SAN FRANCISCO--(BUSINESS WIRE)--Onfido, the global identity verification and authentication company, today announced that it has been honored for its innovative fraud prevention technology. The company won "Fraud Prevention Innovation of the Year" at the 2021 CyberSecurity Breakthrough Awards, an awards program that recognizes the world’s best information security companies, products, and people.
Onfido makes it easier for businesses and people to trust each other online using world-leading AI and identity experts to remotely verify individuals looking to gain access to digital services. The company's AI-powered technology completes document verification and checks that the ID being presented matches the user’s face using facial biometrics. This draws on its unique expertise and knowledge of thousands of document types from 195 countries. The technology ensures that the person presenting the identity is the legitimate owner and is physically present with a fast and user-friendly approach.
“Identity fraud accounted for $43 billion in 2020 as COVID caused businesses to accelerate their digital transformation plans, creating more opportunities for fraudsters,” said Albert Roux, Vice President of Product Management for Fraud at Onfido. “We’re excited to see that our AI-based approach to fraud prevention has been recognized as a key tool in the fight against fraud, ensuring businesses can continue to deliver trust and security at scale without compromising on user experience.”
Onfido joins an impressive list of top companies and startups from the larger information security industry, including Cisco, McAfee, Sift, Fortinet, RSA, Microsoft, Mastercard, Proofpoint, VMware, AT&T Cybersecurity, and LogMeIn.
The mission of the CyberSecurity Breakthrough Awards is to honor excellence and recognize the innovation, hard work and success in a range of information security categories, including cloud security, threat detection, risk management, fraud prevention, mobile security, email security and many more. This year’s program attracted more than 4,000 nominations from companies around the globe.
This award builds on a string of other recent high-profile wins received by Onfido this year, including the Global Cyber Defense Award for AI and ML, the UK FinTech Awards for Best Reg Tech of the year , and the Kuppingercole Market Compass for Providers of Verified Identity for ‘Outstanding in Biometric Data Analysis’.
Read this Total Economic Impact of Onfido Report from Forrester, to hear how Onfido provides a 27% increase in fraud detection - lowering exposure to application fraud - with more fraudsters caught during onboarding.
About Onfido
Onfido is setting the new standard for digital access. The company digitally proves a user’s real identity using artificial intelligence (AI), by verifying a photo ID and comparing it to the person’s facial biometrics. This means businesses can see their customers for who they are, without compromising on experience, conversion, privacy or security. That’s how Onfido gives companies the assurance they need to onboard customers remotely and securely.
Recognized as a global leader in AI for identity verification and authentication, Onfido is backed by TPG Growth, Crane Venture Partners, Salesforce Ventures, M12 - Microsoft’s venture fund, and others. Onfido has raised $200m in funding, and with 500 team members across eight countries, is enabling digital access for some of the largest companies around the world.
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About CyberSecurity Breakthrough Awards
The CyberSecurity Breakthrough Awards program is devoted to honoring excellence in information security and cybersecurity technology companies, products and people. The CyberSecurity Breakthrough Awards provide a platform for public recognition around the achievements of breakthrough information security companies and products in categories including Cloud Security, Threat Detection, Risk Management, Fraud Prevention, Mobile Security, Web and Email Security, UTM, Firewall and more. For more information visit http://www.CyberSecurityBreakthrough.com.
