OneID - the secure way to verify identity online
by Startacus Admin
The lowdown on London-based digital identity tech startup OneID and its innovative approach to tackling online fraud.
There are millions of instances of fraud in the UK every year, with annual losses reaching into the hundreds of billions. Although we know the losses are high, it’s thought that less than 20% of fraud is actually reported, meaning that these already significant numbers are much higher in reality.
From fraud targeting vulnerable, elderly individuals to that damaging major entities in the public and private sectors, fraud is costly not only in monetary terms, but for the reputation of businesses, and the psychological wellbeing of individuals. Even when the fraud is targeted at institutions, it can still come with a human cost, with the money stolen being involved in other crimes such as human trafficking. With identity fraud central to much of this, we need something that tackles the issue of identity verification without being so cumbersome and aggravating that people won’t use it.
London-based digital identity tech startup OneID has created a platform to do just this. What OneID does can be broken into 3 parts: real-time age verification, verified ID to separate real users from bots and worse, and verified sign-up to allow only genuine people to sign up in the first place.
The startup does this by using open banking and the data held by a user’s bank, giving their identity authentication the weight of a bank’s own secure database. By logging into their online banking as part of the log-in or sign-up process, or before purchasing an age-restricted product or service, both the user’s identity and age are immediately verified, without the need for time-wasting document uploads, which itself could potentially open the user up to fraud.
OneID can be personalised by your brand and easily integrated, and if you just have a Shopify or WooCommerce store, it’s already set up to be used with those platforms. It could even be used with social media - where once Twitter had ‘verified’ badges for well-known people, for example, now you can verify yourself as genuine using OneID, and even set yourself up to only interact with others who have done the same. This means that, as well as tackling online fraud, the startup can help tackle trolls, social media bots, and the kind of identity theft we see regularly on social media.
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Published on: 6th January 2023
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