Running a business in 2021 comes with a lot of challenges.

The global pandemic caused a massive growth in online services and an increase in the digitalization of various products. It had a huge influence on every sector, and accelerated the likely future plans to move their focus online.

Business owners are facing new challenges daily. Often, it’s about knowing their customers and building trust in the digital world - they need to be sure that their customers are who they claim to be. Trust is the main factor that helps your business grow and scale. You need to verify your customers to know them. But how do you choose the right identity verification system? What are the factors to keep in mind? 

In this article, we’ll try to show you the impact that online identity verification services have, why they’re essential to our digital lives, the steps to verify identities, and deep-dive into Veriff and Jumio’s products to compare the services they both offer to their customers.

Building a proper platform for trust is very important to the digital world. New services are opening up online, and people are signing up for them daily to improve their lives in one way or another. We need to trust the companies that provide these services because there is a threat of online identity theft every second. The solution to this problem is clear - use identity verification software. People need to verify themselves online to use services. 

Both Veriff and Jumio provide online identity verification services to companies worldwide. Their solutions build trust on the internet and make it a safer place. These companies can help your business scale by offering services that help you know your customer and verify them in seconds.

There are a couple of steps to consider to get to know your customer, but generally, a verification flow structure looks like this:

Your customer selects their ID document type from four main options - Passport, Driver’s License, ID card, or Residence Permit

They take a readable picture of their document (and upload it to the system)

Finally, they take a selfie to show a face match with their document and submit the image

They get instant feedback after submitting their images and if they’re approved, they can move on with your service. 

Let’s take a closer look at both of their services and see what they offer.

Both Veriff and Jumio offer multiple products to their customers.

Veriff currently has three products - Identity Verification, Assisted Image Capture, and Face Match. Veriff’s Identity Verification Platform is an end-to-end verification service with a wide range of customizable choices. Its verification flow gathers user data for analysis during the verification session. Clients can configure their decision engine to fit their precise needs, factoring in necessary speed of use and fraud prevention. Veriff knows that a one-size-fits-all solution does not work in this industry. So the verification platform allows you to enable the checks you need. At the same time, clients can monitor results in real-time, manage multiple integrations, and automate information flow in one place. 

Assisted Image Capture helps your customers get verified. It is an active photo assistant, assessing verification in real-time and guides users when taking every photo. It displays a message if there is a problem when taking a picture and guarantees sharp, well-lit images, which leads to an average first-time pass rate of 95%.

Finally, Face Match is Veriff’s most recent product, which offers you an easy way to re-verify your users. This can be triggered if they’re making a large financial transaction, signing in using an unknown device, or taking any action that needs an additional level of security. Face Match allows customers to compare a selfie of the user to their ID on file and gives a reverification decision in 1 second.

Jumio, on the other hand, offers a unified, end-to-end identity and eKYC platform - it is called Jumio KYX and is a trusted identity platform for businesses worldwide. Their single end-to-end platform delivers the assurance customers need to know when doing business. It adapts to the needs and risks of different companies and provides a specific set of services that guarantees security and convenience. 

Jumio also offers multiple products, such as ID Verification, Identity Verification, Transaction Monitoring or Document Verification, which gives a wide range of choices for verifying users. Among their products is Jumio Go, which is a fully automated real-time identity verification. It helps modern enterprises to onboard and authenticate online customers. They also offer Jumio Video Verification, which helps companies onboard remote banking customers and meet AML and KYC mandates.  

Veriff and Jumio both provide a huge variety of identity verification services. They offer compliance with ‘Know Your Customer’ (KYC) and Anti-Money Laundering (AML) regulations and extensive fraud prevention services. This can be a major factor for businesses to choose the right identity verification system.

There are a couple of key factors when it comes to choosing the right verification service for your business. AML & KYC compliance are the main elements to keep customers secure and build a trusting relationship with them. We should also take the speed into consideration - when you have honest customers, it shouldn’t take too long for them to get verified. This is where the automation comes into play - Veriff’s highly-automated decision engine delivers verification decisions within 6 seconds (on average), and document checks are now 98% automated, making verifications feel frictionless for users.

Fraud prevention service can also play a major role in choosing the verification service. This particular service from Veriff can crosslink verification data and enables us to stop fraudsters in several ways that other providers don’t. Our automated decision engine looks at each connected data point we received previously on every session, along with what’s happening live during the verification, to help make an educated decision on whether to approve or reject the user. This is crucial in stopping repeat offenders.

