Digital ID verification provider IDVerse has announced the launch of its FraudHub solution, aiming to improve fraud detection and prevention for businesses globally. Following two years of testing with global telcos and banking institutions, IDVerse intends to make the product available for general use for current customers as of the beginning of March 2024.

With this launch, the company aims to enhance fraud prevention technology and support businesses across the world. FraudHub’s capabilities and objectives As per the information detailed in the press release, FraudHub comes as an addition to IDVerse’s identity verification solution, providing businesses with an extra layer of protection against repeat fraud attempts. In comparison with traditional fraud detection systems, which operate in isolation, FraudHub offers businesses contextual insights by analysing patterns within their user base.

According to IDVerse’s officials, the product is set to enable businesses of all sizes with ethical face recognition security solutions that protect privacy. By leveraging FraudHub, businesses receive the ability to identify repeat fraud attempts by recognising similarities in faces or ID details across transactions. This enables businesses across all industries to detect emerging fraud trends and mitigate potential threats to their platforms. By integrating FraudHub with IDVerse’s existing solution, enterprises can anticipate evolving fraud tactics and improve their services.

Some of the capabilities provided by FraudHub include: Early detection and prevention, with the solution allowing businesses to identify and mitigate fraud attempts before they result in financial losses or operational disruptions; Enhanced abilities against fraud, with businesses receiving additional tools to combat fraud tactics when integrating the solution into their fraud prevention strategies; Detection of sophisticated forms of fraud, ensuring that only real threats are flagged; Simplified operations via the blocklist functionality that enables users to automatically flag new transactions involving previously identified fraudulent actors. Furthermore, FraudHub focuses on addressing considerable difficulties faced by compliance and risk teams, providing a solution that can minimise fraud attempts and mitigate financial losses. The product is set to enable businesses to detect and prevent fraud on a broader scale, thus allowing them to protect their operations and safeguard their consumers.

More information about IDVerse Through its solutions, IDVerse aims to support businesses in scaling their operations globally. With the company’s fully automated solution, they can verify new participants with their face and smartphone in over 220 countries and territories with any ID document, without requiring human intervention. IDVerse’s services are leveraged by startups, governments, and global enterprises, including HSBC, Vodafone, BMW, Virgin Money, and ANZ, among others, for borderless and inclusive identity verification. In addition to its current announcement, IDVerse also recently partnered with GeoComply to offer document identity verification for clients in the iGaming industry.

Through this alliance, IDVerse was set to provide GeoComply with the ability to verify over 16,000 ID documents globally within the IDComply offering. The move focused on ensuring the integrity of the identity documents scanned through the system. .