Every time you might be doing one thing on-line that requires you to current an official ID like a passport or driver’s license to finish the transaction, it presents danger to each events. Shoppers need to know they’re safe and types need to know the individual is utilizing legitimate credentials. That’s the place Veriff is available in.
Kaarel Kotkas, CEO and founding father of the corporate, says the purpose is to be “the Stripe of id .” What he means is he desires to supply builders with the power to embed id verification into any utility or web site, as simply as you need to use Stripe so as to add funds.
The corporate, which was initially launched in Estonia in 2015, is a latest graduate of the Y Combinator winter class. Once you undertake any exercise on the net or a cellular app that requires a sound ID, if Veriff is operating beneath the hood, you’ll be able to submit an ID comparable to a driver’s license. It makes use of a secret sauce to find out that the ID being introduced is an formally issued one and that it belongs to the individual in query.
When you think about that there have been over 15 million id thefts within the US in 2016 alone, you realize it’s not a easy matter to establish a forgery. Faux IDs will be fairly good and it’s usually tough to establish fraudulent ones with the bare eye.
If you wish to open a checking account on-line as an example, you must present proof of id for the financial institution. With Veriff, you are taking an image of your self, then submit an image of your official ID and Veriff analyzes it to ensure it’s legitimate.
The concept is to make the ID course of simple and fast for the patron, whereas offering an correct manner for the model to examine IDs on-line. Shoppers additionally profit as a result of somebody can’t use their id on-line to get credit score or different companies.
If there is a matter with the ID, the individual will be directed to a human for a video chat the place they’ll talk about it if want be.
The corporate at present has 20 clients and is on observe to do $100,000 in income this month, based on information they supplied at their Y Combinator Demo Day presentation. They plan to make cash by charging $1 per verification.