Estonia-based identity verification provider Veriff and Netherlands-based fintech Inverid have partnered to augment identity verification capacities. As an NFC-first identity verification solutions provider, Inverid's ReadID product can be used to authenticate identities through government-issued identity documents with the use of NFC chips and NFC-enabled smartphones.

The partnership between Veriff and Inverid serves as a solution to the need for identity verification in countries where citizens do not have biometric identity documents or a smartphone. Veriff's AI-powered ID verification bridges the gap as it offers a workaround for those who do not have a biometric ID. The fintech’s verification offering asks users to take a picture of their government-issued ID.

Veriff then leverages its technology to detect the type of ID they used and verify the identity of the consumer. The fintech supports more than 11,000 government-issued IDs from over 230 countries and territories. Identity verification fintech Veriff and NFC-first identity verification solutions provider Inverid have partnered to enhance identity verification potential.

The demand for identity verification solutions According to a report by the Merchant Risk Council, one of the most common types of fraud attacks discovered was identity theft. What is more, recent fraud data statistics showed increased fraud rates in North America, with swapping in or editing biometric data, editing ID cards, and forging ID cards among the three most prevalent kinds of fraud. Apart from the impact this type of fraud can have on businesses, such as a negative financial impact or loss of reputation, these attacks can also result in an erosion of customer confidence in a specific brand or company.

To fight off such risks, businesses have to protect themselves against fraud by accessing solutions that are specifically designed to tackle this issue. This is even more important now because, as economic insecurity endures, specialists argue that there will also be a corresponding uptick in the incidence of fraudulent attacks. Strategies and previous partnerships secured by Veriff and Inverid Veriff is an identity verification partner for numerous digital companies all around the world.

Since the start of 2023, the fintech has secured several partnerships. In January, it partnered with online banking platform Baanx to provide anti-money laundering (AML) solutions, deliver identity authentication services, and ensure user security against fraud. Later, the company announced it had joined forces with regtech Salv to fight against financial crime.

Additionally, Veriff partnered with payout technology company MassPay to help bolster the effectiveness of its identity verification systems. Inverid is a fintech founded in 2013 that provides solutions that aid businesses verify the authenticity of identity documents and, consequently, fight fraud. Its services address both digital and in-person identity verification needs.

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