- Revolutionary Automation: Fully automated extraction and verification of address data from documents, reducing manual input and errors.
- Multi-Language Support: Launching in nine languages with more to follow, catering to a global audience.
- Enhanced Security: Built-in algorithms detect document tampering and synthetic fraud, ensuring robust fraud prevention.
London, UK – 27 June 2024 IDVerse, a leader in identity verification solutions, proudly announces availability of its groundbreaking Proof of Address (POA) product. This revolutionary technology, available to beta customers, automates the extraction and verification of address information from documents like utility bills, invoices, and bank statements, significantly enhancing fraud prevention and operational efficiency for businesses worldwide.
Key Features of IDVerse’s Proof of Address (POA):
- Automated Document Processing: Utilising advanced computer vision, POA automates the extraction of address data from various document types, minimizing manual intervention and reducing errors.
- Multi-Language Support: Initially available in nine languages—English, Spanish, Portuguese, French, Arabic, Dutch, German, Italian, and Japanese—with additional languages to be added soon.
- Fraud Prevention: Built-in document integrity algorithms detect tampering and synthetic document creation, bolstering security against fraudulent activities.
IDVerse’s CPO, Daniel Aiello commented:
“Our mission at IDVerse is to automate essential identity verification processes, and Proof of Address is a natural extension of our product suite. We’ve observed a surge in fraud attempts involving both deepfake photo IDs and synthetic supporting documents.”
Aiello continues:
“Our POA technology emulates human reading comprehension, enabling it to handle diverse document formats and extract accurate information. This innovation not only enhances customer experiences by streamlining the process but also reduces the operational load on businesses.”.
The launch of IDVerse’s POA products greatly enhances document capture, Proof of Address can help businesses in ways such as:
- Enhanced Fraud Prevention: Verifying addresses adds a layer of identity validation, reducing identity theft and fraud.
- Regulatory Compliance: Ensures adherence to KYC and AML requirements, mitigating financial and reputational risks.
- Improved Data Accuracy: Enhances customer trust and satisfaction by ensuring precise data capture and reducing form completion time.
- Operational Efficiency: Automates complex document handling, reducing the need for manual data entry and accelerating decision-making processes.
IDVerse’s POA addresses the challenges of managing intricate document verification processes for businesses that need to integrate better ID functionality or offer ID services to other businesses. The high accuracy of computer vision extraction ensures a seamless user experience while cutting operational costs associated with manual data entry. By automating the entire process via API, businesses can achieve higher efficiency, minimize human errors, and enhance overall data integrity and customer satisfaction.
ENDS
Notes to Editors
Media contact: Matt Ingman, moc.e1735217378srevd1735217378i@aid1735217378em1735217378
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About IDVerse
IDVerse provides the tools and infrastructure that empower the identity verification industry, enabling businesses to verify anyone’s identity within seconds using only their face and smartphone—across over 220 countries and places, and with nearly any issued ID document.
IDVerse is fighting AI bias by developing face recognition systems that prioritize inclusivity and fairness. Through our Zero Bias AI™ tested technology, we harness the power of regenerative AI to mitigate discrimination based on race, age, and gender. This advanced technology not only fights fraud and deepfakes but also significantly reduces associated risks.
IDVerse is trusted by startups, governments, and global enterprises, including HSBC, Uber, Experian, Equifax, and LexisNexis. Founded in Australia in 2018, IDVerse is a Series B venture-backed company with offices in Sydney, London and Silicon Valley.
For more information, visit https://idverse.com/
