We’ve been included as a Representative Vendor in the 2023 Gartner Market Guide for Identity Verification (IDV), which we believe underscores Incode’s efforts toward our mission to transform how identity verification is done.
In the last few years, there’s been a worldwide spike in identity fraud – thanks in part to the fact that so much of our lives, and therefore so many important transactions, take place online now. The Federal Trade commission recently noted that more identity theft reports were filed in 2022 than all other types of complaints.
Standard IDV systems that rely on paper IDs, manual “human” oversight or repetitive document uploads come with challenges like circumvention, privacy risks and inaccuracy. In parallel, fraudsters are becoming more sophisticated. The digitized economy needs practical yet cutting-edge identity solutions and a new identity framework based on trust, privacy and data protection.
Gartner noted in its market guide that IDV provides “the assurance that a real-world identity exists and that the individual claiming the identity is its true owner and genuinely present during a remote interaction.”
Our fully automated, AI-powered platform decreases fraud and increases user conversion rates with the highest privacy and safety standards. Built with the most accurate, flexible and easy-to-integrate proprietary technology, Incode replaces traditional fraud- and error-prone systems that rely on biased and fragmented human-in-the-loop verification and easily lost or stolen physical documents.
As we read the report from Gartner, we saw an emphasis on the necessity of future-proofing vendor selection by taking into account how portable digital identity will influence the future. The report noted that an optional capability worth evaluating is the “provision of an identity wallet, which enables people to store verified identity attributes and control their presentation to a relying party.” Incode is mentioned as one of the example vendor that offers this solution.
Here are some of the other differentiators that we believe set us apart:
Incode delivers a novel passive liveness solution that doesn’t require user actions and is done simultaneously with selfie capture, minimizing the user onboarding time.
It incorporates machine learning and AI capabilities to provide an effective system for the identification and authentication of people in a secure and reliable way, with total privacy of personal data and 99.8% accuracy.
Incode enables data to be accessed on personal devices, stay on the device, and keep information free from third-party interference with “on-edge” processing capabilities.
Gartner assessed the IDV market this way: “The existing approach of every organization performing identity verification on its users whenever required is inefficient, costly, and damaging to user experience. This will not scale as the number of digital interactions in our lives continually increases. Digital identity must be secure, simple and — ideally — portable. The identity verification market is entering a period of transition, as a broad and differing range of portable digital identity initiatives either mature, enter the market or undergo large-scale pilot programs.”
We believe this report validates our team’s hard work and dedication to give our customers a completely automated, AI-powered platform that reduces fraud and boosts user conversion rates while maintaining the highest safety and privacy standards.
Incode creates a seamless and secure customer experience that solves onboarding, passwordless authentication and payment verification to power a world of digital trust. Click here [link] to learn more about how we’re transforming the way humans authenticate and verify their identities online!
Gartner, Market Guide for Identity Verification, Akif Khan, Robertson Pimentel, Sean ONeill, Swati Rakheja, 7 September 2023
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