Onfido has picked up the prize for Best Product for Next Gen Fraud Prevention at the 8^th annual InfoSec Awards. The winners were selected by Cyber Defense Magazine (CDM), and were announced at this week’s 2020 RSA Conference in San Francisco.

The InfoSec Awards were set up to acknowledge outstanding achievements in the cybersecurity space, with prizes going out to a variety of innovative products and services. Onfido was recognized for its selfie-based identity verification and authentication solution, as well as its exceptional business performance. The company enjoyed 130 percent year-over-year growth in 2019.

A panel of certified industry professionals chose the winners from a pool of more than 3,000 applicants. The decisions reflect product literature, white papers, and other considerations.

“We recognized Onfido because it is leading the industry in identity verification, offering a new and unique approach to defeating bad actors and preventing fraud,” said CDM Editor-in-Chief Pierlugi Paganini.

“With the UN estimating that up to 5 percent of the world’s GDP is made up of laundered money, the imperative to stop bad actors has never been greater,” said Onfido Co-Founder and CEO Husayn Kassai. “We feel privileged that our approach is being recognized as a key tool in this fight against fraudsters.”

The award builds on Onfido’s strong start to 2020. The company recently achieved SOC-2 Certification, and it was one of the contributors to a white paper on passwordless authentication that was published by the World Economic Forum.

Onfido previously received the 2019 European Technology Innovation Award from Frost & Sullivan. Jumio was one of the big winners at last year’s iteration of the InfoSec Awards, where the company was named as the Market Leader in Compliance while grabbed additional prizes for Best Product in Biometrics and Best Product in Fraud Prevention.

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(Originally posted on FindBiometrics)