AuthenticID’s AI-based solution quickly, accurately, and securely reproduces real-world identity verification so that companies can be assured of who they are conducting business with, strengthen underwriting, reduce the losses associated with fraud, and streamline onerous customer onboarding procedures, leading to higher conversion rates. To learn more about the company, Pulse 2.0 interviewed AuthenticID’s founder and president, Blair Cohen.
Blair Cohen’s Background
What is Blair Cohen’s background? Cohen said:
“My journey in identity proofing and fraud prevention has been driven by a passion for innovation and a commitment to improving organizational efficiency and security. Across my 30 years in the field, I’ve launched several enterprises and technology products before founding AuthenticID. In 1989, I founded InfoMart, revolutionizing the background screening industry with automated reports that were faster and more cost-effective. In 1999, I further advanced in this field by founding the Association of Consumer Reporting Agencies, promoting self-regulation within the industry.”
“My history in the background screening industry showed me the pain points of identity authentication and how it has negatively affected companies and consumers. Through this realization, I founded AuthenticID to advance the field of identity and risk management. Since then I have built the company to be the solution of choice for world-leading organizations, including many of the largest financial institutions, major wireless providers in the United States, and more.”
Formation Of AuthenticID
How did the idea for AuthenticID come together? Cohen shared:
“In 2002, I recognized an alarming trend in the background screening industry where multiple names were often associated with the same social security numbers, creating a significant issue for our InfoMart customers. I realized that much of the identity verification process was broken, especially with the rise of data breaches. At the time, enterprises relied heavily on knowledge-based authentication questions, such as the name of your first pet or the make and model of your first car. However, fraudsters could easily obtain this information and impersonate individuals. This led me to question how we could better prove identity without relying on compromised data, ultimately inspiring the founding of AuthenticID.”
Core Products
What are the company’s core products and features? Cohen explained:
“At AuthenticID, we’re dedicated to redefining identity verification and fraud prevention with cutting-edge solutions. We have a range of core products that set us apart:
— ID Verification: This AI-driven solution provides near-instant results with over 99% accuracy. It’s incredibly efficient and reliable, ensuring that identities are verified quickly and correctly.
— Biometric Authentication: We use facial biometrics combined with liveness detection, which adds a robust layer of security. It’s about making sure that the person verifying their identity is who they say they are, and that they’re physically present.
— Fraud Shield: This is all about proactive fraud detection. It involves biographical enrollment and maintaining bad actor watchlists to catch fraudulent activities before they cause harm.
— Smart ReAuth: Smart ReAuth leverages a selfie image to reauthenticate a user within seconds, with liveness detection to protect against deepfakes and other spoofs.”
“Recently, we introduced a new deepfake and generative AI detection solution to combat sophisticated digital injection attacks using our proprietary algorithms. This enhancement seamlessly integrates with our existing technologies, strengthening our capability to counter emerging fraud threats. With a 200% increase in injection attacks last year, fueled by widespread, easy-to-use generative AI technology, bad actors now create highly convincing counterfeit identity documents and deepfakes. Our products leverage machine learning and computer vision, setting new standards in identity management and empowering businesses worldwide across industries such as finance, government, retail, telecom, and more.”
Significant Milestones
What have been some of the company’s most significant milestones? Cohen cited:
“Since our inception, AuthenticID has achieved significant milestones that have established us as leaders in the identity verification industry. In addition to our technological innovation, these milestones not only demonstrate our technical prowess but also underscores our commitment to delivering secure and reliable identity verification solutions:
— Recognition with prestigious awards, including the 2024 Fortress Cybersecurity Award and the ‘Authentication Solution of the Year’ designation in the 2023 CyberSecurity Breakthrough Awards, affirm our commitment to excellence and continuous improvement.
— Global expansion into new markets has further solidified AuthenticID as a trusted provider of identity verification services worldwide. Our focus on continuous innovation remains central to our success, as we develop new technologies and enhance existing solutions to meet evolving industry demands, including advancing biometric authentication and ensuring seamless integration with diverse global regulatory requirements.
— We’ve continued to innovate and meet the challenges of digital identity and identity fraud head on: we have continuously updated and added new fraud algorithms, with over 500 now in our solution’s arsenal. In addition, we have ensured our machine learning and AI-driven automation and processes are now at over 99% accuracy in regard to detecting counterfeit IDs.
— We’ve established an Identity Fraud Taskforce to help us move at the speed of fraud. The team is comprised of over a dozen specialists in data science, AI, machine learning, optics and material science, fraud, and more. The work of this team ensures we’re not just catching fraud but meeting it as it evolves.”
“With a focus on innovation, strategic partnerships, and exceptional solutions, these milestones have shaped AuthenticID into the industry leader we are today.”
Customer Success Stories
When asking Cohen about customer success stories, he highlighted:
“For one of the 10 largest banks and credit card issuers in North America, AuthenticID was its choice to verify customer identities and fight a high rate of app-based fraud and account takeover losses. While this bank had preexisting solutions, they were vulnerable to a particular type of identity fraud attack where bad actors submitted legitimate yet stolen IDs with a new headshot in place. In doing so users could pass through their prior system’s biometric screening. This fraud attack impacted its ability to offer a good customer experience, as good customers were often being rejected during onboarding, and the bank’s first-time pass rate for verifications was only 61%.”
“After implementing AuthenticID in June 2023, the bank has achieved a remarkable reduction in fraud: it has recorded zero successful fraud attempts since this time, with a first-time pass rate now at 98%. Because of this success, the bank is now expanding its technology across more channels and use cases. And because the AuthenticID system implementation requires no system downtime, this process is less of a cost not just in terms of fraud loss, but in operational expense as well, than prior solutions.”
“Our solution has provided many such customers with the benefits of our focused approach to a customer’s risk tolerance and pain points. For a leading wireless provider, our solution was able to detect over 46,291 bad actors in a year with our Fraud Shield feature. With over 420,000 fraudulent transactions stopped by our IDV system was combined with this core Fraud Shield feature, this provider saved an estimated $504 million in fraud losses.”
Differentiation From The Competition
What differentiates the company from its competition? Cohen affirmed:
“AuthenticID’s key success lies in our innovative technology. We’ve developed cutting-edge solutions that leverage artificial intelligence and machine learning to provide accurate and reliable identity-proofing services. This technology sets us apart from our competitors and has earned the trust of many clients.”
“Our 2024 State of Identity Fraud Report shows that nearly half of businesses have seen an increase in synthetic identity fraud, and biometric spoof attempts have tripled from 2022 to 2023. That’s why we’re committed to security, accuracy and customer satisfaction.”
“We prioritize keeping our clients safe and a key part of that is our advanced deepfake and generative AI detection system. It offers unmatched accuracy and proactive protection against sophisticated fraud techniques. Looking ahead, our dedication to continuous innovation ensures that we stay at the forefront of the identity verification industry.”
Future Company Goals
What are some of the company’s future company goals? Cohen concluded:
“AuthenticID strives to be the most accurate and fastest identity verification solution, and to provide both customers and businesses with the ultimate peace of mind in a world where fraud is more sophisticated and pervasive in our increasingly digital worlds. We also will continue to develop a solution that is holistic: both in terms of its ability to verify identity and fight fraud across the customer lifecycle—allowing companies to use a single IDV platform instead of several—and in its view of an individual’s identity.”
