Fast growing European identity verification provider, IDnow is reporting substantial growth across its global operations as COVID-19 accelerates the need for digital processes.
Compared to the first half of 2019, 2020 figures reveal transactions across all IDnow’s products – AutoIdent, VideoIdent and eSign – have increased 59 per cent while order intakes over the same period have risen by 358 per cent. Specifically, transactions via IDnow AutoIdent have grown tenfold, with an increase of over 1000% in the number of transactions recorded between January and June 2020.
Headquartered in Munich, Germany, IDnow recently launched into the UK and has since secured big brands including Allied Irish Bank, UBS and BP. The firm provides AI-based technology that can check all security features on ID documents. Its hybrid approach combines humans and technology to ensure a safe and efficient process for clients and their customers.
Armin Bauer, CTO and co-founder at IDnow said, “COVID-19 has really brought into focus the need for enhanced safety measures when it comes to identity. Cyber crime is on the rise in line with the increased use of online transactions, so firms must be confident they have an effective and robust safety system in place to reduce the risk of identity fraud for their business and their customers.
“Our latest figures show businesses across the world are taking this risk seriously as they seek ways to embed stringent security without impacting on the customer journey or onboarding process.”
As a German company, IDnow must adhere to the highest standards in the industry – BaFin, which is proving to be a key motivator as companies in highly regulated sectors around the world seek the most reliable technology.
The latest predictions from Cybersecurity Ventures suggest the damage from internet fraud will amount to $6 trillion worldwide in 2021, making it one of the fastest growing crimes globally. IDnow provides AI-based technology enabling the identities of more than seven billion customers from 193 different countries to be verified.