Identity verification and authentication company Onfido announced a new partnership with Lynk & Co, a membership-based mobility solutions provider.
The partnership will see the integration of Onfido’s AI-powered document and biometric verification tech to help authenticate customers faster and more efficiently, allowing them to sign up to Lynk & Co’s service by taking a picture of their ID along with a selfie.
Onfido’s document verification tech first checks the authenticity of the end user’s ID and then matches it to their selfie using its facial recognition technology.
“Benelux is a growing hotbed of international fintech activity that requires robust identity verification for KYC,” said Onfido CEO Mike Tuchen. “This has been an area of growth for Onfido and we’re committed to providing the best possible service to our existing customers, as well as growing our business in the region. The establishment of our Netherlands office reflects this, and the significant potential that comes with the rate of innovation across all the Benelux markets.”
The news comes at a time when remote onboarding and biometric authentication are growing in popularity due to an increase in cybercrime brought on by the COVID-19 pandemic. As lockdowns around the world have forced record numbers to work and conduct personal business remotely, the number of hackers and fraudsters has grown proportionately, forcing enterprises throughout the globe to look for ways to secure digital transactions and protect their customers.
“Identity fraud is on the rise, and has been exacerbated by the Covid-19 pandemic,” commented Onfido’s Global Head of Fraud and General Manager for the Netherlands, Michael Van Gestel. “Our latest Identity Fraud Report highlighted a 41 percent increase in ID fraud attempts over the previous year, and with more consumers continuing to turn to digital services, we anticipate that this trend will continue. By automating KYC processes with identity verification, businesses are protected against sophisticated fraud and benefit from an improved onboarding process for their customers.”
Onfido also announced the opening of a new regional headquarters in Amsterdam, which, along with the Lynk & Co partnership, serves to further reinforce the company’s position in the Benelux (Belgium, Netherlands, and Luxembourg) region.