Authenticate.com, a leading provider of online verification technologies that help institutions, individuals and businesses alike prove identity and prevent fraud, announced today the launch of its Identity Verification Infrastructure as a Service (IaaS), providing high-risk businesses an easy way to integrate photo ID and passport authentication into any application or platform with optional facial recognition, liveness detection, knowledge quizzes, and background checks. Identity documents can be authenticated from 200 countries and territories worldwide, and this identity verification infrastructure is already deeply integrated with CallEmmy, RunnerCity, NotaryHub and many other new and nascent clients.
Newly released Federal Trade Commission data shows that consumers reported losing more than $5.8 billion to fraud in 2021, an increase of more than 70 percent over the previous year. Because the COVID-19 pandemic changed the way people shopped and transferred money, many criminals targeted digital wallets, apps, sites and services that rely on often irreversible or indisputable peer-to-peer payment methods such as Apple Pay and Zelle. About 18 million victims fell prey to scams through these means and methods last year, according to the 2021 Identify Fraud by Javelin Strategy & Research.
“Identity fraud is the number one source of cybercrime and it’s growing rapidly,” said Steve Ward, Founder & CEO of Authenticate.com. “By offering Identity Verification Infrastructure as a Service, we are doing the difficult work of securing highly sensitive data, processing it with the highest level of integrity, and ensuring it is protected with the utmost security. While our customers focus on building their business, we'll give them the picks and shovels they'll need to dig their moats.”
Authenticate.com provides its identity verification IaaS to peer-to-peer exchanges, two-sided marketplaces, e-commerce sites, online communities, social and professional networks, financial services, banking, cryptocurrency, cannabis, gambling, and more. The infrastructure allows its clients to easily prove identities and onboard users, meet necessary compliance, perform enhanced due diligence, screen against money laundering and watch lists, approve underbanked and unbanked individuals, detect criminal or other derogatory data, and much more. Identity authentication can be done instantaneously, usually in under 20 seconds. However, it’s dependent on whether an expert forensic analysis of the document is necessary or an enhanced, source-level verification is required.
“Our company’s mission is to eliminate the dependency of the fee gouging delivery apps,” said Andy Kaminski, Founder & CEO of RunnerCity. “In order to launch our app, we needed to execute background checks for our roster of 3,000 runners (gig workers). Earlier this month we decided on a soft launch to test our integration with Authenticate.com, ensuring it would be an easy and seamless process for our users. To do this, we invited 200 runners to join and complete background checks. So far, 155 runners have passed and about 50 runners have not passed due to user error or failed criminal background check.”
In today’s world of digital first interactions, facilitated predominantly through cloud-based software providers, there has never been more of a need for information security, privacy, confidentiality, processing integrity and reliability. Authenticate.com is proud to be independently certified as a SOC 2 Type II voluntarily audited technology provider with rigorous cybersecurity measures in place. Now the company intends to adopt the standards of the NIST Special Publication 800-53, published by the National Institute of Standards and Technology, which is a non-regulatory agency of the U.S. Department of Commerce. This publication details a comprehensive and extensive list of all the security and privacy protocols that are required to be used in every U.S. federal information system, except those involving National Security.
“We require a trusted and responsive vendor to handle secure and sensitive assets,” said Terry L. Robinson, CEO of NotaryHub.com by Everything Legal. “Authenticate.com’s hosted solution for UI helped us go to market quickly. As a cloud-based remote online notary solution that requires authenticating constituents, Authenticate.com hits the mark. We’ve appreciated our partnership with the team and look forward to continued success.”
Authenticate.com has scaled rapidly in 2022, growing its customer base from 12 beta customers in January 2021 to more than 80 credentialed customers today. The company continues to gain momentum, reporting more than $1 million in annual re-occuring revenue (ARR) in the third quarter of this year, up 20 fold in Q3 2022 versus Q2 2022.