Veriff needs to make it easy to current identification on-line – TechCrunch
Each 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 threat to each events. Customers wish to know they’re safe and types wish 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 aim is to be “the Stripe of id .” What he means is he needs to offer builders with the flexibility to embed id verification into any utility or web site, as simply as you should use Stripe so as to add funds.
The corporate, which was initially launched in Estonia in 2015, is a current graduate of the Y Combinator winter class. Once you undertake any exercise on the net or a cellular app that requires a legitimate ID, if Veriff is operating below the hood, you’ll be able to submit an ID equivalent to a driver’s license. It makes use of a secret sauce to find out that the ID being offered 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, it’s not a easy matter to determine a forgery. Faux IDs may be fairly good and it’s typically troublesome to determine fraudulent ones with the bare eye.
If you wish to open a checking account on-line for example, it’s important to present proof of id for the financial institution. With Veriff, you’re taking an image of your self, then submit an image of your official ID and Veriff analyzes it to verify it’s legitimate.
The thought is to make the ID course of simple and fast for the patron, whereas offering an correct method for the model to examine IDs on-line. Customers 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 may be directed to a human for a video chat the place they’ll talk about it if want be.
The corporate presently has 20 clients and is on observe to do $100,000 in income this month, in accordance with knowledge they supplied at their Y Combinator Demo Day presentation. They plan to earn cash by charging $1 per verification.