Jumio puts heavy focus on their KYX platform - the total solution to know your customers, users, employees, or whoever the ‘X’ is in your business. Their end-to-end platform delivers the assurance companies need to know, then trust. According to their website, Jumio offers fast and accurate verifications - they use AI, machine learning, and biometrics to automate the verification process and make decisions in a short amount of time. Their services also include Global Coverage and Secure Authentication.

Both Veriff and Jumio have gained trust from market leaders within their respective industries. Building trust in the digital world is in Veriff's DNA. Considering the feedback they have from their customers worldwide, we can safely assume that these companies provide safe and secure verification services.

Veriff is compliant with CCPA, GDPR, SOC2 Type II, and WCAG Accessibility Guidelines. 

Jumio’s certifications demonstrate that they successfully operate a systematic approach to securing their data of their customers. They have achieved certifications against PSI DSS and ISO/IEC 27001:2013. Both companies are committed to protecting the privacy and security of identities they verify on a daily basis.

Veriff offers two plans for identity verification services - Starter and Enterprise. The starter plan consists of three categories - Essential, Plus, and Premium. 

Here's how the pricing breaks down for the starter plans:

Essential - $1.49 per verification & $49 per month minimum commitment 

Plus - $1.89 per verification & $129 per month minimum commitment 

Premium - $2.05 per verification & $249 per month minimum commitment

You can add additional data extraction to Plus & Premium at an added $0.50 per verification

The page also features a pricing calculator so you can find the most suitable balance for your business.

All of these plans have overall benefits, including a free trial (which covers 30 days or 100 verifications), 36 supported languages, and Sandbox integration. The differences come in the overall features. For example, the Premium plan includes seven fields for Document Data Extraction, while both other plans include five. Premium also gives you the opportunity to use Risk-labels, Cross-links, and Custom branding in verification flow. Despite this, all three categories offer useful features such as Session generation via API, Liveness checks, and Assisted Image Capture, plus a lot more.

When it comes to the Enterprise Plan, Veriff understands that every company has different KYC compliance and fraud prevention needs. The pricing is tailored and not fixed, so it depends on your company's needs. To sign up for an Enterprise plan, contact Veriff's team, so they can work together with you to find the best possible verification options for the company's needs. Enterprise tends to appeal to companies who need at least about 1,000 verification sessions per month.. If you feel your business needs the configurability, you can still reach out to Veriff to talk to them.

The Enterprise Plan also includes a dedicated account manager who'll work with you throughout your time as a Veriff client to cater your verification to your needs as they evolve. We'll look to scale with you and make sure you can focus on your business, and identity verification will be taken care of. 

Jumio requires their potential customers to get in touch with them to start using their services. There's no concrete information on the website about pricing. However, their website features a TCO (Total Cost of Ownership) Calculator, which helps you find out how much your online identity verification solution is costing you.

The Veriff team pays a lot of attention to the customer feedback and reviews when developing a product. If we take a look at the reviews, we can see that Veriff’s services have helped companies improve their performance. For example, the Head of Kueski Cash & Credit Risk, Sahari Kabello, states that building trust is an essential factor when choosing a verification service: “Our top priority is to give our customers financial solutions in a trustworthy environment. We have implemented a multi-layer fraud prevention framework, where Veriff is a key element to avoid identity theft and protect people from fraudsters' abuses. Since accuracy, great customer service and high technical experience are paramount to us, we decided to go with Veriff.”

Jumio’s products have positive feedback from the clients as well. For example, as Nick Mourgue, the product manager of WeWork, says - “We had what we thought was a crazy idea to automate the identity verification process, and Jumio brought the idea to life.”

Which is the best identity verification service?

To sum it up, we can see that both companies claim to provide incredible and well-built verification services to their customers. But, Veriff has a more transparent approach to the potential users in terms of offering a free trial, showing the price list of various plans, pointing out features that each plan provides in detail, and having an individual approach to partners. Therefore, we believe that Veriff provides the best identity verification service in the world. We’d always encourage our potential clients to test out both - and draw your own conclusions.

Beyond that, Veriff also currently supports over 9,000 documents from 190 countries, while Jumio accepts 3,500 ID types across 200 countries and territories. 

Here at Veriff, we work hard daily to build trust online and make the digital world safer with the tools we are building daily.

We take a look at the services offered by both Veriff and Jumio, to see which identity verification provider measures up best in terms of products, security, pricing and reviews.

Read our detailed comparison of Veriff vs Jumio to find out what each has to offer and which identity verification service might suit you best.

