When announcing the Libra cryptocurrency, Facebook made an important promise. “We will be using all the same verification and anti-fraud processes that banks and credit cards use, and we’ll have automated systems that ... prevent fraudulent behavior.“
June 28th, 2019
Identities are the next battleground between fraud and freedom. We’re ahead. Veriff uses AI to verify identities from 190 countries. It allows us to analyze thousands of technological and behavioral variables in seconds. Without AI, instant global verification would be impossible.
Part of the reason is sheer volume. But even with millions of eagle-eyed verification pros, most fraud remains invisible to humans. 70% of our decline verdicts are automatic, based on cross-linking and analysis of the face, document, device, and network information.
In some markets, nearly 90% of all our decisions are automated. (The rest involve higher-risk sessions due to data quality and fraud.) We’re aiming to replicate this in all markets. We’re building for scale: fighting fraud requires an overview of the global market.
Delivering the who’s who of planet Earth
Document validation and regulatory compliance do not prevent fraud. You need multiple layers of protection while maintaining high conversion rates. A few methods in our arsenal:
Becoming the universal enabler of trust
Such methods help businesses get customers they can trust. Trust is also at the core of our future. Hundreds of Veriffians are building the first fraudproof identity provider and reputation platform for every connected human -- and businesses that serve us.
One day, a Veriff identity will help you develop a truly universal reputation. For the first time in history, your identity will be immune to loss, theft, or forgery. As the universal enabler of trust, we’ll vouch for the credibility of any deserving human on Earth.
Until then, it’s business as usual, delivering planetary protection against online identity fraud.