Identity verification and authentication company Onfido has announced that it has been honored at the 2021 CyberSecurity Breakthrough Awards for its work in fraud prevention and remote identity verification.
The company won the “Fraud Prevention Innovation of the Year” award in recognition for its work in utilizing artificial intelligence and biometrics for remote verification to help authenticate individuals looking to gain access to various digital services.
The Cybersecurity Breakthrough Awards were established to honor and recognize excellence, innovation, and hard work in a variety of information security categories including cloud security, threat detection, risk management, fraud prevention, mobile security, and email security.
The importance of remote authentication has been highlighted in recent years, particularly in the last several months due in part to the ongoing COVID-19 pandemic, which has led to a dramatic rise in online traffic and a proportionate growth in cybercrimes, with identity fraud at the forefront.
“Identity fraud accounted for $43 billion in 2020 as COVID caused businesses to accelerate their digital transformation plans, creating more opportunities for fraudsters,” said Albert Roux, Vice President of Product Management for Fraud at Onfido. “We’re excited to see that our AI-based approach to fraud prevention has been recognized as a key tool in the fight against fraud, ensuring businesses can continue to deliver trust and security at scale without compromising on user experience.”
The announcement of this latest award comes on the heels of Onfido finding itself once again on CB Insight’s annual Fintech 250 list, its fourth straight year for that particular honor.
In addition to these citations, just last month online investment platform BUX announced that it would be growing an existing relationship with Onfido by integrating the company’s selfie-based onboarding technology, providing a user-friendly onboarding tool which should allow it to scale more quickly in the future.
October 13, 2021 —by Tony Bitzionis