

Onfido is an identity verification provider with worldwide clients. Their platform leverages machine learning and artificial intelligence to verify identities quickly and accurately. From document verification to facial recognition and biometric analysis, Onfido offers a comprehensive suite of solutions tailored to meet the needs of their business clients. Some users, however, have pointed out that the interface, while feature-rich, can be somewhat complex when compared to competitors. Navigating the various options for configuration and customisation might feel overwhelming for businesses seeking a quick and straightforward identity verification solution. This challenge can result in a slower onboarding process, as businesses may need additional support or resources to properly implement and fine-tune the platform.

Trulioo

Trulioo is a global identity verification provider with expansive coverage and robust compliance capabilities. Their platform offers access to data sources, enabling businesses to verify identities across geographies seamlessly. With a focus on security and scalability, Trulioo helps businesses comply with regulatory requirements while mitigating fraud and enhancing customer trust. Despite its extensive capabilities, Trulioo has faced some criticism, particularly regarding ease of use, integration challenges, and overall user satisfaction. When compared to other identity verification providers, Trulioo’s user ratings, especially on review platforms like G2, are often lower.

Key Considerations for Choosing Identity Verification Software

When selecting identity verification software for your business, it’s essential to prioritise factors that ensure compliance, minimise fraud, and optimise customer onboarding. Different industries, risk levels, and operational regions influence the ideal solution. Below are some crucial aspects to consider:

Global Support and Regional Compliance

If your business operates across different countries, the software must accommodate identity verification for users in multiple regions. This is critical for both onboarding customers and adhering to local regulatory requirements.

Global Business: Ensure the software supports customers from all the regions you serve.

Local Business: If your operations are limited to specific countries, consider opting for a local provider. Local providers may offer more cost-effective solutions due to limited country support.

Regulated Businesses: In jurisdictions with strict AML (Anti-Money Laundering) and KYC (Know Your Customer) regulations, businesses may need to create custom onboarding processes tailored to local requirements.

High-Risk Industries: For businesses vulnerable to fraud, it may be necessary to block users from high-risk countries. Ensure the software includes a “Country Block List” feature for this purpose.

Supported Identity Document Types

The range of documents that the software can verify impacts your customer base. Accepting a wide variety of identity documents makes the verification process more inclusive and seamless.

Broad Document Support: Look for software that verifies not just passports and national IDs, but also driver’s licenses, residence permits, and visas.

Regulated Business: Some regulators restrict identity verification to more secure documents, such as passports or national IDs with Machine Readable Zones (MRZ).

High-Risk Businesses: Businesses prone to fraud should focus on software that verifies documents with strong security features. Avoid relying on documents, such as driver’s licenses, that are easier to forge.

Liveness Detection for Fraud Prevention

Liveness detection ensures that the person being verified is physically present during the process, preventing spoofing attacks. However, it can affect the user experience.

Low-Sensitivity Businesses: If fraud isn’t a significant issue for your business, consider omitting liveness detection to reduce costs and speed up onboarding.

Regulated Businesses: Certain industries may be required by law to use liveness detection for compliance.

High-Risk Businesses: For industries highly exposed to fraud, advanced methods like 3D Active Liveness detection can provide the highest level of security. Alternatively, Passive Liveness detection offers a balance between security and user experience.

Automated vs. Human-Supervised ID Verification

Both automated and human-supervised ID verification systems have their advantages. The choice depends on the trade-off between speed, cost, and security.

Automated Systems: Ideal for businesses prioritising speed and cost, though they may miss more sophisticated fraud attempts.

Human-Supervised Systems: These systems are slower and more expensive but offer higher accuracy in detecting complex fraud.

Hybrid Approach: For businesses unsure of which to choose, opt for software that offers both automated and human-supervised options. This allows for testing both methods to find the best solution.

Advanced Fraud Prevention and Security Features

Businesses facing high rates of fraud should prioritise software with built-in security measures such as biometric verification and fraud detection algorithms.

Key Features: Look for software that includes 3D liveness detection, biometric verification, and fraud analytics tools to provide a robust defence against identity fraud.

Fraud Detection Tools: Some solutions analyse common fraud patterns and identify high-risk document types, helping to prevent the onboarding of fraudulent users.

The Benefits of Identity Verification Software

Identity verification software is considered better than manual identity verification for several key reasons, especially in reducing identity fraud and identity theft while enhancing the overall identity verification process.

Speed and Efficiency

Automated Process: Software quickly handles business verification and customer verification, verifying user identities within seconds. Manual checks, by contrast, can take much longer, causing delays and negatively impacting the customer experience.

24/7 Availability: Identity proofing software is available 24/7, instantly checking identification documents and ensuring seamless identity proofing, aligning with customer expectations for fast onboarding.

Accuracy and Reduced Human Error

Advanced Algorithms: Automated systems use biometric verification and advanced technologies to reduce the chance of human error, ensuring greater accuracy in detecting false or tampered identity documents. This significantly helps in preventing fraud.

Consistency: Unlike manual methods that may vary depending on the individual conducting the check, software consistently applies rules, improving the reliability of verifying user identities and detecting fraud.

Scalability

Handling High Volumes: Software is highly scalable, efficiently managing large volumes of customer verification requests without the need for more staff. This is crucial for businesses that need to verify identities globally, meet Know Your Customer requirements, and meet regulatory compliance.

Adaptability: As your business grows, software allows you to scale up identity checks for business verification or customer verification without the additional costs of expanding your team.

Fraud Detection and Prevention

Advanced Techniques: Automated systems utilise cutting-edge methods like biometric verification, AI, and machine learning to prevent identity theft, reduce fraud, and identify suspicious activities in real-time. These systems excel at identifying forged identification documents, helping businesses to more effectively detect fraud.

Real-time Alerts: By flagging suspicious activity quickly, identity verification software helps companies prevent fraud proactively, which can be more challenging with manual verification methods.

Cost-Effectiveness

Lower Labor Costs: With fewer staff needed to manually check identity documents, businesses save on labor expenses. This cost-saving measure improves overall operations while ensuring secure identity verification.

Reduced Operational Costs: Automated identity proofing cuts down on the expenses related to hiring and training staff, making the process of verifying user identities much more cost-effective.

Compliance and Reporting

Automated Record-Keeping: Identity verification software automatically logs every step of the identity verification process, making it easier to demonstrate adherence to regulatory requirements, including Know Your Customer and Anti-Money Laundering regulations.

Up-to-Date with Regulations: Software solutions stay current with the latest regulations, helping businesses meet regulatory compliance more effectively and avoid penalties.

Enhanced Customer Experience

Faster Onboarding: The automated nature of identity verification software streamlines the onboarding process, improving the customer experience by providing quicker verification that meets modern customer expectations.

Global Reach: Automated systems can verify a wide range of identification documents from various countries, simplifying the process for businesses dealing with international customers and ensuring a smooth, compliant experience.

Last Thoughts

With identity verification rapidly evolving and businesses increasingly turning to innovative solutions to combat fraud and ensure security, choosing the right provider is essential. With Ondato leading the pack with its comprehensive and cutting-edge solutions, businesses can rest assured that their identity verification needs are in good hands. Ondato offers reliable and efficient solutions to meet the diverse needs of businesses across industries.

Published May 3, 2024

Words by Aiste Joksaite

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