Indiegogo has partnered with Onfido, an identity verification provider, to prevent fraudsters from entering its crowdfunding platform.
In the online world it is becoming increasingly harder for financial organisations to identify their customers. Failure to do so can lead to heavy losses and reputational risk.
Indiegogo said it chose to use Onfido to keep potential fraudsters off its platform and build trust within its user base. It will leverage the RegTech’s AI-led identity verification to verify new users at the point of sign-up, meaning they now have more assurance that people are who they claim to be and legitimate campaigners can now be quickly onboarded.
Indiegogo campaigners now take a selfie and a photo of their identity document; Onfido first checks that the government ID seems genuine, and then matches it to the user’s face.
Kerry Barker, head of trust and safety at Indiegogo, said: “Building trust in our community is a top priority at Indiegogo, and Onfido helps us achieve that. By ensuring we keep fraudsters off our platform, not only can we avoid hefty non-compliance fines, but our users also have more faith that their money is going to the causes and innovations they really believe in. No other provider was able to deliver the global coverage, sophisticated technology and consistent support that we get from Onfido – so we’re really excited to be working together”.
The crowdfunding platform said it chose Onfido because it is ‘uniquely positioned’ to provide global support due to its position as the leading identity verification provider in Europe, and offices in the USA, Lisbon, New Delhi and Singapore.
Onfido also offered more granular results than other providers according to Indiegogo.
Founded in 2012, Onfido has received over $60m in funding to date, raising capital from the likes of M12, Salesforce Ventures and Idinvest Partners. Using machine learning technology, Onfido validates a user’s identity document and compares it with their facial biometrics. The identity can then be cross-referenced against international credit and watchlist databases.
Onfido carries out checks in 192 countries for global customers including Revolut, Bitstamp and Zipcar. Volopa, a payments and foreign exchange FinTech, recently partnered with Onfido to enhance its customer onboarding procedures. The company is leveraging Onfido’s machine learning-based technology to the support growing demand for its new multi-currency prepaid cards.
The RegTech has also announced several new partnerships over the past few months. In August, it partnered with TransferGo to enhance its customer onboarding, while in July, it completed a deal with LendInvest which will see its identity technology implemented to help LendInvest’s mortgage process
Earlier this month, Travel Money Club, a currency exchange platform, has bolstered its identity verification experience by partnering with Onfido. The RegTech’s machine learning-based identity verification technology enables the company to offer its next-day currency exchange service to more users by rapidly onboarding new users with automated KYC.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
