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Suzanna Daniel

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Top Identity Verification Solutions in 2024

Today, we interact and share so much personal information about ourselves online,  because many of our daily routines are now facilitated through the internet. In the face of this new reality, verifying a person’s identity has become increasingly important.

Think of it like lending a friend some money. You'd want to make sure and know that you sent it to the right person, so you can easily get it back when it’s due.

Identity verification is like that but in the digital age. It is how businesses and organizations make sure they're dealing with real people, reducing the risk of fraud and keeping everyone's information safe.

Here's why it's become such a big deal in the last decade.

  • Cybersecurity threats are on the rise. There’s never been a time when human information is as valuable as it is now and with so much already online, cybercriminals are constantly coming up with new ways to steal your personal information. Identity verification helps add an extra layer of security to make it harder for them to succeed.
  • Data breaches have become unfortunately more common. Imagine a box full of your details – addresses, phone numbers– accidentally getting left open for just anyone to access it. Data breaches are like that, and they can be a real headache. Strong identity verification systems help businesses protect the sensitive information that customers share with them.

There are now so many ways for companies to check and confirm the identity of a person, some of the most common include biometrics which use unique physical characteristics like fingerprints or facial recognition to confirm someone's identity, document verification which involves checking the authenticity of documents like driver's licenses or passports. This is where identity verification solutions come in. 

In this article, we’ll break down ten top players, their benefits, pricing, their pros and cons, and pricing, to help you choose the right one for your business.

Build frictionless onboarding flows with Dojah here.

Dojah

Dojah empowers businesses with AI-driven fraud prevention and identity verification. Our platform cuts manual work for compliance and fraud teams while ensuring accuracy. Customizable workflows adapt to your needs, making Dojah perfect for companies seeking a balance of ease of use, affordability, and scalability. 

Ideal for businesses of all sizes, Dojah caters to various industries, including finance, e-commerce, logistics, and more., e-commerce, logistics, buy-now-pay-later, insurance companies, gaming, transport, telecommunications, and other regulated enterprises.

KEY FEATURES

  • AI-Powered Document Verification, including facial recognition, for high-accuracy identity verification.
  • Fraud detection tools like EasyDetect identify and track fraudulent transactions to protect businesses.
  • Offers a range of no-code tools for easy integration, streamlining the setup process for startup teams.
  • Provides flexible and customizable workflows suitable for businesses of all sizes.
  • Enables seamless onboarding with robust API integrations and mobile SDKs.
  • Allows businesses to adopt a risk-based approach to KYC/AML, tailoring verification procedures based on customer risk profiles.
  • Some Additional Features Include address validation, background screening, compliance management, document management software called EasyLookup, and liveness detection.

PROS

  • All-in-one fraud & identity solution
  • Event-based for all use cases
  • User-friendly interface
  • Affordable pricing
  • Customizable workflows
  • 24/7 standby customer support 

CONS

  • No free version is available 
  • Limited global reach outside Africa

Sumsub

Sumsub provides identity verification and compliance solutions to help businesses onboard users securely. It offers document and biometric verification, facial recognition, watchlist screening, transaction monitoring, and risk assessment for AML compliance.

Pros

  • Supports Web and Mobile Platforms 
  • Comprehensive solution
  • Strong security features
  • KYC/AML compliance tools

Cons

  • Potentially higher cost for basic verification needs.
  • No Free plan or Free trials are available.

Pricing: 

  • Tiered pricing based on features and volume. 
  • May be more expensive for businesses requiring only basic verification.

Onfido

Onfido caters to businesses of all sizes from large Enterprises, Mid Size Businesses, Public Administrations, and Small Businesses to help them onboard and verify customers’ identities securely.

Features

  • Onfido allows easy setup and customization of workflows using a drag-and-drop interface in Onfido Studio, requiring no coding skills. 
  • AI-Powered Automation for onboarding and verification purposes, 
  • Adherence to global and local regulations,
  • KYC, AML, and age verification solutions for businesses.

Pros

  • AI-powered accuracy, 
  • Customizable workflows,
  • Global reach with support for various identity documents.

Cons

  • Integration complexity might be an obstacle for some users, 
  • Potentially higher pricing for complex needs

Pricing

  • Volume-based pricing model. 
  • May require additional development resources for complex integrations.

Veriff

Veriff is another strong contender in the KYC/AML (Know Your Customer/Anti-Money Laundering) space, offering a comprehensive suite of solutions powered by artificial intelligence.

Features

  • Veriff utilizes AI to analyze documents (such as ID cards and passports) and facial biometrics with liveness detection, ensuring authenticity and combating fraud attempts using deepfakes or stolen identities.
  •  It also provides businesses with tools to comply with AML regulations, including watchlist screening against international sanctions and PEP (Politically Exposed Persons) lists, as well as adverse media screening to identify potential risks associated with individuals. 
  • Additionally, Veriff offers solutions for continuously monitoring customer activity, helping detect suspicious transactions indicative of money laundering or terrorist financing.

