Onfido Expands Identity Verification Partnership with bunq

Onfido has renewed (and expanded) its identity verification partnership with bunq, a mobile bank that operates out of the Netherlands. According to the terms of the new agreement, Onfido will continue to provide secure facial recognition technology for the mobile onboarding process, allowing users to create new accounts with a photo of their ID and a video selfie.

The updated contract will also introduce face-based re-authentication, which customers can use to reset their password or regain access to a locked account when suspicious or risky activity is detected. The customer will simply need to take a selfie to prove their identity and release the account.

The re-authentication service is intended as a replacement for clunky (and vulnerable) knowledge-based questions. The automated process negates the need to speak to an agent and makes account recovery much more straightforward for everyone involved. 

“We aim to make our users’ lives easy,” said bunq Founder and CEO Ali Niknam. “As Onfido shares this vision and can support our European growth, expanding our partnership is a logical step to provide the best onboarding experience for our users.”

“bunq shares our ethos of putting identity back in the hands of customers by providing a much more secure and convenient way to provide access to online services,” added Onfido Co-Founder and CEO Husayn Kassai.

bunq is not the only financial services provider that is currently taking advantage of Onfido’s identity verification services. Onfido recently became a member of the Dwolla Partner Ecosystem, and it has provided identity verification tech for the b-sharpe currency exchange in addition to Nuggets’ blockchain payments platform.

The company has also released a Global Fraud Index that explored the habits of international fraudsters. The report found that cybercriminals take the job as seriously as any other profession, and often keep standard 9-to-5 hours while taking the weekends off.

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December 12, 2019 – by Eric Weiss