CyberSecurity Breakthrough honors Onfido for its innovative fraud prevention technology powering fast and secure remote identity verification.
Onfido, the global identity verification and authentication company, today announced that it has been honored for its innovative fraud prevention technology. The company won "Fraud Prevention Innovation of the Year" at the 2021 CyberSecurity Breakthrough Awards, an awards program that recognizes the world’s best information security companies, products, and people.
Onfido makes it easier for businesses and people to trust each other online using world-leading AI and identity experts to remotely verify individuals looking to gain access to digital services. The company's AI-powered technology completes document verification and checks that the ID being presented matches the user’s face using facial biometrics. This draws on its unique expertise and knowledge of thousands of document types from 195 countries. The technology ensures that the person presenting the identity is the legitimate owner and is physically present with a fast and user-friendly approach.
“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.”
Onfido joins an impressive list of top companies and startups from the larger information security industry, including Cisco, McAfee, Sift, Fortinet, RSA, Microsoft, Mastercard, Proofpoint, VMware, AT&T Cybersecurity, and LogMeIn.
The mission of the CyberSecurity Breakthrough Awards is to honor excellence and recognize the innovation, hard work and success in a range of information security categories, including cloud security, threat detection, risk management, fraud prevention, mobile security, email security and many more. This year’s program attracted more than 4,000 nominations from companies around the globe.
This award builds on a string of other recent high-profile wins received by Onfido this year, including the Global Cyber Defense Award for AI and ML, the UK FinTech Awards for Best Reg Tech of the year, Best Next Gen Fraud Prevention Product, and the Kuppingercole Market Compass for Providers of Verified Identity for ‘Outstanding in Biometric Data Analysis’.
Read the Total Economic Impact of Onfido Report from Forrester, to hear how Onfido provides a 27% increase in fraud detection — lowering exposure to application fraud — with more fraudsters caught during onboarding.