Compare SEON vs Veriff

Veriff Key Features

• Identity Verification Solution: Veriff offers a comprehensive range of customer identity validation processes such as age validation, driver’s license validation, and new account onboarding. Its KYC options are broad, giving you access to a watchlist as well, for ongoing monitoring.
  
• ID Verificatonn Software and Biometric Authentication: Veriff was one of the first companies to use video analysis to assist with the overall verification process, but it can also weed fraudsters out during the transaction process itself. This is down to its image capturing and background video recording facilities.
  
• AML Screening: Veriff lets you maintain regulatory compliance by checking PEP and sanction lists, adverse media and ongoing monitoring.
  
• Proof of Address: a tool designed to confirm customers’ addresses, helpful for online retailers but also anyone having to meet customer due diligence requirements.

Pros of Veriff

• Session liveness analysis: Veriff is particularly adept at spotting session liveness, as well as any additional document security features which are only available to view during a video recording. This gives them an advantage as they can almost instantly detect if a user session is real.
• Speedy IDV: Covering a range of over 11,000 different identity documents, Veriff’s fast customer pre-onboarding process can analyze thousands of variables. This means that Veriff can verify each customer in roughly 60 seconds. Veriff is automated and efficient at dealing with large quantities of new customer onboardings, so it’s a particularly effective choice for companies who want a hands-off approach to verifying customers.
• Great UX and support: Customers who reviewed Veriff vouched for its transparent, trustworthy customer service team. Some also explained that the dashboard/self-service portal were intuitive to use.

Cons of Veriff

• Introduces friction: Like most external identity proofing tools, Veriff will slow down the onboarding process for all new customers, resulting in churn. However, it’s worth bearing in mind that Veriff does claim its verification process is able to verify users within seconds.
• Cost: If you’re dealing with verifying a large bulk of users, that can also become costly to your business. Therefore, it’s also worth looking into tools that can help you spot fraudsters pre-KYC as well.
• Lack of customization: Customers reviewing Veriff expressed frequently that there could be more flow customization options available, suited to each customer’s own requirements. That said, some also say that Veriff is easy to integrate into your pre-existing stack, making it a good complement to other fraud fighting software in your arsenal. For developers, it also offers integrability with Android, iOS, JavaScript and more.

SEON vs Veriff Features Comparison Table

Where SEON Wins Over Veriff

• SEON offers phone and email data enrichment plus reverse email lookup, which Veriff does not have. You can thus use SEON to spot high risk customers before they reach the KYC process itself, which means that you can save money on expensive verification checks, plus reduce churn. External identity proofing can increase friction – and this can turn good customers away.

• SEON offers modularity, whereas Veriff does not. SEON can be used on its own with a dashboard, or modular APIs to get results fed to your own reporting or risk platform. You can also use SEON as one of several standalone products.

Conclusion:

Choose SEON if:

• You need a flexible, end-to-end anti-fraud product that works with your payment ecosystem every step of the way.
• You’re looking to save money during the IDV process. You can use SEON’s data enrichment to weed out fraudsters or junk accounts before they have a chance to create their account. Using external services to verify customers can become costly and adds friction to the customer journey, so filtering out fraudsters pre-KYC to apply dynamic friction can be very helpful.
• You’re running an ecommerce shop on Shopify or elsewhere and are looking for a plug-in-and-play fraud fighting tool.

Choose Veriff if:

• You’re looking for a reliable document verification tool to add to your overall risk prevention stack, biometrics-powered verification, or you want to harness the power of image and video recording to know what your user is doing in the background, in high-risk situations.
• KYC false positives are a pain point for your business and are causing you to lose revenue.
• You need a fast and accurate IDV solution that can verify thousands of users within seconds, reducing fraud risk while also creating a smooth onboarding process for your customers.
  

Further Reading

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Browser Fingerprinting | Digital Footprinting | Device Fingerprinting | Fraud Detection API | Fraud Detection Machine Learning | Fraud Detection & Prevention

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