I was first exposed to the issues surrounding identity verification more than 10 years ago when making a purchase online. I don’t condone this behavior, but at the time I was alarmed by how easy it was to change the date of my birth from 1994 to 1984 on a photo of my document to pretend I was 18 and confirm an online payment. Now this problem is present on a much larger scale and is bigger than just a falsified date of birth; a combination of increasingly sophisticated fraudsters, rising fraud rates and the emergence of deep fakes is crushing online trust during a time when more digital activity is taking place than ever before.  

Veriff was founded on the belief that online identity verification can be more secure than face-to-face verification. Starting just over five years ago in Estonia, the birthplace of digital identity, where nearly all services can be accessed from a distance through a secure government-issued ID authentication online, there was no global solution that would give out identity verification answers you could trust.

Just over a  year ago, the world was blinded by the pace of digital transformation. For the past 20 years we’ve been thinking that we were already quite advanced,  but then the pandemic hit and all current processes were tested. It also showed how much room for improvement there is for digital services and how essential it is to establish trust from a distance to interact safely online. Unfortunately, the COVID-19 pandemic also created more opportunities for scammers to increase their fraudulent activities as organizations across industries scrambled to implement digital solutions in order to stay afloat.

The fraud rates in the financial sector tripled and demand for a stronger account recovery to replace alternative email and mobile number verifications came about. Additional verifications for buying and selling high-value goods on e-commerce sites and an increasing demand for identity verification to fight against misinformation on social media emerged.

New entrees to identity verification include telehealth companies, the education sector with remote examinations, notaries signing deals remotely, and a Fortune 500 company that partnered up with Veriff to become a fully remote company without compromising their security standards. 

All in all, Veriff experienced 3X growth in our global customer base and 6X growth in ARR over the course of 2020. That’s why I’m really excited to share the news today that on the heels of this growth, we closed $69 million in Series B financing in a round led by investment firms IVP and Accel, bringing Veriff’s total funding to date to $92.8 million. Jules Maltz of IVP and Matt Weigand of Accel will also join our Board of Directors as a result of the investment and I can’t wait to work closely with them. 

To realize the full potential of the digital economy, we have to fix the health of the internet. 

Becoming viral and curing only symptoms of fraud and mistrust is short-sighted. The source of digital trust lies in proven identity. Trust empowers people, businesses, relationships, and breaks the glass ceiling of the internet economy, so I can't wait to see all the innovation coming online.

With top tier investors now showing their faith and support in Veriff, we'll continue innovating and changing the face of online identity. If you want a partner who offers KYC compliance, automated identity verification, high conversion & who’ll scale with you as you grow - we’re right here.

Need the best identity verification possible?

Kaarel Kotkas writes about the journey of Veriff, from the birth of the idea to our recently announced Series B funding of $69 million which will allow us to continue building the infrastructure for trust online.

A blog by Kaarel Kotkas, Founder and CEO of Veriff, about the journey of Veriff, from the birth of the idea to our recently announced Series B funding of $69 million.

The Veriff Journey: On The Road to Making Trust Reliable and Scalable Online - One Verification at a Time

At Veriff, we take incredible pride in what we do every day. We know how important the security of the internet is to everyone around the world, and that’s why we strive every day to make it safer to be online. It’s in our company values that ‘we’re a force for good’ and this is the driving force that keeps us coming in every day, continuing to find innovative ways to build trust between our clients and their users. This hard work, dedication, and passion for what we do has led us to today. 

Today, we’re thrilled to announce that we have secured $69 million in Series B financing in a round led by investment firms IVP and Accel. This latest investment brings Veriff’s total secured funding to date to $92.8 million. Jules Maltz of IVP and Matt Weigand of Accel will also join Veriff’s Board of Directors as a result of the investment.

Veriff has the strongest identity verification service available online. Our innovative technology leverages more than 1,000 data points to give transparent responses and provide security and trust for businesses. While others in the space have focused on document data extraction and lightweight verifications, our strong and ambitious video-first verification approach expands the reach of our service capabilities across sectors and use cases. Our objective, AI-powered decision engine utilizes machine learning to analyze more than 9,000 variations of government-issued IDs from over 190 countries in 36 different languages. 

With this latest round of funding, Veriff will continue building within the fast-growing market opportunity in the U.S. and deliver on our promise of building a stronger source of identity online than government-issued IDs alone currently provide. 

