GetID to increase its technical expertise in online fraud prevention and ID documents authenticity checks

Just before the COVID-19 ruined the routine life of the globe, the GetID team was lucky to complete the world-leading training on cybersecurity and online fraud. It gave the company an excellent opportunity to improve on the client onboarding speed and as well as on instant fraud detection online.

During this uncertain and challenging time, GetID is focusing mainly on authenticity checks and fraud prevention. The company has opened an additional branch dealing only with these two matters. The workshop in February 2020 was a great experience to master fraud detection techniques and precise attention to detail in a digital document environment. Michael Van Gestel -the Global Head of Fraud in Onfido was the host of the training. He has covered most of the crucial topics – awareness, types of fraud, classical 3D document checking, printing techniques, impostor detection are a few to name.

“With the world shifting more towards online, there has never been a more important time to unify and share knowledge on 2D document authentication. You need to understand the problem to come up with a solid solution. I want to thank GetID for having me and for the two days of interactive training sessions”, – says Michael Van Gestel, workshop host.

GetID Team metting

The team has learned that there are different types of abuse within ID documents:

  • Forged documents – illegal changes in the document
  • Counterfeit documents – complete reproduction
  • Blank real stolen documents
  • Fraudulently obtained genuine documents – genuine issued based on fraudulent documents
  • Fantasy or camouflage documents Impostor/lookalike documents

“This approach is not only valuable for online identity verification providers but at the same time for their customers. It is important that we not only focus on data extraction but that fraud prevention is paramount”, adds Michael.

“We got a lot of knowledge for further development and immaculate service for GetID clients,” says Dmitri Laush, CEO of GetID.

“Right now, we are shaping our product around document authenticity checks and anti-fraud features. I am glad we had such a good speaker at the workshop – Onfido is considered a true leader in the industry with the hybrid approach – AI and documents experts. I am sure all the knowledge obtained, the team will utilise to make the experience of our clients even better. Admiral Markets is one of the recent ones”.

Recently, in cooperation with the market leader Onfido, GetID has signed a contract with the first big corporate client – leading European asset trade platform Admiral Markets. The platform needs to verify its user identities to stay compliant with the AML regulations as well as optimise the onboarding process and build more trust between the company and its customers.

GetID is now in charge of the identity verification process and other KYC procedures for Admiral Markets customers. As a direct outcome, this helps to prevent online fraud and simplify the KYC and AML compliance processes. The automated approach used by GetID and Onfido also reduces the cost while providing a fast user onboarding and authentication experience at the same time.

The result of implementing a new identity verification solution brought a 13% increase to the Admiral Markets client onboarding rate. The asset trading platform has significantly improved the user experience and got new traders. There was also a cost reduction in per customer acquisition rate.

GetID Team