Pros

  • Mobile-centric approach for user convenience
  • Strong security features, 
  • Easy integration with mobile SDKs.

Cons

  • Transaction-based pricing might be less cost-effective for high volume, and potentially higher costs for very high volume.

Identity Pass

Identitypass is a digital identity verification solutions provider founded in Lagos, Nigeria, focusing on real-time features and user activity monitoring. 

Features

  • Real-Time Activity Monitoring to allows users monitor all verification activity in real time.
  • KYC/AML functionalities like document verification, Liveness checks, address verification, etc

Pros

  • Caters to various industries with industry-specific solutions. 
  • Offers risk assessment tools for proactive security.

Cons

  • Potentially higher cost for advanced features.

Pricing

  • Contact sales for custom quotes.

SmileID

This solution specifically targets the African market, providing identity verification services tailored to the region's needs. Smile Identity integrates with popular mobile money platforms used widely in Africa, offering a seamless verification experience for users accustomed to these payment methods. Their focus on African regulations and compliance makes them a valuable option for businesses operating within Africa.

Smile Identity offers a comprehensive suite of services including:

  • Document verification (ID cards, passports, etc.)
  • AML checks (screening against watchlists)
  • Government KYC checks
  • User authentication checks

Pros: 

  • Integrates with relevant databases across African countries for more comprehensive verification.
  • Facial recognition optimized for African faces

Cons:

  • Limited global reach outside Africa

Pricing

  • Contact sales for custom quotes. Pricing might vary depending on the region and features needed.

Trulioo

Trulioo is a global provider of identity verification solutions that helps businesses comply with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.

Trulioo offers a variety of verification including:

  • Document verification (ID cards, passports, etc.)
  • Identity document verification for nearly every country in the world.
  • Global watchlist screening against sanctions and adverse media lists.
  • Utility data verification (for some countries).

Pros

  • Extensive global coverage for international businesses. 
  • Trulioo integrates seamlessly with existing systems through APIs, allowing for easy implementation and streamlined workflows.
  • Global watchlist screening for risk mitigation.

Cons

  • Potentially higher cost for complex needs

Pricing

  • Contact sales for custom quotes. Pricing might vary depending on the volume and features needed.

Shufti Pro

Shufti Pro is an  AI-driven identity verification service provider. Their services include KYC, KYB, facial recognition, AML screening, and recently introduced a new OCR service for businesses.

Pros

  • AI-powered facial recognition 
  • Extensive global coverage. 
  • Competitive pricing for high-volume businesses.

Cons

  • They have limited customization options for workflows.

Pricing 

  • Contact the sales team for pricing.

Idenfy

iDenfy is an online identity verification company that reduces fraud and improves business efficiency and profitability. The company's services range from facilitating NFC-based payments to verifying user age, ensuring a secure and seamless online experience. 

Key features of the solution include:

  • Ensures adherence to relevant regulations and standards.
  • Provides tools to detect and prevent fraudulent activities.
  • Offers features tailored to the online gaming industry.

Pros

  • Advanced analytics platform for comprehensive risk assessment. 
  • Focuses on KYC (Know Your Customer) compliance.

Cons

  • Can be a complex solution for businesses with simple verification needs.

Pricing

  • No free trials
  • Custom pricing plans

Jumio

Powered by biometrics, Artificial Intelligence (AI), and Machine Learning (ML), Jumio automates the entire verification process, significantly improving business conversion rates. It simplifies KYC/AML compliance processes, ensuring a smooth onboarding experience for all users.

Features

  • Conversion Tracking- Monitors customer conversion rates to measure marketing effectiveness.
  • Fraud Prevention solutions 
  • Compliance Management
  • Workflow management features

Pros

  • Offers a comprehensive package for teams looking to onboard and verify customers

Cons

  • Limited in scope compared to some multi-faceted verification solutions.

Pricing

  • Quotation based 

Choosing the Right Verification Solution:

The best identity verification solution for you depends on your specific needs and priorities. To make the best choice, you will need to consider factors like:

  • Industry you are in Regulations and compliance requirements vary by industry.
  • Your Target Market - Choose a solution that supports your user base's location and language.
  • Volume of Verifications - Pricing might be tiered based on verification volume.
  • Features Needed -Do you need basic document verification or advanced KYC processes?

We have curated a comprehensive guide on all you need to know when choosing an identity verification solution. Remember, the partner you build with is as important as what you are building. Make sure to choose the best identity verification partner for your business needs!

Get started - Build frictionless onboarding flows with Dojah today!

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