“In a world that is becoming increasingly remote and digital-first, every company needs a solution like Veriff to facilitate internet trust,” said Jules Maltz, general partner at IVP. “Veriff is setting the standard for the IDV market and we’re proud to support Kaarel Kotkas and team as they build a large, mission-driven company.”

In 2020, the IDV market spiked. With consumers losing roughly $56 billion annually as a result of identity theft, the IDV market is seeing significant demand as a result of the pandemic-driven accelerated digitization across the globe. Veriff experienced a 6X growth in annual recurring revenue in 2020, identifying and stopping identity fraud across the globe for a number of top Fortune 500 companies. 

“Veriff is a global IDV powerhouse,” said Matt Weigand, partner at Accel. “We look forward to supporting Veriff’s efforts to help companies prevent online crime and establish a vital aspect of their business: building trust with customers.”

Unlike other IDV solution providers, Veriff’s IDV technology was crafted in Estonia, a country with a population of only 1.3 million and a national ID system that enables its citizens to pay taxes, vote in elections, view healthcare records and access financial services online. Veriff’s video-first AI technology combined with sophisticated data crosslinking factor in the signs of identity fraud that basic data extraction, a still image or biometrics can miss. Veriff provides the technology that customers need to prevent fraud and stay one-step ahead of cybercriminals. 

“At Veriff, we are building trust and transparency in the online world, and our round marks the highest Series B amount raised to date in the IDV market, putting us one step closer to eliminating widespread identity fraud while helping businesses grow and go digital,” said Kaarel Kotkas, founder and CEO of Veriff. “Veriff is considered a “secret weapon” to fight against fraud and solve the hassle of online identity verification. Now backed by top investors in the world, we look forward to partner up with more companies to solve their identity verification challenges and work towards bringing more trust online.”

Veriff is the global online identity verification company that enables organizations to build trust with their customers through intelligent, accurate, and automated online IDV. The largest database on the market, Veriff’s intelligent decision engine can analyze thousands of technological and behavioral variables in seconds, matching people to more than 9,000 government-issued IDs from over 190 countries. Founded in 2015, Veriff serves a global portfolio of organizations across fintech, crypto, and mobility sectors. This latest investment brings Veriff’s total secured funding to date to $92.8 million. Veriff investors include Y Combinator, Mosaic Ventures, Nordic Ninja, Accel, IVP and others. With offices in the U.S., UK and Estonia, Veriff has a team of more than 250 people from 34 different nationalities. For more, visit www.veriff.com

Founded in 1980, IVP is one of the premier later-stage venture capital and growth equity firms in the United States. IVP specializes in venture growth investments, industry rollups, founder liquidity transactions, and select public market investments. IVP investments include such notable companies as AppDynamics, Coinbase, Compass, CrowdStrike, Datadog, Discord, Dropbox, GitHub, Glossier, Grammarly, HashiCorp, Hims & Hers, HomeAway, Hopin, Klarna, LegalZoom, Looker, Marketo, MasterClass, Mindbody, MuleSoft, Netflix, Personal Capital, Podium, Rubrik, Slack, Snap, Supercell, Tanium, Twitter, UiPath, Wise, Yext, ZenDesk, ZipRecruiter, and Zynga. For more, visit www.ivp.com or www.twitter.com/IVP 

Accel is a global venture capital firm that is the first partner to exceptional teams everywhere, from inception through all phases of private company growth. Atlassian, Braintree, Cloudera, Crowdstrike, DJI, DocuSign, Dropbox, Etsy, Facebook, Flipkart, Freshworks, Jet, Pillpack, Qualtrics, Slack, Spotify, Supercell, Tenable, UiPath, and Venmo are among the companies Accel has backed over the past 35+ years. Accel helps ambitious entrepreneurs build iconic global businesses. For more, visit www.accel.com or www.twitter.com/accel.

Want the best identity verification possible?

It's the announcement of a lifetime - we've raised our Series B funding, with IVP and Accel as our leading investors, to help us continue building the infrastructure for trust online.

Investment led by IVP and Accel empowers Veriff to meet accelerated global demand for AI-powered, video-first approach to identity verification.

An announcement of Veriff's Series B fundraising of $69 million, led by investment firms IVP and Accel.

Veriff Secures $69M in Series B Funding to Combat Online Fraud, Making Identity Verification Hassle-Free 

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Veriff vs Jumio: A Detailed Comparison

The Veriff Journey: On The Road to Making Trust Reliable and Scalable Online - One Verification at a Time

Veriff Secures $69M in Series B Funding to Combat Online Fraud, Making Identity Verification Hassle-Free